Present the initial business idea using relevant criteria.
Business Description and type:
* What the business does and the type? I.e. New/Existing/Franchise
Business Aims and Objectives:
* Aim of the business and SMART objectives
Business USP and Competitive Edge:
* The features of the business and makes it different from the competition
Demand for the new business
* Description of the type of people you will target and why is there demand from these people and your business idea Checking for Profitability
* You should include outline of basic costs against potential sales. Is the business idea profitable and why? Business Trends and External Influences
* PESTLE Analysis -Outline of the external influences and trends affecting the business These include:
You should explain how some of these factors (PESTLE) may affect: * Customers, for example higher energy costs means customers have less money to spend. Or the growth of internet shopping. * Staff: Tax and employment laws
* Business: Laws, new technology , taxation
* The Industry you operate in, laws, technology , political agenda( healthy eating, tax on sugary drinks), Environment * Competitors: laws, political and economic factors that may affect the competition
Summary of why you want to set up the business. This should include things like why you want to set up the business including why you want to be self-employed and the skills you have to make the business a success and how aware you are of balancing your personal needs against business needs.
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