Tim was unhappy in his job and wanted to start his own business doing something he loved. He loved art and travel, so he came up with the idea of an online art gallery that would allow people to view and purchase art from around the world. Five years later, Tim was successfully running the most innovative online art gallery in New York, allowing him to work in the art world and travel as needed. The document provides guidance on developing a business idea, identifying target markets, determining costs and funding needs, and creating a pitch to potential investors.

1. Starting a business

2. One day, Tim told his friend, Fred, how
much he hated his job.

3. Fred listened and said,

4. “Find a job doing
something you like, and
you will never work
another day in your
life.”

5. This got Tim thinking

6. Tim
loved
art

7. Healso loved
travel

8. What could he do that would
allow him to
combined the two?
1 + 1 = 11

9. So he came up with the idea of
an online art gallery

10. A digital gallery that would allow
people to view art sourced from all
over the world.
All from anywhere you have internet
connection.
Where it could be purchased
and delivered to your door.

11. It was a great idea.
Tim would have to travel
to find the best artist to exhibit
and
he wouldspend most of his time looking at art

12. Five years later,Timlives in
New York selling art on the
most innovative online
art gallery in the world.

13. What business idea can you think of that will
allow you do something you love?

14. Starting a record shop
Strength
• There are lots of DJs in Melbourne
• I love listening to new music
Weakness
• Lost of DJs download music
• Don’t know any record labels
• No website
• Finding a location
Opportunity
• Could sell music and musical equipment
• Can set up shop in my own style
Threat
• Increase in downloading of music
• Investment
• Poor location

15. Target Market
Who will use your product or service?
How much
is
spent on this kind of
thing
each year?

16. Now you need to think
aboutwhere
you want to set up your
business

17. Location
• Brand Image – Is the location consistent with the
image you want to maintain?
• Competition – Are the businesses around you
complementary or competing?
• LocalLabourMarket – Does the area have
potential employees?
• What will your travel time to work be?
• Proximity to Suppliers – They need to be able to
find you easily as well.
• Safety – Consider the crime rate.

18. What about
a name
for your
business?

19. How much will it costto get things
moving?

20. Startup expenses
• These are expenses that happen before you
start trading. For example, registering a
business name, logo design, brochures, rent,
etc.
• Create a list of expenses. What is the total
amount of money you will need to get your
business off the ground?

21. Will you employanyone?

23. Now you need
FUNDING

24. Project Task . . .

25. Create a PowerPoint
Tell potential investors:
• The idea
• The target market
• The running cost
• How much money you need to get started
• The profit you think you will make per month
• What you are prepared to give an investor
(shares, repayment of loan with interest, etc)