Project Phases

Idea

September – October | See timetable >>

idea generationThis is probably the most important stage of the project because it is easier to make profit from a good idea than a bad idea.  Remember you don’t have to invent the wheel to come up with a winning idea.  The best business idea often involves doing something slightly different or innovative with an existing product or service.  Look around you at everyday items and think what you could do with an item to make it appealing to a segment of the market.

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Starting

October – November | See timetable >>

startingOrganise your group to cover the different business areas, normally production, marketing, finance and reporting.  Do your market research to see if the market will want what you intend to provide and set out a plan to organise how and when you will make and sell your product or service.

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Selling

November – January | See timetable >>

sellingYour product/service has to sell if you want to make money, so think carefully how you will promote it to potential customers and how you will win sales. Try and sell to customers outside your school environment, if possible.

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Competing

February – April | See timetable >>

competingPrepare for your school’s final by ensuring that you have good display materials for your stand and importantly, a good business plan that provides a summary of everything you did as a group and a financial record in relation to sales, expenses, profit/loss, etc.

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