Test your pitch out with 3 people. Look for 3 things when listening to a pitch.
1) Was their hook effective? Did they peak your interest in the first 5 seconds? 2) Are they passionate? Do they sound interested or bored? 3) What was their request? Did they invite you to take action in a particular way?
Step 1: Come up with Business idea - run idea by teacher - fill out package.
Step 2: Money. Help. Time. - Answer these on a seperate page.
Step 3: Market research - Make your own mini questionnaire to ask (50 minimum) students in the school.
* Improve your market research by describing your product to people before asking them your survey questions. You can also show them your product if you have one made! * Also note that criticism and feedback is good so you can find out what the customer wants!
What did you learn from your research? - Are there any new changes/colours you will be adding to your product? - What is the highest price point people will pay for your product? *(Remember just because they say they'll pay that amount, it doesn't mean it's a promise).
Step 4: Writing Product description. - Create a product description from what you've learned during your market research. - Use catchy words and phrases to make it appealing to customers. Think about why someone would want to buy your product. What makes its different and special? - Write this on a separate page.
Example: I am selling Pokemon Stickers. Each one is handmade with peoples favourite Pokemon (according to market research). They are about 8cm wide and have a shiny surface. They are perfect for trading and collecting.
Step 5: Money Money Money. Where will you get your money? If you don't have money in your savings account which is very normal, you may have to borrow for a parent. You can fill out a loan certificate.
How many products will you even make? That depends on your market research. * Entrepreneur have completed business plans and product samples (prototypes) to show banks and investors to receive loans. * Remember to check different stores to find the best deal. The more you save in cost means more profit!
Q: How much money will I need? A: Find out how much it will cost to make your products/services.
Q: How many products should I make? A: Make an estimate (guess) from data gathered from market research.
Q: What if I don't have enough of my own money to buy the products? A: Get a loan from your parents.
Q: How do I get a loan from them? A: Have all your costs calculated beforehand. **Have real prices from stores Then fill out a Loan application form. Yes. You need to fill one of these out.
Q: What if my parents don't want to give me a loan? A: Come speak to the teacher.