Once you have an idea you need to do some research. Primary research is carrying out a survey of question to find out what your customers really WANT or NEED. This can be done as a verbal interview where you write down their replies or you could use SURVEY MONKEY or GOOGLE FORMS. Secondary research is looking at the research that’s already out there. Remember that your research needs to focus on both the CUSTOMERS and the COMPETITION
1. What did your PRIMARY & SECONDARY research tell you here and here ? Did you carry out a survey? What the market thinks of your product and to help you find a price point
2. What is your businesses product or service and more importantly what is its USP,?
3. What is the suggested price that they would sell it for to get it on a shelf of a retail outlet?
4. What type of promotion does your research suggest would sell it and the distribution channel it could enjoy. Use your contacts both in and out of school to see how far the primary research can go.
5. What does your competitive analysis for your product tell you? How does it compare to others in the marketplace?
7. If everything is looking positive you are now ready to consider writing your business plan but at the same time think about how you will present it for P6 using this worksheet here
Getting down to writing the BUSINESS PLAN click here
8. The business plan needs to be submitted first week back after Christmas so that the DRAGONS can clearly see it before you present to them, second week back. I have attached a few business plan examples below:
9. Select a template from the list below that suits you or make one based on what you have discovered above
The schools own version of a very user friendly busiess plan is here
Peter Jones 90 Day Model because everything changes all the time!
Single sheet if you want your own copy here