Think of a business plan for this project think it through and write a project paper addressing all Show more Think of a business plan for this project think it through and write a project paper addressing all areas below. 1. How is it different? Your underlying business idea doesnt need to be original but you need to establish unique selling points (USPs) if you want people to buy from you rather than your competitors. You have to offer something new.a. Is your proposition solving a problem? What is the problem? b. Are you filling a gap in the market(supply chain) or c. Are you building (innovating)on an existing offering? 2. Is there a market (will people buy) and is it big enough? Thorough market research is needed before moving forward with your business idea. a. Do or will people need your product or service? b. Is there any substitute that can solve the same need? c. Who are the people that will need your product or service? Please do not say EVERYBODY! Be specific. d. How much will the people need? Is this a one-time need or when is the need greatest? You need to ensure that there will be sufficient and sustainable demand to support your business and enable it to thrive. 3. Whats the business model? a. A sole proprietorship partnership corporation or cooperation? What are the advantages or disadvantages? b. How will you charge your customers and what for? Think of supply and demand. c. Can you think of additional revenue streams? d. What improvements (Innovations) can you make in the business so that the business will stay in the number one position in your customers mind? Research is vital to determine whether your business model is viable; this should include analysis of how your competitors have structured their businesses. The most common form XXXXXXXXXXX 4. Is the price right? Its no good having a winning product or service if your customers cant afford it but you need a decent margin for a sustainable business. Talk to your potential customers to find out whether your pricing is feasible. a. Think about the supply chain for your product or service. Raw material supplier manufacturing packaging transportation wholesale and retail or social media marketing. 5. What will stop others from copying you? If youve ever watched Dragons Den youll have heard no doubt heard this question: a. Whats to stop a big company coming along and stealing your idea? b. Have strong USPs (unique selling points) such as exceptional customer service and wherever you can protect your intellectual property. c. What will you do when your product or service is copied (innovated) by someone or corporation outside the USA? 6. Do you know your customer? Arm yourself with as much information as you possibly can about your target customer and listen to them at every opportunity. a. What does a typical customer look like? b. How do they behave? c. What do they value most from a product or service like yours? d. Where can you find them? e. What marketing methods do they respond to? 7. Can you turn a profit? How much will it cost to produce your idea? (taking into account manufacturing or supplier costs; salaries; overheads; office equipment etc)? How much can you sell your product or service for and how much do you need to sell to not only cover your costs but make a profit? Is this achievable? 8. Do you have sufficient funding to get the venture off the ground? You need enough cash to support yourself and your business until it becomes sustainable. If you dont have the funding in place can you raise it? 9. Do you have the necessary experience attitude and skills to pull it off? Even if you have the best idea in the world without the passion drive and commitment to see it through it still stands a good chance of failing. 10. Is there scope for growth? Can you expand on your idea in the future by adding new products or services entering new locations or improving your original proposition? Show less
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