A Business of Our Own

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I acknowledge that JABC’s work spans many Territories and that our head office resides on the traditional, ancestral, and unceded shared territory of the Musqueam, Squamish, and Tsleil-Waututh First Nations peoples.

Introduction

• Name
• Background
• Skills, talents, interests
• Volunteering for JABC
• Tent Cards
• Preparation Portfolios

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This program is provided by JA British Columbia, a not-for-profit impact organization that delivers free hands-on, immersive education in work readiness,

financial health, and entrepreneurship.

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About Me

Agenda

Lesson 1: Business Model Canvas

Lesson 2: Marketing and promotions

Lesson 3: Recordkeeping, Pricing, and Customer Service

Sales Day

Lesson 4: Review the Business Model Canvas

Lesson 1: Business Model Canvas

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Students can be Entrepreneurs

Objectives

Understand what a business is

Learn about the Business Model Canvas

Learn about the Sales Day or Pitch Competition

Form teams and assign responsibilities

What is a Business?

• Sell goods and/or services to customers
• Requires investment to get started
• Has enough customers to make a profit

• Businesses can be privately or publicly owned, for-profit or not-for-profit, government-owned, or a social enterprise

• A group of people that work together in an organization (or could be an individual)

What’s the Difference Between a Large Business and a Small Business?

What is a Retail Business?

• Sells goods and/or services to a customer
• Sales can be conducted from a fixed location like a store, door-to-door, or online
• Sometimes purchases goods in large quantities from manufacturers or wholesalers to sell smaller quantities to customers for a profit

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What is a Pop-up Shop?

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• A retail business
• in a temporary location
• operating for a limited amount of time

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ONLY FOR A SHORT TIME!

What is a Business Model Canvas?

Who owns and operates the business

How will you attract customers

Where will the business sell its products or services

When will the product or service be ready

Why is your business needed

What products or services will your business sell

It is a visual way to organize your ideas for the business. To prepare it, you will need to answer these questions: 

Business Model Canvas

Refer to Pages 4 & 5

Time to Start Your Own Business!

Pitch Competition

The class will be divided in groups, and each group will work on developing a business idea from start to finish.

At the end of the program, you will have a:

Sales Day

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What will each member do?

Set Up

Responsible for the sales stand:

• Assemble & takedown
• Ensure products are displayed correctly
• Restock products as needed
• Tablecloth & signage

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Refer to Pages 6 & 7

Merchandise

Responsible for production:

• Buying materials for the business
• Sourcing
• Packaging

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Refer to Pages 8-11

Marketing & Promotions

Responsible for creating marketing strategy:

• Research target market
• Design branding, logos, names, etc. for marketing strategy
• Promote the business and implement promotional campaign

Refer to Pages 12 - 15

Sales

Responsible for customer service:

• Answering customer questions
• Assisting customer inquiries
• Finalize sales
• Handle money
• Issue receipts to customers

Refer to Pages 16 & 17

Financials & Bookkeeping

Responsible for record keeping and pricing

• Set the right price for their product
• Research competitor prices
• Track expenses and sales
• Create reports to determine if business is at a loss or profit

CEO

Spokesperson for the business

• Should know everything about the business
• Should keep track of what everyone on the team is working on
• Be ready to provide a brief report at the beginning of every lesson

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Business Idea: Examples

Fairy

Houses

Paper

Puppets

Bead

Jewelry

Sensory

Bottles

Checklist

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• Plan
• Do
• Review

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Refer to Pages 10-11

Example: Hope Blooms

Do these entrepreneurs have the right attitude and, if they do, what is that attitude?

Decision Time

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• Where will your sales stand be located?
• How can we ensure the merchandise you sell will be profitable?
• Where should you resource your merchandise from?
• What should your sales stand do with profit earned?
• Class project?
• Charity?
• What does it mean to delegate?
• Will you have time to prepare/make/ buy your product for the sales day?

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As you discuss your business idea with your team, remember to consider:

Breakout Session

For the remainder of this lesson,

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• Discuss their business idea: Please be respectful of other peoples' ideas, they are just as valid as your own. Each group should come up with 2 or 3 business ideas so they can have options and a backup plan in case idea 1 doesn't work for some reason.

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• Discuss team members responsibilities and elect your CEO.

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• Decide how profits will be used (if not already determined by the teacher).

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Before Next Week...

• Finalize responsibilities for each team member

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• Elect a CEO

• Finalize business idea

• Vote on how profits will be used 

• Start a Business Model Canvas

Lesson 2: Marketing and Promotions

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Objectives

Basics of marketing and 4Ps

Potential target markets and competitive advantages

Create marketing ideas, messages, and brand

Identify activities to promote your business

Business Development Update

• What have you achieved?

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• What challenges have you encountered?

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• Is your team working well together? What changes do you need to make?

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What is Marketing?

• All the activities involved in getting a product to a target market.
• Examples: an advertisement during a TV show, a jingle on the radio, the packaging of a product, a call out on social media

What is a Target Market?

