This week, we are going to work on two things at once: creating the business plan and registering our business with the VE Network. We will begin to break up our work by department so that we can maximize efficiency in completing our weekly tasks. Moving forward (at least until next semester), tasks will often be assigned by department, not by day. This means you won’t see a daily list of objectives and clear target. Rather, you will see a breakdown of objectives for each department with either a common or department-specific clear target. Further, there will be much fewer PowerPoint presentations or lecture from me. Beginning Monday, my role as facilitator will be to act as your guide on the side.
Our clear target for the week is simple:
We can apply business concepts to launch a virtual startup business.
The tasks for the week can be found below. Don’t be intimidated by this list. You can all get it done:
All
· Log onto the portal - I'll demo for new employees
· Reach out to business partners (Ryan Hitch to lead)
o I will touch upon how to approach these business partners in class on Tuesday.
Executives: CEO and CFO
· Complete business registration form online
o Basic things can be completed quickly
o Particulars will take a couple or three days
§ Which type of corporation? Why?
§ Budget
· Payroll
· Rent
· Utilities - based on schedule I’ll find for you
· Advertising/promotion
· Inventory
· Equipment
· Supplies
§ How accurate will our budget be? Use last year as a guide but be more specific
***Please consult with Accounting/Finance Department to complete the financial information. You will all need to research accurate figures to operate your business properly. Your research results will either help or hurt us in receiving seed money.
Accounting/Finance
· Assist executives in completing business registration form
· Determine salaries for all employees at each level
o Check O-net or Jobs4tn
o Use the low end for salaries since we only have 17 employees
Sales/Marketing
· Create product line – list EVERY product you intend to sell - use last year's data to determine what to keep and what to add
o If you intend to do parties, include 2-3 packages at minimum
o Base this on your audience – how much will they buy and what are they willing to pay?
· Work on the 5 P’s
o Product
o Price
o Place
o Promotion
o Positioning
Use the Scoring Rubric to complete the marketing mix 5 P’s. We will utilize this rubric when writing anything for the business plan.
Admin and Human Resources
· Establish company goals and 4 options for mission statement – to be voted on by the firm at end of class Wednesday
Use the Scoring Rubric to complete mission statement. We will utilize this rubric when writing anything for the business plan.
IT/Web Design
· Company vision: how does each of the following look?
o The business
o The employees
o The products
o The customers
· Begin making website
Begin by working on the company website design. Once marketing has completed its product line (may not be until Wednesday) you can begin to add products to the site. Remember, our products require a buy-now button when customers buy from us, and Mal’s is by far the easiest free one to use, however there will be an option to use a buy now from the VE home site (recommended).
I know it looks like a lot of work. It is. Starting up a business is a daunting task. It requires you to work in class and out of class in order to succeed. But don’t worry, guys. You’re the best students in your class and are very capable of doing all this work really well.
