Day 11

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Review

What was the name of the boy from yesterday?

What country is he from?

Complete this word ( P _ _ F I T )

Branding

How do customers recognize businesses?

The main ways a customer recognizes a business are by its business name and logo.

Other ways include the business colors, theme song, a mascot, a spokesperson, or packaging.

Creating a business name and logo is called BRANDING.

What is a business name?

The name of a business.

When you create your business name, make sure it is relevant to your target market and value.

If your car dealership provides the value of luxury, don’t call your business Cheap Cars Dealership. Name your business Platinum Automotive.

If the target market for your clothing company is kids, don’t use complex words like Amorphous Apparel.

What is a business logo?

An image that represents your business.

Similar to your business name, your logo should be relevant to your target market and value.

Use imagery that connects to your business. A Brazilian company that sells oranges called Olá can have an orange replace the “O” for their business logo.

Response

How do customers recognize businesses?

What is a business name and logo?

Build Instructions

On the next slide, you will be developing the business name and logo of your business.

For example, Dwight would write down the information below for his brand.

Business Name: Launch Group

Logo:

Profit:

How much profit do you want to make each time you sell your product or service?

$75 (desired profit per product or service)

How much profit would you like to make from your business each year?

$75,000 (desired yearly profit)

How many products or services do you need to sell each year to make your yearly profit?

(desired yearly profit) / (desired profit per product or service) = 1,000 (# sold per year)

How many products or services do you need to sell each month to make your yearly profit?

(# sold per year) / 12 (months in a year) = 83.3 (# sold per month)

How many products or services do you need to sell each week to make your yearly profit?

(# sold per year) / 52 (weeks in a year)= 20.75 (# sold per week)

Price:

$200.00 for 2 / 1 hr mentoring sessions a month.
$350.00 for 4 / 1 hr mentoring sessions a month
$400.00 for 6 / 1 hr mentoring sessions a month.

Pricing Strategy:

Receive $100.00 if you refer a friend and they sign up.

Costs:

13 inch MacBook Pro – $1,299.00
iPhone 14 Pro – $999.00
T-Mobile Magenta Plan – $70.00/month
Nissan Leaf Lease – $425.00/month
Car Insurance – $99.00/month
Electric Charging – $40.00/month
Office Supplies (ex. notebook) – $15.00/month
Business Cards – $9.99
Social Media Advertising – $100.00/month

Marketing:

Direct messaging and paid advertisements on social media platforms.
Attend Meetup entrepreneurship events and hand out business cards.

Target Market:

Age: Young Adults, Adults
Location: Orange County, California
Interests: Entrepreneurship; Technology; Innovation; Stock Market
Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.

Industry: Mentorship

Product / Service: Service

Values: In-Person, Flexibility

Description: My business idea is to provide mentoring to startups.

Please have your child write down all their answers on paper.

The purpose of this builder is to be a guide to their idea.