Starting Up Your Own Business

You are about to start up your own business, you think you are taking a risk??
You bet you are, now utilizing these and any other resources you need to form your business plan. Here are the parts of a business plan:
Summary -- Concept
Vision – Statement & Milestones
Market Analysis – Target Market & Customers
Competitive Analysis – Primary Competitors
Strategy – Strengths & Weaknesses
Products/Services -- Positioning
Marketing & Sales – Promotions & Publicity
Operations -- Management

Create a list of costs and identify them as fixed or variable costs and one-time or continuing costs.  Think about everything that you’re going to need to operate this business.

Will you need workers?
Will you need supplies?  If your business is selling more than one product and/or service, determine the supplies you will need for only one of your products and/or services.
Will you need equipment?  Answer this question, keeping in mind the one product and/or service you’re focusing on.
Will you need to rent a space?  Buy a space?
What government fees and taxes will I have?

You need to research your specific business and establish one product and/or service that you will sell/offer.  Determine the costs of producing/providing the one product/service, hours of business, number of employees, and cost per employee.

The final presentation will be a 5-7 minute oral presentation demonstrating your business plan to the rest of the class; you may use power point, bulletin boards, flyers, etc. Include details on your product/service summary, location, operational procedures and an outline of the finances.  Keep in mind your presentation needs to be persuasive; you want the rest of the class to use your good/service.

Federal Trade Commission