Starting a business

One day Tim told his friend, Fred, how much he hated his job.

Fred listened and said,

“Find a job doing something you like, and

you will never work another day in your

life.”

This got Tim thinking

Tim

loved

art

He also loved

travel

What could he do that would

allow him to

combined the two?

1 + 1 = 11

He came up with the idea of

an online art gallery

A digital gallery that would allow people to view art sourced from all over the world.

From anywhere you have internet connection.

Which could be purchased and delivered to your door.

It was a great idea.

Tim would have to travel

to find the best artist to exhibit

and

he would spend most of his time looking at art

Five years later, Tim lives in

New York selling art on the

most innovative online art gallery in the world.

What business idea can you think of that will

allow you do something you love?

E.g. Starting a record shopStrength

• There are lots of DJs in Melbourne• I love listening to new music

Weakness

• Lost of DJs download music• Don’t know any record labels• No website• Finding a location

Opportunity

• Could sell music and musical equipment• Can set up shop in my own style

Threat

• Increase in downloading of music• Investment• Poor location

Target Market

Who will use your product or service?

How much is spent on this kind of thingeach year ?

Now you need to think about where

you want to set up your

business

Location• Brand Image – Is the location consistent with the

image you want to maintain?• Competition – Are the businesses around you

complementary or competing?• Local Labour Market – Does the area have potential

employees? • What will your travel time to work be?• Proximity to Suppliers – They need to be able to find

you easily as well.• Safety – Consider the crime rate.

What about

a name for your

business?

How much will it cost to get things

moving?

Startup expenses

• These are expenses that happen before you start trading. For example, registering a business name, logo design, brochures, rent, stock, etc.

• Create a list of expenses. What is the total amount of money you will need to get your business off the ground?

Will you employ anyone?

How much will you spend in wages each

month once your business starts trading?

Now you need

FUNDING

Project Task . . .

Create a PowerPoint

Tell potential investors:• Your idea• Target market• Running cost• How much money you need to get started• The profit you think you will make per month• What you are prepared to give an investor

(shares, repayment of loan with interest, etc)

Create a new page on your wiki

• Call it Starting My Own Business• Post your completed PowerPoint on the new

page once it is completed

Present your idea

• Deliver a speech for a minimum of two minutes to the class and guests

• Explain your idea and why it is worth investing in