LeFebvre/Aquilini Economics Creating a Business Plan – SHARK TANK You will be creating a business proposal that you will pitch to successful entrepreneurs, or SHARKS, that you are hoping will want to invest in your start-up business. This project will consist of five components and each will be assigned a number of points that you could earn in order to determine your overall grade. Here is what you are expected to do: Step One: Business Card w/Logo (15 points) This is the fun and creative portion of your business plan. You will need to experiment with many different kinds of shapes, colors, fonts, sizes, and pictures to create the best representation of your company and the products/services that you sell. 1) Once you decide on the type of business that you want and your company name create a business logo. This part is very important because it helps to create brand recognition and customer loyalty. Every time someone sees your logo they will think of your business in one way or another. This logo will be used on everything that you sell, produce, or market for you business. Examples: The Nike Swoosh, Golden Arches of McDonalds, or the Mercedes symbol on cars. 2) Design a business card. A business is 2 inches wide by 3.5 inches long. This is one of the best forms of advertising…Word of Mouth. Your card must contain: Your logo, company name, your name, address, phone number, fax number, and web address (if applicable). It could also contain a slogan, or examples of what you sell, produce or services performed. This small and simple card is one of the best ways to attract customers to your business. You will want to pass these out to the sharks during your presentation.
LeFebvre/Aquilini Economics Step Two: Business Letter on Company Letterhead (25 points) In this step you will create a business letterhead. A business letterhead is located at the top of an 8.5 inch by 11 inch piece of paper. It takes up the top two inches of the paper. Sometimes it can also incorporate the bottom 1 inch of the page. Everything that is shown on your business card will be shown on your letterhead. This is important because every time you send out a letter or invitation, the person who receives your letter will know exactly where it is coming from. Using the new Business Letter stationary, you will compose a business letter. This letter will be an introduction to a potential investor. It needs to explain the nature of your business and the services/products that your business will be providing. This needs to be done as accurately as you can write it. This letter is important because it will be their first impression about your business idea. The letter should provide information about what it is that you want. Examples: If you are requesting a specific amount of money, you need to accurately explain why you need it and how you plan to return the investment. A copy of your groups letter will be given to each of the SHARKS prior to your pitch so make sure it is professional, grammatically correct, and persuades the investors to WANT to give you their money. Make sure that you follow the guidelines provided for writing a business letter. The parts on the letter follow a professional standard that all major companies use. This requires a draft, revising with editing, more proofreading, and finally a finished letter. This letter could make or break your chances of successfully opening and operating your business. First impressions mean a lot in business!
LeFebvre/Aquilini Economics Step Three: Advertising your company (2 @ 15 points each) This next step towards creating your business plan will allow you to take all the information that you have learned about marketing a product/service and create an advertisement. Make an informative advertisement using two of the following: Radio Advertisement, Brochure, Catalog, or Newspaper Ad, commercial, web page, etc. You MAY NOT do more than 1 print advertisement. Be creative and use friends and family to help if needed. Music and sounds are a nice addition to radio and television ads. You can watch commercials at home to get some ideas and see how you can reach your target audience. Your ad should explain your product or service and why someone should choose your product or service over your competitors. Good luck and have fun.
LeFebvre/Aquilini Economics Step Four: Company Plan & Market Research (42 points) What is a business plan? It is a document that explains your business and shows that your business can sell enough of its products or service in order to make a profit and attract potential investors. Create your business plan by addressing the following topic areas in a thoughtful and well written document. What is your business idea? Define your service or product that you intend to sell. Use as many details as possible. Develop some kind of identity for your business. The person reading the plan should be able to envision your idea without much effort. Talk about the goals of your business and choose a name that people will remember. Who are your targeted consumers? Identify the individuals, groups, companies, or industries to which you plan to sell your products and/or service. Be specific with what you intend to sell and how that benefits your consumer. Who is your competition? Identify and assess the businesses in the area in which you will be competing. State how you intend to compete for and win your share of the market. Be sure to consider all forms of competition such as local, internet, and national. How will you promote your business? Describe the advertising and marketing strategies for your business. Include projected costs that you intend to use to make consumers aware of your product or service. Remember, you have to convince them to buy or use your service over another company. Who will perform the work? Identify all the jobs that you as an owner will need to perform. Then identify the jobs associated with producing your product and/or providing your service. Be sure to state how many employees will be needed to run your business. How will you finance your business? Calculate the amount of money that you will need to start and operate your business. Consider such expenses as rent, capital goods (equipment, furniture, starting inventory), employee salary and benefits, advertising and marketing, and any other expenses that you think of. Then formulate a plan for raising the money to fund your business. This could include bank loans, savings, or business investors. These numbers are approximations but you should be able to complete the step with some thought and research.
LeFebvre/Aquilini Economics Presentations (50 points) Each group will be responsible for presenting, or “pitching” their bsiness to the sharks on 1/7/13. You must give all details relevant to how you plan to start, operate and grow your business into a successful company that is going to make your investors’ money over time. If there are holes in your plan investors will not give you their money because they will be afraid of not getting it back. During presentations you must LOOK and ACT professional. You must have samples of your product to share with the investors. You must have copies of your letter, business plan and business cards for both Mrs. LeFebvre and Ms. Aquilini, as well as each of the sharks. You will also share your advertisements and plans. Plan to have your entire presentation take 8-10 minutes. If your presentation is too short it will leave too many questions unanswered. If your presentation is too long, investors will lose interest. Timing is EVERYTHING. Also, be sure you are prepared to answer any question that the sharks are willing to throw at you. Not being able to adequately and seriously answer their questions will impact both your grade and your chances at winning Shark Tank.