YOU MAY FOLLOW THE TRANSCRIPTION BELOW
SESSION 7: BUSINESS PLAN AND GOALS
Class Activity: Write Your Business Plan/Goals. (About 15 Minutes)
Develop a “Rough-Draft” Business Plan. Complete (Copy and Paste) the questions, to the best of your abilities in a Google Doc or Word Document. (5-7 Minutes)
BUSINESS FOUNDATIONS
What is your general interest?
What is your niche?
What is the name of your business?
What type of products do you want to sell?
MARKETING
Why will people buy your products? (Describe your perfect customer with as much detail as you know.)
How could you market your products?
Who else could help you sell your products?
Pricing
What type of products would you like to sell in your merch store?
For how much would you sell your products?
Class Activity: GOAL SHEET. (About 5 Minutes)
Goal Sheet: It would be great to hear their goals and let them verbalize their thoughts. Let’s go through this next activity together with the students.
Students, take 5 - 7 minutes and.....WRITE OUT YOUR LIFE GOALS In Google Docs or Word Doc.
What are your main goals in life? What are your financial goals?
Here are more questions:
What goals do you have in life that could be achieved if your business is successful?
Will you save money to purchase a car? Which Car?
Will you save money for college? Which College?
If you could donate to a charity or foundation, which one would it be?
If you could help someone financially, who would it be, and what would you do?
What else can you include on your goal sheet?
Would anyone care to share?
VIDEO TRANSCRIPTION:
Session 7:
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Developing a Business Plan
BUSINESS PLAN
A business plan is a written document that describes your business, and it covers objectives, strategies, sales, marketing, and financial forecasts. A business plan helps you to clarify your business idea. Even though a print-on-demand business requires little to no start-up costs, it’s a good idea to go through the process of creating a business plan anyway.
A business plan is a vital and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives. Try to complete the questions in this section to the best of your ability. It will help lay the foundation for a successful business!
BUSINESS FOUNDATIONS
What is your idea?
Is it a product? A service?
What makes your idea unique from anything else?
What do existing products/services not offer that yours will?
Why will people buy your product or service?
MARKETING
Who do you anticipate being your customers/audience?
(Kids? Teens? Men? Women?Elderly?)
Will you be marketing in or to a specific location?
Are your customers wealthy or economical/budget seeking?
How would this play into your pricing or marketing approach?
Describe/identify your target customer with as much detail as you know.
IDEA
Where will you sell your product or service? (Online, In Person, Ship from home, or combination)
How do you plan on marketing your business? (In-person, email, social media, newspaper ads, marketplaces)
What is the name of your business?
What is the significance of the name of your business?
(Is it unique? Memorable? Easy to pronounce)
FINANCES
STARTUP COSTS
How much will it cost to start your business?
What will you need to buy before you can get started? (Materials? Equipment? How much will those things cost (start-up costs)?
Where will you get the money to cover your startup costs?
COST PER UNIT
What is the cost of making each product or providing each hour of service? (Cost per unit.)
List each expense, and divide your total expenses by the number of products you will make or the number of hours you will work, as follows:
Product: Cost per product = total expenses / # of products that can be made
Service: Cost per hour of service = total expenses/number of hours of work
Charge?
PRICING
How much will you charge?
How does your pricing compare to your competitors?
What is your profit?
How much will you make on each sale after you subtract your expenses?
Profit = Income - Expenses
Class Activity: Develop a “Rough-Draft” Business Plan Using this as a template.
Class Activity: GOAL SHEET
What are your main goals in life? What are your financial goals?
WRITE OUT YOUR LIFE GOALS ON PAPER/OR Google Doc.
Here are some ideas:
What goals do you have in life that could be achieved if your business is successful?
Will you save money to purchase a car? Which Car?
Will you save money for college? Which College?
If you could donate to a charity or foundation, which one would it be?
If you could help someone financially, who would it be, and what would you do?
What else can you include on your goal sheet?
HANG UP YOUR GOAL SHEET NEXT TO YOUR WORKSPACE AS A CONSTANT REMINDER OF THE REASON YOU WORK SO DILIGENTLY.
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Life is so much more meaningful when our main purpose in life becomes helping others, financially or otherwise. Help others less fortunate than you, and you will experience JOY beyond explanation.
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