Business Idea

i. Choosing a Business Idea You will develop a business plan for a new business that you create (but don’t launch). It may be any new Regina-based, goods-producing or service-providing business (or combination of both). Don’t invent unproven technologies or businesses that you do not understand or would not be viable without enormous investments and skills (beyond your abilities). Avoid ideas that are too basic and don’t require a business plan. If the business exists or the idea already has a business plan, you may not use it. To come up with an idea, consider:a) Businesses or services you use currently but that could be improved by changing the business; b) New concepts in the local market; c) A concept from a place you have visited that you think could work here; and d) A business that your team has the skills, knowledge, and resources to operate.ii. Business Plan Format (See page 78-80 in the textbook) These are the components for your report, in the required order: a) Title page with team names pmWinter 2022 BUS 100 – 001 COURSE OUTLINE 7 IPageUniversity °ReginaHill FS) g •;1 School ol Hillb) Executive Summary – 1-2 page summary of key parts of plan (see d-i below) c) Table of Contents (must use Word Table of Contents tool – Under References menu) d) Company and Product Description – description in the following section iv e) Industry and Market Analysis – description in the following section iv f) Marketing Plan – products, pricing structure, place/distribution, and promotion strategies to reach what target market(s) g) Operations Plan – who is management team, what are current and future personnel needs, what are facility requirements (can include layout), launch schedule, etc. h) Financial – income projections (pro forma income statements), start-up costs and sources (cash flow / balance sheets not needed), etc. i) Conclusion – is the business viable and why or why not? j) Appendices including references (in APA style) – note aim for 12 or more references.iii. Concept Paper One member on your team will submit a brief document that outlines the following: • The name and concept for your business – what good(s) and/or service(s) are being sold to whom? • Team members’ names and contact information (emails, mobile numbers – this is for your benefit) • What are each members’ expectations and commitment to producing a quality final term paper? o Each member prepares her/his own paragraph • Work plan – What is to be done? Who is assigned to each part of the paper (don’t forget one person should be responsible to edit the report for grammar, etc.) and the due dates for the work. • A short schedule of dates and times for online group meetings (with above deliverables).iv. Company and Product Description and Industry Analysis Submission Your group will submit one Word document limited to three (3) pages, single-spaced typewritten. You may attach an appendix with any detailed analysis. This document will include:a) Company and Product Description – type of company structure and its name, your ownership, skills and knowledge of the owners (you), what is uniqueness of product(s), identification of the customers’ problems the product(s) you will solve, and summary of your target market(s). b) Industry Analysis -NAICS code, industry description and trends (e.g., PEST-G/PESTLE), environmental scan industry life cycle and competitor analysis (e.g., who, what they do well / don’t do well). You will find the industry sector within the NAICS (North American Industry Classification System) codes: https://www.ic.gc.ca/app/scr/app/cis/search-recherche?lang=eng. The codes access government statistics on industries (e.g., average revenues, etc.). Other industry research is useful and industry associations (e.g., Restaurants Canada, TechnationCa – IT sector, Canadian Manufacturers & Exporters, etc.) can provide information. c) Market Analysis – details on your target market(s) – who are they (key demographics, etc.), where are they, etc. Statistics Canada info is available on larger Canadian cities, called Census Metropolitan Areas (CMAs). See: https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/index-eng.cfm.It is very important to describe why the information you provided is valuable. Use the information but answer “So what does this mean?”All information must be cited in APA Style. No title page or formal introduction / conclusion are needed. This document will later be included in your Term Project Paper, with any corrections or changesurcourses.uregina.ca

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