Now, you are going to develop a business idea based on your decision made as a group in TASK 1. Your idea needs to be realistic and achievable as a small business for your group in your local...

Now, you are going to develop a business idea based on your decision made as a group in TASK 1.
Your idea needs to be realistic and achievable as a small business for your group in your local community. So, for example, if your group chose a beauty salon, then you are going to develop you own brand of a beauty salon.


(You will need to decide how to communicate and collaborate with each other, but remember all you work needs to be recorded electronically as evidence, and for your final product later on in the project.)
1. Product: What would your business offer? How is it different from other competing businesses?

You will need to do some market research to see whether potential customers would be interested in your business idea. You can ask personal questions by phone or by interviewing them, or discuss your idea with people you know in your area. You can also take some photos of your location.


2. Location: What would be the best location? (closer to town - more money for rent? Why?). Images of your location and area are required.



3. Name: What is the name of your business? What image do you want to project? What kind of design would you use?


4. Pricing: Would you compete on price (cheaper than competitors)? or are you going to be different, and charge higher prices?


5. Do a 3-month forecast income statement for your business. Explain why you forecast your sales to go up or down at the same time.


6. Research viral advertising & design an approach to market your business (viral advertising). What is the most effective way for your business in the community? Why? (provide evidence).