Career Technology Entrepreneurship Standard: C

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Presentation transcript:

Career Technology Entrepreneurship Standard: 13.4.8C Business Plan Writing Instructions

Business Name Original – should be something no one else has Google to make sure the name isn’t already taken

Type of Business What type of business are you starting? Retail-walk-in customers E-tail-selling to customers online Service-do something for customers rather than sell them a product Manufacturing-making products You could include a combination of two or more!

Description Product or service description Products are touchable items that can be purchased Examples: computer, cell phone, car Services are things that are done for you Examples: car wash, doctor, lawyer, landscaper

Location City, State Is it an actual “store” where customers can visit? *Will need physical address – street, city & state Online only? Or you go to them?

Competitive Advantage What makes your business better than your competitors (businesses that produce similar products or services) Unique products / services Extended hours

Success Factors Personal Talents & Abilities (aptitude) Identify personal talents / abilities that will help you run the business successfully

Target Market Identify demographics, psychographics and niche market specifics Age Gender Occupation Lifestyle Income

Pricing Strategy Explain the pricing strategy used to sell your product or service Skimming pricing-high at first then monitor the market to see when you need to adjust the price Penetration pricing-low at first to get customers interested and then raise price after demand has increased Competition pricing-find out what your competitors are charging and charge a similar price

Sales Distribution How do you plan to get your product or service out to customers? Mall Store Kiosk Online

Marketing/Advertising Strategy Describe your advertising strategies Slogans – catchy phrases that customers can associate with a product Nike: :Just Do It! Ads – where will you advertise? Why are these good choices based on your product/service? Web sites – what is the URL of your site? Which other web sites or social media would you use to advertise? Promotions – free samples, loyalty cards, etc. Coupons – specific discounts to attract and keep customers