Could someone help me with my practical project discussion?

Here is the question I have to discuss in my discussion:

-What approach will you take to complete this phase?

-What questions do you have about this phase?

Here is the project outline:

Frustrated by not being able to find a pair of red cowboy boots in her size, an Alberta woman, who works as a bookkeeper, and her out-of-work husband decide to open their own business. Although the store manages to earn a small profit, early sales returns dampen the couple's enthusiasm. Now they need to plan for the year ahead. You are given a balance sheet and income statement for 2006.