Business Planning is the module that actually taught me the basics and fundamentals of starting the setup of your own business. within this topic we had to divide ourselves into groups and come up with a business idea we were all passionate about. as a group we collectively decided on the idea of a kids hair salon that we named ‘Kid’s Cottage.
we had to draw up a business plan and figures for the projected amounts we would need to send. we needed to also forecast for our sales. We had to also find out what our potential client / the target audience would want from our product and had to narrow down why we would be good in business and why would sell. Because our niche was so specefic we knew that we would make profit back quickly, espicially with our chosen location being the new Westfield in mall in Stratford that would be opening that summer with the huge promotion of the Olympics aswell.
Everything in this topic showed me the essential criteria I will need in the future to build my business. The market research I would have to conduct, the budget plans to draw up, startup costs and the setup of a new business.