When explaining your business idea, you must make sure that you can do the following.
a Clearly describe what your business is going to be.
b Explain why you think your business is going to be successful.
c Show what skills you need to run your business successfully.
d Find out how much it is likely to cost you to set up your business, how you will pay for it and how you will pay your early running costs.
e Work out how much money you need to make from your business and whether your business can make enough money.
f Work out how much you can charge your customers to cover your costs and meet your profit targets.
g Look at how anything beyond your control might affect your proposed business.
What you need to know and understand
You need to know and understand the following.
Business attractiveness
- Your business’s unique selling point and why it is competitive.
- How you can balance your own needs with your business needs.
- How you check your business’s profitability.
Financial aspects
- How important it is for you to have a personal survival budget and how you can work it out.
- Your planned profits, and how you can work them out.
- How you understand and use cash-flow forecasts, and what information you would need to produce them.
- How you understand and use profit and loss accounts, and what information you would need to produce them.
- How you understand and use marketing and sales forecasts.
- What laws will affect your business and how.
Skills and abilities you will need
- How you can judge your own skills and abilities.
- How you decide what skills and abilities your business needs.
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