Year 11 ATAR Business Management & Enterprise
PLAN YOUR OWN BUSINESS
This page has been created to support the
Year 11 Business Management and Enterprise task:
Plan your own enterprise
PROJECT PLANNING
STEP 1. Allocate/ divided tasks and duties to each team member. Complete and hand in a copy of the “Checklist and Division of Labour” Handout provided by your teacher or CLICK HERE to access it.
STEP 2. As a group set up a timeline and daily diary to plan you time and decide what needs to be achieved each lesson.
You may like to download this July, August, September 2021 calendar planner to use.
NEXT STEPS:
- Brainstorm and plan your business concept/ idea.
- Using your division of labour and timeline, work through planning/ drafting the business plan (Part 1) and creative designs (Part 2). Remember to meet as a team regularly to discuss ideas, make decisions etc. See support resources provided below.
- Proofread and prepare the good copy of your business plan.
- Prepare your presentation (Part 3).
You may like to use the supporting materials below to help you work through these next steps.
Business Concept
Business Concept
An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors. A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product. Once a concept is developed, it is incorporated into a business plan. (Business dictionary, n.d.).
BUSINESS IDEA
To start a business you need to have an idea.
Solve a consumer problem.
Your business idea does not have to be something completely new – it can be a better way of producing something or improvements to an existing product or service.
Brainstorm: What are some products/services that are not currently available that would solve a problem for a particular target market? Seek input from friends and family – what is something they need but cannot find? What product would they buy and why?
Decide on and develop your idea/concept.
Business Name/ logo:
Decide on a business name and brainstorm logo design ideas.
Try to be creative and make sure your business name clearly represents who you are and what you do. A logo could help with this. Make sure it is original, simple, easy to understand and easy to replicate. Test your name and logo out on others to see if you are clearly communicating your message.
Helpful business name resources:
How to choose a business name Business.gov.au
Find out what you’ll need to consider when choosing a name for your business. Once you’ve decided on a name, learn what you need to do to ensure you have exclusive use of your name throughout Australia.
Australian Business Register – Check the business name isn’t already taken.
CLICK HERE for helpful logo resources
Other suggested resources:
How to Come up with Hundreds of Business Ideas
Just start it: Introduction – Your Idea
PREVIOUS POYE WINNERS
2019
- Freycinet Bike Hire – a bike hire service on the Freycinet Peninsula
- Burr Parking – a car park sharing business
2017
- Leadz Australia – an innovative dog band containing two compartments: one for dog treats; and the other for tidy bags or any other small items such as car keys.
See this winning business plan HERE and the judges comments HERE.
2015
- SurfScout – to make Australia’s surfers, swimmers and families feel safe and be safe as they enjoy Western Australia’s beaches. SurfScout will use remote controlled drones to spot and identify sharks thus preventing shark attacks.
- The Tapas Truck – providing customers with great Spanish food that is affordable. The truck moves over the day to three different locations to take advantage of the moving population of Hobart. The Tapas Truck’s vision is to be the “go to” place for Spanish cuisine.
Business Plan
BUSINESS PLAN TEMPLATE
Suggested Resources:
Plan for success – Business.gov.au
How to develop your business plan
Read through these resources and download the business plan template and save it in a new digital subfolder called ‘PYOE Comp’
Copy the various template and tools links and bookmark this page for later use.
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There are also various styles of business report templates in Office 365
BUSINESS OVERVIEW
Describe in detail the product, service or idea. A diagram could help with this.
State your overall goals and values for this business, say why you exist, what you want to accomplish and how you will achieve this in general. What principles or values will exist to guide the business activities? Will you include a corporate social responsibility statement?
Vision:
A Vision statement should describe WHERE you want your business to be in the future. It should communicate both the PURPOSE and VALUES of your business and answer the question, ‘Why are we here?’
Mission:
A Mission statement should outline HOW you will get to where you want your business to be in the future (Your Vision). It should define the PURPOSE and PRIMARY OBJECTIVES of your business and answer the question, ‘What do we do?’
Values statement:
Outline the set of beliefs and principles that exists behind the scenes to guide your business activities and the way you operate.
Helpful resources:
The difference between mission and vision statements.
Value statement: defining the heart of your company.
16 brands going copout social responsibility successfully.
LOCATION
State and justify where the business will be located.
Consider the various location options:
a) Virtual/Online
b) Bricks and mortar
c) Home based
d) Shopping centre
e) Main street shopping strip
f) Complimentary business inside another
Do a google maps search to check for competitor business. Can you identify a suburb that would suit your business?
