Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
What is your business idea?
A product is usually something you can touch. Examples include a football, car, video game, or dress.
A service is something that is done for you. Examples include a car wash, a doctor appointment, or tutoring.
Do you sell a product or a service?
Entrepreneurs want to sell to everyone. However, that’s impossible with so many people in the world. Instead, businesses sell to a group of customers most likely to buy their product or service. To find your group of customers, choose their age and location. A company that makes cars will probably sell to adults. A company in France will probably sell to customers in France.
What is the age of your customer group?
Where is your customer group located?
You need to make people aware of your product or service. This is called marketing. A few ways you can market include TV, social media, and flyers. Gas stations market with billboards. The billboards are right next to the highway when people are most likely to need a gas station.
How will you market your business?
Is it free to start your business? No! Every business has costs. Cost include everything you to provide your product or service.
What are your business costs?
To pay for your costs, you set a price on your product or service (e.g. $9.99 or $20.57). It helps to know how much it costs to make one product or provide one service. If it costs you $5.00 to make one product, you need to set your price higher than $5.00 (e.g. $6.00 or $10.00). The extra money left over is called your profit ($6.00 PRICE – $5.00 COST = $1.00 PROFIT)
What is the price of your product or service?
You want customers to remember your business. To do this you need to brand your business. Branding includes your company name, colors, and logo. A logo is an image that represents your business. You should use your business colors in your logo.
What is your business name?
What are your business colors?
Draw your business logo on a piece of paper.