Process

PROCESS 

Task 1:            The Business Plan

 

  1. Brainstorm the types of business and/or services that you feel may be of interest in your area.  Use the guide to brainstorming (http://www.jpb.com/creative/brainstorming.php) to help organize the possibilities.  You may consider starting a brand new business or beginning a franchised business – there are benefits to both.

     
    1. http://www.franchising.org contains information on the ins and outs of franchising including up-to-date franchising opportunities.

       

    2. http://hawaii.franchisesolutions.com/ contains information on franchises and businesses for sale in Hawai˙i.

       

    3. http://www.sba.org contains information on starting a small business.

       

    4. Your school and local library will also have books and other resources on starting a business.

       

  2. You will then need to complete the following:

     
    1. Research information based on your business and concentration.  You need to answer the questions below.

       

                                                               i.      Why did you choose this business?

 

                                                             ii.      What do I need to start this business?

 

                                                            iii.      Where will my business be located?

 

                                                          iv.      What role does the government play in this business?

 

                                                            v.      How will I run this business?

 

    1. Create a list of costs and identify them as fixed or variable costs and one-time or continuing costs.  Think about everything that you’re going to need to operate this business.

       

                                                               i.      Will you need workers?

 

                                                             ii.      Will you need supplies?  If your business is selling more than one product and/or service, determine the supplies you will need for only one of your products and/or services.

 

                                                            iii.      Will you need equipment?  Answer this question, keeping in mind the one product and/or service you’re focusing on.

 

                                                          iv.      Will you need to rent a space?  Buy a space?

 

                                                            v.      What government fees and taxes will I have?

 

    1. Using the information you gathered above, you will need to create optimization graphs and complete optimization calculations to determine you maximum profits and minimum operating costs (this means, you need to actually write the equation you formulated).  In other words, you will need to research the real world cost involved in your focus product and/or service.  Don’t forget that this includes any necessary man power.  You will also need to create a comparative graph of costs involved in determining your business space/location.

       

    2. Some things to keep in mind and resources to help.

       

                                                               i.      REAL ESTATE“Location, location, location” is a common phrase when thinking of businesses.  All this means is that if you are not properly located for your type of business, the business could fail.  There is no sense in having a business that could have been successful in a different location.  Think of areas around our town and use resources such as books, web sites, and professional REALTORS to give you ideas of cost and benefits for locations.  Be sure to evaluate renting, purchasing, and/or building property for your business.

 

                                                             ii.      LEGALThere are many legal requirements for beginning a business.  Fees, taxes, and appropriate applications, so you will need to research the various types of requirements for your legal responsibilities.  Here are a couple of websites to get you started:

 

1.      http://www.sba.gov/hi

 

2.      http://www.smallbusinesshawaii.com

 

3.     http://www.hawaii.gov/portal/business/index.html

 

                                                            iii.      MANAGEMENTYou need to research your specific business and establish one product and/or service that you will sell/offer.  Determine the costs of producing/providing the one product/service, hours of business, number of employees, and cost per employee.

 

  1. The final piece of Task 1 is to create a written business plan of your own business.

     
    1. Be sure to refer to books and websites on business plans and outlines.  Highlighting the above information, including actual costs, determine how much more money will be necessary to begin your business.

       

    2. http://home.inreach.com/sbdc/book/bizplan.html gives a sample business plan outline and includes links to other business plans.

       

Task 2:            Oral Presentation using Power Point

 

  1. Determine who you will be requesting additional funds from based on how much money is still needed.  This will be your audience.

     

  2. In your presentation, you will need to include your optimization graphs and calculations.  You can use Excel to create and calculate all of these for you, and then easily import it into your Power Point.  Be sure that your Power Point presentation only highlights the points you want to talk about so that you’re not reading straight from the presentation.

     

  3. Prepare a 5-7 minute presentation on the benefits of investing in your new business geared toward the audience you have chosen.  Include details on your product/service summary, location, operational procedures, and repayment of financial support.  Keep in mind your presentation needs to be persuasive.