3. We will give you a question
•
You will have 2-5 minutes to discuss and answer the
question
•
At the end of the question we will either discuss it, or
give you the next question
5. How has God made me – 5
minutes
•
What is my “bent”?
•
What do I like? Dislike?
•
What do I enjoy doing?
•
What do I know?
•
What is fun for me?
•
What do I get excited about?
•
What skills do I have
•
What could I do “forever” and enjoy it?
6. Select a product or service – 3
minutes
• It needs to be a business you know something about
• You don’t need to be an expert, just know enough to
get through this exercise
• Write down the name of your product or service
7. Select a name for your business –
4 minutes
•
A business name should be:
– Short
– Memorable
– Descriptive
8. Do I need to obtain any additional
education or training to do this
business – 2 minutes
•
Is there something I don’t know
•
Do I need specific training
•
Do I need a license
•
Are there government requirements
9. Describe your customers – 4
minutes
•
Who are they
•
What are they like
•
What do they need
•
What do they want
•
Why do they want your product
•
Where do they live
10. What do you need to make/provide
your product – 5 minutes
•
Materials
•
Equipment
•
Process
•
People
11. How much does it cost to
make/provide your product – 5
minutes
•
Cost of materials
•
Cost of labor
•
Cost of special equipment
•
How would you calculate the cost per unit
12. What will be the price of your
product/service – 4 minutes
•
What is the normal price?
•
Do you want to compete on price?
•
Do you want to offer a “premium” service/product that
costs more?
•
How do you justify a premium price?
13. Who are your competitors – 3
minutes
•
List all the competitors you can think of
•
How long have they been around
•
What do they do well?
•
How could they do better?
14. How will you market your business
– 4 minutes
•
What ways can you reach your customers?
•
What is the best way to advertise?
15. How much will it cost to build your
product/service – 5 minutes
•
Cost of materials
•
Cost of labor
•
Capital costs (equipment, building)
16. Do you need special or expensive
equipment? – 3 minutes
•
What do you need?
•
Can you get used equipment or do you need new?
•
Where can you get used equipment?
•
How much will it cost
•
How do I finance it?
17. How much will you sell the first
day, week, month, quarter, year –
5 minutes
•
Estimate how much you will sell each day.
•
Calculate how much you will sell each week, for
a month, for a year
•
Determine if some parts of the year are busier or
slower than others. Make adjustments
18. Where will you locate your
business – 3 minutes
•
Central location needed?
•
Special location (boat marina)
•
Location doesn’t matter
•
What are the potential locations?
19. How long will it take become
profitable – 5 minutes
•
Can you be profitable quickly, or will it take
some time?
•
If it takes some time, what are your ideas
for earning a living during that period?
20. Should you borrow money to start
your business – 5 minutes
•
What are the dangers of debt
•
What happens if you don’t sell as well as you hoped?
•
How could you get started without debt?
21. How will you conduct business
when you want to take a vacation
– 2 minutes
•
Can you just close your business?
•
Do you need someone to take over?
•
Will your partner be available to cover?
22. How will you launch your business
– 5 minutes
•
How will you generate customer interest
•
Will you have promotional pricing
•
Do you need special advertising
23. That’s it!
•
You now have a business plan
•
When you do it for real, write it down
•
Think about it
•
Share it with others
•
Refine, refine, refine
