Focusing on Business Plans again we discussed as a group the ideas that we had each for a potential business.
The plan that I had thought of so far was the idea of creating a magazine/ paper & or website where people could advertise there creative skills, such as art, sculpture, web design etc.
The way in which the business would make money would be through people paying to advertise, the prices would be based upon the ad size if it was printed.
To make the magazine more accessible if it received enough ad's it could be sold for a low price or even available free to pick up. This might encourage more people to take a look at it and therefore it would become more popular hopefully meaning more people would like to advertise, gradually increasing the size of the magazine and amount of people wanting it.
We discussed things that we would have to take into consideration such as the target audience we were aiming at, if and who the competitors might be and the kinds of attention grabbing techniques that could be used to boost awareness of the company.
Another thing we discusses was the relevance of a business plan and why it's important, Banks will usually require a well thought out business plan if you are looking to take a loan out for a possible start up of a company, as they want to be reassured that they will get the money back, no one is going to give you money for just anything, it has to be sustainable and you have to be able to show them that it will be worth they're money to put into it.
If you need investment you need to consider what will attract people to put there money into your business, what makes your plan better than the next persons, unique selling point.
Business plans also make you consider how well the idea you have is going to work and if it will actually be worth it.
The next step I need to take is to look into existing business plans and decide how I can start writing mine based around the initial idea that I have.
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