Session 4: Business Planning
ICEBREAKER! Desert Island: If you had to spend a month on a desert island, what 3 things would you bring & why? |
Basics of a Business Plan
ACTIVITY: Business Plan Worksheet
(copy, paste, and complete on a laptop on your BDD or on a piece of paper)
Answer to the best of your ability!
Business Idea: What product or service will your business offer?
Business Name: What’s the name of your business?
Summary: Write a short paragraph summarizing your business idea
Business Description:
Explain what your business is all about.
Market Analysis: Research your target market:
Who are your potential customers?
What problem will your product or service solve for them?
What do they like and need?
Who are your competitors?
What makes your business unique compared to them?
Marketing and Sales Strategies: How will you let people know about your business?
Where will you advertise? (Social media, flyers, word of mouth, etc.)
How will you convince customers to choose your product or service?
Product or Service Line: Describe your product or service in detail:
What does it do?
How does it work?
How will it benefit your customers?
Budget: If you need money to start or grow your business, explain how much you need and what you'll use it for.
Financial Projections: Estimate how much money you expect to make and spend.
How much will you charge for your product or service?
How many customers do you expect to have?
What will your expenses be? (Supplies, marketing, etc.)
Location of the business? Where will you sell your products or provide your services?
Support System: Who will help you with adult supervision and support you in your business venture?
Remember, this worksheet is a guide to help you think through your business idea. Fill it out step by step and have fun creating your very own business plan!
The Importance of Planning
ACTIVITY: Real-World Examples:
Would someone in the class like to read these?
Lemonade Stand: Before setting up a lemonade stand, you'd decide where to set it up, how much lemonade to make, what price to charge, and how to promote it. That's planning!
Online Store: Want to sell handmade crafts online? Planning involves choosing a platform, setting up payment methods, and planning how to package and ship items.
VIDEO TRANSCRIPTIONS
Basics of a Business Plan
We're going to explore the basics of a business plan. Think of a business plan as a roadmap for your business journey. Just like you plan a route before going on a trip, a business plan helps you map out your goals, strategies, and how you'll reach them.
Making a business plan might seem like a big task, but it's super helpful. It lets you sort out your thoughts, goals, and plans. Whether it's a small project or a big dream, a business plan helps make it real.
The Importance of Planning
Imagine you're getting ready to make a delicious cake. Before you start mixing ingredients, you look at a recipe to make sure you have everything you need and know the steps. This is a bit like what businesses do when they make a plan. Planning is like a recipe for success in business. It helps businesses know what to do and how to do it, just like you know how to make a cake with a recipe.
Here's why business planning is super important:
Shows the Way: Planning is like a map that guides a business. Just like you need directions to find your way, a business needs a plan to reach its goals.
Reduces Stress: Imagine having a big project due and waiting until the last minute to start. That's stressful! Planning ahead helps businesses avoid stress by being prepared.
Sets Clear Goals: A plan helps businesses set clear goals, just like having a goal to win a game. It's like saying, "We want to sell 100 items this month."
Organizes Time: With a plan, businesses know when to do different things. It's like having a schedule that helps them use their time wisely.
Gets Ready: Just like athletes practice before a game, businesses plan ahead for challenges. They think about what could go wrong and how to be ready.
Makes Big Goals Easier: Big goals can feel overwhelming, like climbing a huge mountain. Planning breaks the big goal into smaller steps, like taking one step at a time. It makes reaching the top easier.
Builds Confidence: When businesses have a plan, they feel more confident because they know what to do. Each step they complete boosts their confidence.
Sparks Creativity: Planning is also about being creative. Businesses need to think of smart ways to succeed, just like figuring out new flavors for ice cream.