Why do you think this trend Is worth exploiting? 3) Why do you believe your business will succeed In the market? Have you conducted any market research? What evidence do you have that customers want and will pay for the products or services you will be offering? Are there any other businesses against which you will be competing? How will you attract customers away from them? How much will it cost you to make, purchase or deliver your products or services? What price will you be selling your products or services at? How much profit will you make per sale?
How many sales do you plan to make in the first year of operations? What evidence do you have that this is achievable? Note: Social ventures still need to have income. There’s a saying; “Just because you are non-profit doesn’t mean you are for-loss”. How can your social venture make enough money to cover its operating expenses? 5) How much will it cost to launch your business and keep it running? How much money will you have to spend to start your business? Think of things like website, store fit-out, marketing etc. How much money will you have to spend on an ongoing sass to keep the business running?
A With this calculation we will need approve. 13 months to B. E and for the company to start making money. Where: Fixed Costs = all the expenses your business will incur regardless of making any sales Unit Sale Price = the price you are selling each product or service at 3,00 Unit Variable Cost = how much it costs you to make and deliver the product or service Finally, explain how long you think it will take to achieve this many sales. 7) What are the three most important things you need to do to make your business org?
For every business there are hurdles that must be overcome to make it a success. What three things are critical for the success of your business? How will you overcome these hurdles? 8) Why do you think Jacques Chesterfield should invest in your idea? How much money Jacques were to invest in your idea, how much money would you need and how much of the business would you be willing to give her in return? How would she then make money on her investment? If you don’t need Jacques to invest in your idea explain how you will secure enough money to launch the business on your own.
Note: Social ventures explain why Jacques should invest even if she isn’t going to get a financial return. Length: No set length – mainly pictures Contribution to total assignment mark: 25% For this section you need to create and document a prototype of your products or services. For product ideas you should make a physical prototype and provide pictures of that prototype. For service ideas you should at least create a storyboard of how the service will be delivered to customers. Also consider creating visual mock- ups of you brand, website and / or store.
