2. P - Present the Initial Business Idea W HAT ARE WE LEARNING ? Today we will be learning about why people start their own businesses as well as some of the ideas we have for our own small businesses. W HAT SKILLS ARE WE DEVELOPING ? IdentifyIdentify – What could I do as my business? InvestigateInvestigate – What do people think of my idea? DecideDecide – Which business am I going to “start”? Analyse Analyse – Who would my competitors be? What makes my business special (USP)? JustifyJustify – Why have I chosen this idea?

3. Groups: Whenever group work is required for this assignment, you will be working with the following students and the group leader is responsible for ensuring all members of the group complete the task: Group 1: Lee, Andrew, Ethan, Nick, George, Levi (Group Leader) Group 2: James, Tom J, Aiden, Jake, Billy, Charlie (Group Leader) Group 3: Josh W, Matt, Alfie, Omar, Adam, Josh B, Toni(Group Leader) Group 4: Chloe, Ashley, Chris, Kye, Shane, Cameron (Group Leader) Group 5: Tom F, Simone, Georgie, Ryan, Ellis, Hariije (Group Leader)

4. To begin: Why should I start my own business?? In groups, list at least five reasons why someone might want to start his/her own business.

5. Identify: Ideas Produce a brainstorm of at least 7 ideas. Try to include a wide range of ideas and think about your target audience. Your ideas must be: Small scale- a smoothie stand – YES, a whole café-NO! Legal Manageable Something you could do in Folkestone Sensible

6. Identify: Ideas Choose your 5 best ideas. Produce a table in Word of advantages and disadvantages to identify the best idea. IdeaAdvantagesDisadvantages Fruit selling- our group would sell fruit in courtyards at break time……. Easy to do Is healthy Not been done before. Will need to buy fresh fruit. May not be popular Bracelet making Could be popular Could make lots of money. Time consuming to make the bracelet. would need to buy the resources

7. Investigate: Opinions Produce a table to find out peoples opinions of your 5 chosen ideas. Use a scale to investigate how much other students like your idea. Idea: 1 2 3 4 5 Not a good idea Excellent idea

8. Decide: Final Idea Produce a presentation about your final idea. The final idea (What is your idea? What are you selling? Where are you located?) What type of business is it? Sole trader, Partnership or franchise.

9. Analyse: What are the features of my business? Please add to your presentation including: Your Unique Selling Point (USP)/ why is your business idea so attractive One business aim and two SMART objectives for your business Who your competitors will be? Why will your business be profitable? What are your price ranges A STEP analysis. Social Technological Equipment Personal

10. Justify: Why have I chosen this idea? Why you have chosen this idea- is there a demand or gap for the business? What are the benefits of your business to Folkestone?

11. For P1 - Analyse

12. What are aims? All businesses have aims they want to achieve. These are the long- term visions or goals of a business. Key aims:  Profit maximisation – making as much profit as possible  Survive – if a business is in difficult times or a new business  Break-even – making enough money to cover costs (no profit and no loss)  Growth – to sell more goods or services or to open other branches  Service provision – offering a new service or improving existing services to attract new customers  Market share – taking business away from their competitors  Develop relationships with other businesses – offering joint ventures

13. What are objectives? Objectives are more specific than aims. They are targets which are set to help achieve the overall aims of the business. SMART Objectives: SpecificThere is a clear definition, often including a number, for example saving £20 a week Measurable This means achievement can be checked. AchievableThis means you can reach your target if you stretch yourself a little. RealisticThis means that the target is sensible so that you stand a chance of achieving it. Time-relatedEvery objective should have a date for achievement or review. You should set a time limit to review your progress.

14. Aim or objective?  To make a profit  To increase profit by 10% in the next 12 months  To break-even within the next 6 months  To grow  To open 5 new outlets over the next 2 years

15. Your business idea Step 1: Researching the market how much competition is there? who are the competitors? what features make them stand out? is there a gap in the market? Profile of two successful businesses in a competitive market.

16. Your business idea Step 2: Select a product or service what will your business do? how can it be different to the competition? Step 3: Defining your target customer who are your potential customers? how does this match the characteristics of the local market? Step 4: How will your product or service meet customer needs? do your answers to step 2 match your answers to step 3?

17. Benefits and Features Feature A specific characteristic of a good or service Benefit What the feature adds to the customers experience or enjoyment Feature? Benefit?

18. Features and benefits Does the advert show features or benefits or both? Who is the target market? How does the product meet the needs of the target market? Why should successful businesses understand both the features and the benefits of their products or services?