• The group of people that you have identified as your potential customers
• Businesses use the 4Ps to connect with their target market or target audience

The 4Ps

Store location

Product placement

Activities to convince customers (Advertising)

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Options for customers

Attracts customers

Earns profit

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Place    Promotions    Product    Price

Multiple Target Markets

• What are some products marketed to adults?
• What are some products marketed to children?
• What are some companies that market to BOTH adults and children?

Example: Commercial

What is a Marketing Message?

• What information do people need to know about your product?

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• What about the sale event?

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• How will the message attract or persuade your target market?

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What is branding?

The use of distinct design elements to communicate a marketing message. Businesses use branding to promote specific products or their own company names. This helps them be easily recognized by their customers. 

For example, when you see these images, do you know what company is connected to each to them?

Branding in action

Logos are images that represent a business or a product. Everything in them is planned: the colours, the font, the background, the words and the images used.

They can change over time to adjust to new marketing needs.

What is intellectual property?

There are laws protecting the work and money businesses invest in creating their brand. The "R" sign you see below means that the image or sentence you see is protected, so other businesses cannot use them without permission from the brand owner.

taglines

trademark sign

Example: Lucky Paws

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How many ways did they apply their marketing message?

What is a Competitive Advantage?

• What makes your product or service better than those of your competitors (from the perspective of your customers)?

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• To identify your competitive advantage, you need to know:
• Your target market
• Your product advantages
• Your competition

Examples: what is their competitive advantage?

What are Promotions?

• Any form of communication used to inform, persuade or remind people about products
• Four basic types:

1. Advertising 

2. Personal Selling: Customer Service 

3. Sales Promotion: Coupons, BOGO

4. Publicity: Interviews with local newspaper, sponsorship, and social media

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Example: Painted Rocks

• The original Pet Rock business was a trend that exploded in the late 1970s
• The promotion and packaging of a joke/funny product
• The Rock Your Day Adopt a Pet Rock campaign included:
• Names for each uniquely painted pet frog or ladybug rock
• A hand-crafted habitat (lily pad or leaf)
• Adoption papers
• Sold out in 30 minutes
• Had a powerful, creative promotional concept

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Before Next Week...

• Finalize brand guidelines

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• Decide responsibility for each marketing task

• Update Business Model Canvas

• Finish Pg.10-11

• Be prepared to present business update

Lesson 3: Financial Recordkeeping, Pricing and Customer Service

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Objectives

Why financial records are useful and must be kept

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Create and review an income and expense projection

Set realistic and balanced prices

Create a cash receipt and track inventory

Learn customer service and effective sales tips

Business Development Update

• What have you achieved?
• What challenges have you encountered?
• Is your team working well together? What changes do you need to make?

What is Profit?

• Subtract the amount of money you spent (buying, operating, or producing something) from the amount of money you earned
• If your answer is a positive number, you made a profit  
• If your answer is a negative number, you incurred a loss

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Profit = Income - Expenses

What is Financial Record Keeping? Why do we need it?

• A way to keep track of income and expenses

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• Business owners need to know these to know how their business is doing (making or losing money)

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• It empowers owners to make decisions regarding the future of their business

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Why is Financial Record Keeping Important?

• Businesses need to know if
• They are making a profit
• How they can grow their profit

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• Businesses use projections
• To help find out what sales they will need in order to pay for their expenses

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Try it Out

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• Turn to Pg. 18
• Enter expenses your team has made so far

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Pricing Considerations

• Does your price cover your costs?

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• Is your customer willing to pay your price?

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• What are your competitors charging? Can you charge more?

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• What is your competitive advantage?

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• What is the relationship between

pricing and sales?

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Pricing Example: value-based pricing

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How much would you pay for this mobile phone?

Pricing Example: value-based pricing

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How much would you pay for these mobile phones?

Try it Out

• On page 18
• Predict your income at different price points
• Income = all the money you made from sales
• Ask your classmates to see if they would pay that much for it

What are Sales Records?

How do you Deal with These Customers?

Angry Customer

Shy

Customer

Indecisive Customer

Cheap Customer

Before Next Week...

• Finish products and packaging

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• Complete marketing materials

• Promote, promote, promote! 

• Decide on roles/duties for sale day

• Confirm list of items needed for sale day

Lesson 4: Review and debrief

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Objectives

Review financial projections versus financial reports

Difference Business Model Canvas and business operations

Review successes and challenges of the sale event

Review teamwork successes and challenges

Discuss net profit and allocating the money

Congratulations!

Presentation Time

• Make sure Pg.22 is filled out with all the correct financial info.
• Present financial info.
• What was the net profit or loss?
• Was the net profit or loss as projected?
• If not, what led to the difference?

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Business Model Canvas

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• What changes would you do for next time?
• What worked well?
• Do you see yourself as an entrepreneur?

Sales

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• Did the merchandise sell as expected?
• What changes would you do for next time?

Promotion

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• Did the promotions work as expected?
• What changes would you do for next time?

Thank You!

Survey Time

Please take a minute to provide your feedback.

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It will help bring this product to more students in BC.

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