Tuesday, 20 October 2015

P4 - Prepare a realistic initial plan for a business idea for a business idea suitable for the local area


When you have selected your start-up idea you will need to produce a business plan that includes all the following information:

·         the product/service
·         the features and benefits of the product/service
·         the demand
·         market research that needs to be carried out
·         the target customers
·         the competition
·         how you will market it
·         resources that will be needed – finance, equipment, skills and expertise
·         any legal aspects that need to be considered


The plan should state what needs to be done, when by, how it will be done, and by whom (i.e. by you, or by an employee, etc.). 

This can be complete as an A3 mind map poster activity with a description of the start-up idea in the middle of the page along with an explanation of each heading around the outside of your idea. Alternatively you could use this model here or here. This task is evidence of your though process when looking at setting up a business.
This provides evidence for
P4


M4- Explain how the initial plan for a business idea has the potential to respond to market needs
Date to be completed
Wednesday 16th December 2015

Provide a full explanation of how the idea will meet the needs of the targeted customers and local market.  Explain the methods you have used to identify the target market.

Areas to discuss could be:
  •            market mapping
  •             segmentation
  •            any primary and secondary research carried out (needed to gain and understanding of consumer wants/needs and demands)


This provides evidence for
M4

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