You may like to search for commercial properties for sale or rent:
Consider the property outgoings ($) in your financial planning.
Helpful Resources:
10 Things to Consider When Choosing a Location for Your Business
The importance of location in business
LEGAL STRUCTURE
Consider the various legal structures:
- Sole trader
- Partnership
- Company
State and justify/explain whether your business will be a sole trader, partnership or a small company.
Helpful Resources:
Business structures and types – Business.gov.au
Choosing your business structure
Types of business organizations. – Study.com
Corporations. Lumen Learning
Sole proprietorship and partnerships. Lumen Learning
STAFFING
So you are going to need some helping hands. You’ll need to work out your staffing needs, define what your staff do and how many hours they will spend doing it.
You may also like to put together a visual organisational chart.
And consider the employment cycle.
Attracting and selecting the right people is crucial for your business.
Helpful resources:
How to Develop an Effective Organizational Structure for Your Startup
MARKETING PLAN
Now you have your great business idea, you need to know how to sell your product or service!
Ways to persuade customers to buy your product or service are known as marketing.
Giving your business an appealing personality, or brand, helps to make customers connect with your business emotionally. Deciding the price of your product, where it will be sold and how to promote it is also essential.
Helpful resources:
You may wish to use the Library guide created for Year 12 BME – Marketing Plan
FINANCIAL PLAN
Helpful resources:
How to write a business financial plan
How to Write the Financial Section of a Business Plan
How to create a sales forecast
Creative Designs
You may like to dip into the relevant support resources below if you are not sure where to start.
LOGO
When designing your logo it is important that it is original and cannot be confused with another company in the same industry. This is part of the law that deals with trademarks which you should be familiar with.
A trade mark is used to distinguish your goods and services from those of another business.
Remember you will need to factor in the cost of registering a trademark in your financial planning.
Suggested Resource:
Trademarks from IP Australia, Australian Government
Find out more about trademarks, how to apply and the cost. Lots of great tools and resources. Search existing Australian and international trademarks
10 things you need to know about trademarking a logo.
Logo design – everything you need to know
This article will tell you everything you must know before embarking on a brand identity project. Includes:
Golden rules of logo design
Research and strategy
Typography
Shape and symbolism
Colour theory
10 logo design principles to follow
Note: Some online design platforms may limit the use of their images for logo design. Always read the Terms of Service.
PREMISES – DECOR – INTERIOR DESIGN
Suggested Resources:
(Coming soon)
PACKAGING
Suggested Resources:
(Coming soon)
PROMOTIONAL MATERIAL – POSTERS – SIGNAGE
Suggested Resources:
(Coming soon)
Presentation
Once you have written your business plan, it is time to prepare the Business Plan Presentation.
Use the suggested framework provided by your teacher.
You may also like to refer to the resources below to give you helpful ideas.
Helpful resources:
What is a Pitch deck?
“A brief presentation, often created using PowerPoint, Keynote or Prezi, used to provide your audience with a quick overview of your business plan. You will usually use your pitch deck during face-to-face or online meetings with potential investors, customers, partners, and co-founders.”
(Improve presentation, n.d.)
How to make a business plan presentation.
Further reading
Non-Fiction – 650 BRY
Bryan, L., & Hall, R. (2018). Business for beginners. Usborne.
‘Business’ means making and selling things or skills to anyone who wants them. But how do you come up with a business idea? And how do you make an idea work in real life? This book explores the practical world of making money, as well as explaining how businesses shape the world we live in and the way we live.
Magazine article (online)
Meet 16 Teen Founders Who Are Building Big Businesses — and Making Big Money. (2019, August 20). Entreprenuer. https://www.entrepreneur.com/slideshow/337852
We talked to 16 young people who are building fast-growing, innovative businesses — some of which are already bringing in millions of dollars in revenue. From bath bombs to life-changing healthcare, these teen-founded companies are leaving their marks on their respective industries. The one thing they have in common: smart, fearless thinking.
Non-Fiction – eBook
Snyder, G. (2017). Teen Guide to Starting a Business. ReferencePoint Press.
What does it take to start a business? First, it takes the right person. Next, it takes the right business. Then, it takes a lot of hard work—in the planning and preparation and in the execution and follow-through. In this book, teens will learn all about starting a business, with added insights from owners of businesses small and large.
References
Business dictionary. (n.d.). Business concept. Retrieved from http://www.businessdictionary.com/definition/business-concept.html