Creating a Business Plan
Updated: Jul 30
Lesson 1 - Starting a Business:
At Seeds of Fortune Inc. we consider you the next generation of leaders. The Girls Start Up Business Plan will assist you in setting up a business that will impact the community in which you live and the world around you. Businesses are created to meet a need in the world, usually these needs come from problems that everyday people want/need solutions to make their lives more productive. For example someone invented a toothbrush to help you brush your teeth every morning, then someone invented an electronic toothbrush to help you brush your teeth even better.
Lesson 2 - Competition:
Think about who else may have the same product or service as you, how can you learn from them to make your project solution stronger. For example H&M and Forever 21 are Competitors they both product fast-service clothing to young woman, but they have to different business models. Watch the video above of Chental Songbembry's The Honey Bunch Kids business to understand more about competition:
Research Your Competition:
Now that you understand competition a little more , research and name 3 competitors in your space:
What makes your product or service different from your 3 Competitors?
Lesson 3 - Resources:
What resources do you need to complete this project (Must respond in 200 words)?
Who would you need to the complete this project - Name 3 people you would need to complete this project?
Name 3 organizations you could partner with to make your project more successful?
Lesson 4 - Financials:
How much will it cost you to make your particular product or conduct your service as well as the amount of profit you will make from your business?
Expense: the cost required for something; the money spent on something.
Item: The materials needed to make your product or service occur
Quantity: How much of that item you will need
Costs: The price of each item quantity
Total cost: the sum of all cost required to create your product or service
Rene sells body butter, in order to make body butter she must buy:
2 Shea Butter Stick - $5.00
1 Vanilla Oil - $5.00
1 Lavender Oil - $2.00
Total Cost Equation: 2 Shea Butter Sticks X $5.00 = $10.00 1 Vanilla Oil = $5.00 1 Lavender Oil = $2.00 Total Cost = $17.00
Pricing: Total Cost ($17.00) *1.25 = $21.25 Rene should price her body butter at $21.25
Profit: $21.25 - Total Cost $17.00 = $4.25 Rene makes $4.25 off of each body butter
Lesson 5 - Marketing:
Marketing is all about the 5 W's - Who, What, Where, When, Why, and How?
Who: needs your product or service (women, girls, men, boys, teenagers, moms, or babies)
What: you have to explain to people what your product or service accomplishes for them
Where: focuses on the location of your product or service
Business location: online business, store front, high school lobby, instagram store, church, community center
When: the time and place your business is open as well as launch date.
Ex: 24/7, 9:00-5:00 PM, Weekends, Weekdays
Launch date - the day/month/year you plan to start your business
Why: this explains to your customer why your business was established
How: this is how your customers will find your product or service
Marketing: social media, newspaper, website, radio, word of mouth, blogs, TV, local religious institution
Record the Who, What, Where, When, Why, and How of your business idea on your worksheet
Next step: Now create both a homepage website for your product or service using
Weebly: www.weebly.com and an advertisement for you business
Submit your planning sheet and final executive summary in your Scholar Folder