Unit 19 – Research your business idea
Think of 3 new ideas and then choose the best one. This should be a NEW
product or service. You will work on your own. You must show your own
work from ideas gathered.
Your business should start as a sole trader employ a maximum of eight
people long term, but remember to start cautiously. Look at the Greater
Manchester area for possible locations to trade from. Think of a name for
your business.
Use the following sub headings as the criteria for your business idea.
Basically use the headings in bold and add your business details.
Comments under each heading are for your guidance.
One idea is to have a toothpaste used in the toothbrush.
Person(s) involved in the business venture:
Include yourself, plus any other people you may need to employ, e.g a
manager, IT person, finance person and marketing/sales person.
Product or service description:
Describe its use/purpose and the main characteristics including the appeal
of the product to potential customers and its UniqueSellingPoint which
should outline your competitive edge compared to similar
products/services already in the marketplace. Draw a picture using word,
paintbrush or other image software for your new idea.
Possible name of business and location:
Including logo and strapline ideas and a google maps printout of your
address. You can choose an address by looking for empty office or shop
space on Gumtree and also include the cost rent. Identify some of the
advantages of the location.
Ownership:
You will start your business idea as a sole trader; give reasons for this and
include advantages and disadvantages.
Aims/objectives/mission statement of the business:
What do you want to achieve with the product or service? Make sure your
objectives are SMART and include long term goals (approx five years
time). Don’t say ‘make profit as this is obvious. Mention examples such as
brand awareness, expansion in x number of years, development of
products and services over time, social media creation, improvement in
product quality, etc
Think of 3 new ideas and then choose the best one. This should be a NEW
product or service. You will work on your own. You must show your own
work from ideas gathered.
Your business should start as a sole trader employ a maximum of eight
people long term, but remember to start cautiously. Look at the Greater
Manchester area for possible locations to trade from. Think of a name for
your business.
Use the following sub headings as the criteria for your business idea.
Basically use the headings in bold and add your business details.
Comments under each heading are for your guidance.
One idea is to have a toothpaste used in the toothbrush.
Person(s) involved in the business venture:
Include yourself, plus any other people you may need to employ, e.g a
manager, IT person, finance person and marketing/sales person.
Product or service description:
Describe its use/purpose and the main characteristics including the appeal
of the product to potential customers and its UniqueSellingPoint which
should outline your competitive edge compared to similar
products/services already in the marketplace. Draw a picture using word,
paintbrush or other image software for your new idea.
Possible name of business and location:
Including logo and strapline ideas and a google maps printout of your
address. You can choose an address by looking for empty office or shop
space on Gumtree and also include the cost rent. Identify some of the
advantages of the location.
Ownership:
You will start your business idea as a sole trader; give reasons for this and
include advantages and disadvantages.
Aims/objectives/mission statement of the business:
What do you want to achieve with the product or service? Make sure your
objectives are SMART and include long term goals (approx five years
time). Don’t say ‘make profit as this is obvious. Mention examples such as
brand awareness, expansion in x number of years, development of
products and services over time, social media creation, improvement in
product quality, etc
