1. Develop a business concept for a product or service that you believe would work. 2. Fully...

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Question:

1. Develop a business concept for a product or service that you believe would work.

2. Fully explain the exact nature of the product /service.
Is it unique?
Is it sustainable?
Why?

3. Is there a current market for your idea?
If not, explain how you will market your product/service.
What type of marketing middlemen will be used?
Brokers, Agents….Local/ Regional
Wholesalers, Retailers… National…. International

4. Define your target market/s......be specific!
Why this particular group/s?
What makes you believe that your product/service will be well received?
What brand/s (competition) are currently being used? Describe them.

HOW ARE YOU DIFFERENT / BETTER?
How do you intend to change current brand loyalty?
.....provide details (i.e.) a plan and why it will be effective.

5. How will you distribute your product/service?
Manufacturing needs
Raw material needs
Location needs, customer needs and supplier capabilities
Equipment needs

6. How are you going to price your product/service?

(product positioning)
high end / low end
skimming / penetration strategies
image / customer perception
current benchmark
your positioning relative to the benchmark in the industry,....... in the local area

7. How much money will you need to start? Be specific.
Plant, materials, equipment
Wages, salaries
Utilities
Business insurance, property, casualty, professional liability
How long before a profit will be realized?

8. What type of staff will you need?
Education and specialized training
Is there an available qualified labor source nearby?

Is there public transportation available?

9. Where will you locate your startup business?
Home
Industrial park
Strip mall
Indoor mall
Incubator
Free standing building

Is there parking available?
Is parking a factor?

What about signage?
.....interior design......is appearance relevant?

You will need a Balance Sheet and an Income Statement!!!! But keep them simple and pertinent. You may have to explain the categories listed and their relevance.

****PLEASE KEEP THE PROJECT REALISTIC*****

The exercise is intended to give you useful training that could be the basis of really starting a small business.

So, if I see starting locations like Rodeo Drive in LA...or Madison Ave. in NY ...it is not believable.

Please do not make up bogus credentials that you and any associates do not have. If you do not have a PhD in Business Management...please don't list it

You may have to call:

Realtors: to ask about square footage rentals.

Insurance Agents about liability coverage

County Planning & Zoning about laws

Professional Associations about required licensing credentials etc.