Business Planning Project

Here is your chance to walk step-by-step through the planning of a new business venture. Your final business plan must be typed and turned in on Tuesday, November 3. Your group must present the business plan to the class on that day.

Step 1: Naming the Business

Select a service that your business will provide.
Important questions to brainstorm with your group and record in your business plan:

1. What kind of service will your business provide? (It can be similar to the bicycle tour.)
2. What is the name of your business?
3. What are the important components necessary to start your business?
4. How valuable will your service seem to potential customers?

Step 2: Conducting the Research

Research the current trends in the industry.
Important questions to brainstorm with your group and record in your business plan:

1. Who is your competition?
2. How will your business be different from those that already exist?

Step 3: Predicting Costs/Expenses, Revenue and Profit

Research the costs involved to start your business. Record as many you can think of.

1. Pick one of the big costs involved and find 2 companies that you could purchase from. Make a table and graph comparing each company and write your conclusions about which one you would use and why (at least 1 paragraph). See Problem 2.1 on page 31 in your math textbook for help.

2. Make a prediction table and graph showing the total price per person and the number of customers that your business would attract. Then, multiply the total price by the number of customers to predict the total revenue. (See Problem 2.2 on page 32 for help). Record the best price to charge for the greatest revenue. Show this on the graph.

3. Make a table that shows the total revenue and expenses based on number of customers. You only need to pick two expenses to include in your table. Then, calculate profit based on these values. (See Problem 3.3 on page 54 for help).

Step 4: Putting it ALL Together

Your final business plan must be typed, double-spaced, in a standard, easy-to-read 12 point font. Your tables and graphs do not have to be typed, but they can be created in Microsoft Excel if you wish.

Include a title page with the names of each member in your group, the name of your business and the date. You must also include at least one advertisement that you would use to attract customers. This can be done on the computer or by hand. Neatness counts.

Each member of the group must take equal part in putting together this business plan. It is helpful to have roles for your meetings in class, such as facilitator, note-taker, time-keeper. It can also be helpful to assign roles for homework, such as researcher, calculator (making tables), or illustrator (making graphs and the ad).

You must prepare and give a 5 minute presentation (plus or minus 30 seconds) for the class on Tuesday, November 3. Each person must participate in the presentation. You should use Microsoft PowerPoint or hand drawn posters as visual aids. Again, neatness counts.

You may download a copy of the assignment here.