This project is optional, but it will help you fulfil your potential on the course and enable you to identify your own strengths and areas for improvement.
You will create a simple business plan that outlines a potential business opportunity.
Within your business plan you will need to highlight the areas you feel you excel in and where you see the business opportunity arising.
You will also need to consider and describe the potential risks and benefits to the business opportunity as well as the costs and resources required to make it work.
Within business there are always barriers and legal requirements. So in your business plan you will need to identify these and how you would overcome them.
There is plenty support offered to new businesses so you will also need to identify the help and support you think your potential business opportunity needs and where you would source this.
Executive Summary – this is written at the end and is an overview of what you intend to do. It is very important which is why it is at the start of you plan but written last when you have all the information you need.
Vision and business idea – a short description of who you are, what you plan to sell or offer, why and to whom, your business goals and key selling points.
Marketing and sales strategy – provides details on customers, competitors, market trends and tactics and how you will market and sell the products or services you will be offering.
Business organisation and personnel – how the business will be structured and the personnel that will be in each position. How and when you will recruit them.
Operations – where you will run your business from, and how and where you will produce any products. It will also include any management information systems and IT.
Financial forecasts – this section provides details of what money you will need to set up the business and where you will source, as well as cash flow forecasts and profit and loss accounts.
You can download and print off the project brief below.
Here are some websites that will be able to help you write your business plan.