The Idea:
This competition is about making a business plan but, in a different way. A business idea would be given to the participants with some constraints in implementation and the participants have to create a plan of how to best implement the idea under the given circumstances.
This Competition will test the acumen of the participants in the following area:‐
- Planning.
- Managing finances.
- Strategic thinking.
- Creativity.
- Adaptability.
- Presentation.
Rules & Regulations:
- The chits about various businesses in various segments are prepared.
- Team can have a maximum of 5 participants.
- Participants depending on their discretion are given segments of industry and chits are asked to pick from that particular lot.
- Each team will be given 15min to give presentation.
- Team will be judged on the parameters of creativity, innovation, strategy, marketing, managing finance and presentation.
- The judges would be either a prominent entrepreneur.
- There will be eliminations. The type of eliminations will be disclosed on the day of event.
To create your plan, you need to consider the following items:
• What is the product or service?
• Who are your customers?
• How will you reach your customers?
• How will you get the financial resources to start your business?
Think about these, and then follow the outline to create your own business plan.
Business Plan Outline
Cover Sheet:
A page or two with highlights of your business.
• Hint: write this last after all the other parts are completed.
Description of your Company:
Include items of information such as, legal establishment date, history, owner’s information, and location of the business.
• Hint: think of this as an introduction, what you want to present about yourself.
Service or Product:
A detailed description of what you are selling.
• Hint: point out why it is valuable and needed.
Market Analysis:
Here will be your description of your customers, what their needs are, and how you will reach them in order to sell to them.
• Hint: you have valuable experience as a customer yourself; use that to plan for your customers.
Plan and Follow Through:
Here you will need to drill down to the details. Who will be the management, and what will the duties be? When will it start, and what is the budget. How will you track the results?
• Hint: this is the area that will change as your business grows or changes focus.
E-commerce:
Will your business have a web site? Here is the area to plan for set-up costs, monthly hosting fees, and how to attract customers to your business.
• Hint: plan on regular updating of “content”, as this will keep your site fresh and bring traffic to your site from the search engines.
Financial Plan:
Here is where you want to put your best analysis of how your business is going to make money.
• Hint: spreadsheets are an easy way to show your projected figures of profit and loss, and cash flow predictions.
The following is a sample of a Hair Salon Business Plan:
Raj Hair and Care Salon
Cover Sheet:
Raj Hair and Care is a full service salon. We specialize in coloring and perms, especially the new spiral perms. We also offer wedding specials, for the bride, bridesmaids, and mothers of the bride and groom. We have nail technicians in the salon who offer a full spectrum of acrylics and manicures. Check our web site, www.rajhairncare.com for our monthly specials.
Description of your Company:
Raj Hairstyler owns Raj Hair and Care. Located at 1111 XYZ Street, Your Town, State, Zip. Business has been at this location since January 2003. Phone number is XXX-XXX-XXXX. Fax number is XXX-XXX-XXXX. Email address is raj@yahoo.com.
Service or Product:
Raj Hair and Care provides expert service in the following areas:
• Haircuts
• Perms
• Coloring
• Styling
• Manicures and Pedicures
• Facials and skin care products
Market Analysis:
The Raj Hair and Care customers will primarily be working women, who need to maintain a professional appearance for their employment. We will offer them total body care, from the top of their head, with haircuts and coloring and perms, to their toes, with pedicures.
Plan and Follow Through:
Raj Hair and Care management will Raj Hairstylist, and an assistant manager, and a part time bookkeeper.
At our location, hairdressers will lease five stations on a monthly basis. Four stations will be leased on a monthly basis by nail technicians.
Raj Hairstylist has a huge following of customers and will use one station exclusively for her clients.
E-commerce:
Raj Hair and Care has a website: www.rajhairncare.com. It is updated each month with articles about hairstyles, the latest hot products, and the current “sale”.
Financial Plan:
Lovely Locks projected Profit and Loss:
Beginning investment: Rs100,000
Monthly income: 75,000
Monthly expenses: 35,000
Profit: 40,000
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