Think about a small business that you would like to open. Ideally, this business will be providing services (not products). Examples of businesses include a car wash, dry cleaner, personal trainer, window washer, dog walker, etc. Report your idea to the discussion board. Each student should provide thoughtful feedback to every group member.
3) Think about a reasonable fee you would charge to customers for your service. You can ideas by researching existing companies. Also consider several expenses that you would incur. Examples may include rent, equipment, advertising, transportation, etc. Report your thoughts on the discussion board in an organized fashion. Each student should provide thoughtful feedback.
4) Research your fees and costs (include both fixed and variable). You can look on the internet, go on a shopping trip, visit a local business, etc. You should provide evidence of research (i.e., website address, name of business & person you spoke to, etc.). Using these fees and costs, create a contribution margin income statement for a one year period. Consider two options that would change your number (ex, renting office space vs. working out of your home). You will then share your three sets of statements based on different alternatives on discussion board. Each student should provide thoughtful feedback.
5) Research fundamentals of good memo writing. Report your findings, including any helpful websites or handouts on discussion board. Each student should provide thoughtful feedback.
6) Draft a memo to me indicating business idea, your data (three scenarios), including breakeven figures. Indicate which scenario you would recommend and why. Share your draft on discussion board. Each student should provide thoughtful feedback.
7) After making changes memo, submit a final copy and schedule of research references through Blackboard. Once submitted, you will see a “!” in your gradebook. Once graded, you will see your total points earned and any feedback to you through the gradebook.
8) Based on recommendations from your peers, choose one alternative and prepare a presentation that sells this business to investors. The presentation should be provided in a video format, and include the following:
1. Description of your business and why there is a need for this business in your area
2. How you will differentiate your business from anything similar in your area
3. Describe your financial statements and analysis for the alternative chosen
4. Provide reasons why the investor should consider your business for investment
Submit a copy of the video presentation to blackboard. Once submitted, you will see a “!” in your gradebook. Once graded, you will see your total points earned and any feedback to you through the gradebook.
I encourage you have fun with this project and create a business that interests you. Spend time thinking about your alternatives and how they would change your overall income and break-even numbers. Cost-Volume-Profit (CVP) analysis, ability to research, teamwork, and brainstorming are skills that you will undoubtedly use in your future!
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