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Session 4: Business Planning

Updated: May 2



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:


  1. 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.

  2. 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.

  3. 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."

  4. 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.

  5. 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.

  6. 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.

  7. Builds Confidence: When businesses have a plan, they feel more confident because they know what to do. Each step they complete boosts their confidence.

  8. 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.


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