Starting and Growing My Business

Contents
Introduction
Table of Contents
1: How do I start or improve my business?
2: What do people want to buy?
3: How do I buy my product and set the sales price?
4: How do I know if my business is making a profit?
5: How do I separate my business and family money?
6: How is my business progressing?
7: How will I grow my business?
8: How much can I afford to invest to grow my business?
9: How do I know if I should use a loan to grow my business?
10: How will I attract more customers and close sales?
11: How will I increase my profits?
12: How do I continue to improve my business?
Am I Progressing
Letter of Completion
Business Success Map

Learn

“Learn,” Starting and Growing My Business (2014), 18–22

“Learn,” Starting and Growing My Business, 18–22

Learn

What do people want to buy?

Time:Set the timer to 60 minutes for the Learn section.

Read:How will we choose businesses that can be successful? If we already have a business, how do we know it is the right one?

This lesson will focus on the Customers section of the Business Success Map.

2:3

“Business on a Stick” (No video? Read page 26.)

Discuss:What did you learn from this video?

Read:QUESTION OF THE WEEK—What do people want to buy?

ACTIONS OF THE WEEK—I will talk to business owners and customers and choose a product or service that solves customers’ problems.

For the rest of this meeting, you will learn and practice skills to help you answer this question and perform these actions. This video will help you to start by asking the right questions.

2:3

“Selecting the Right Business” (No video? Read page 28.)

Read:Let’s read this diagram and do the practice on the next page.

How do I select the right business?

Practice:What type of business have you considered: food, hospitality, health care, maintenance, construction, manufacturing, services, or something else?

Use the four questions in the diagram on the previous page to help you narrow your options. Note the examples on the right. Write one or two types of businesses that interest you:

Example:

Food, Sales

With the person next to you, ask each of the following questions specifically. Write your answers.

In your own business, or in the business category that interests you, what specific customer needs have you seen? What would customers buy?

Dessert or snack

Cheap treat for afternoon, evening
Which needs can your business meet? What are you good at, or what are you interested in doing?

I like to prepare food

I’m good at sales
What specific business could you start easily, or how could you grow or change your current business to be more profitable? Think about competition, suppliers, and money needed.

Simple product

Low start-up cost

Low competition
How will your business allow you to increase your income and become more self-reliant? Where can you make profit?

Lots of customers

Now, list a few specific businesses you want to learn about:

Portable treats?

Ice cream? Fruit?

Something fun?

How can I learn from business owners?

Read:Now that we have some ideas about our own businesses, we are going to do market research to test our ideas and learn more. We will watch people, talk with customers, talk with competitors, and try products. And we will find real needs and answers.

2:3

“Talking to Business Owners” (No video? Continue reading.)

Practice:With the person next to you, practice the questions you will ask business owners this week. Explain to each other your own business or the type of business you wish to start. Take turns introducing yourself and asking the questions below. Give each other feedback and try again.

INTRODUCTION: Hello, I’m ___ (name). And you? I’m in a business class and we’re trying to learn how businesses succeed. May I ask some questions?

CUSTOMER NEEDS, PRODUCT

What do your customers buy most?
Why do you think your customers buy what you sell?
Who are your competitors? What makes your business better than theirs?

SUPPLIERS, PROFIT

Where do you get your product? Are there other suppliers?
Do you think you could find a lower cost if you buy more at a time?
What is your price? How did you decide on this price? Are you profitable?
What would happen if you raised or lowered your price?

SALES

About how many can you sell each day?
How do you find new customers?
How important is your location?
What have been some keys to your success? Biggest problems?

Discuss:Once all have practiced at least once, discuss with the group: When you go out and speak with business owners, what will you ask? Write what you learned here:

Read:

Every day this week, as you talk with business owners, write what you learn in your business notebook.

2:3

See how Joseph and John started a new business. Watch “Joseph and John: Medical Products.” (No video? Skip to the next page.)

How can I learn from customers?

Read:Successful business owners learn from customers daily. We can learn a lot by observing our customers and by talking with them. They make or break our business. Let’s listen and learn!

2:3

“Talking to Customers” (No video? Continue reading.)

Practice:With a different group member, practice the questions you will ask customers this week. Imagine that the other person is your customer. Discuss some of the questions below as they relate to your business or business idea. Take notes! Then switch roles. Give each other helpful feedback and practice any weaknesses.

INTRODUCTION: Hello, I’m ___ (name). And you? I’m in a business class and we’re learning about customers. May I ask a few questions?

CUSTOMER NEEDS, PRODUCT

What do you buy from this business?
If you could, what would you change about this product? About the business?
Have you bought this product at other places? Were they better or worse? Why?

SALES, PROFIT

What do you like about buying this product here?
What would make you want to buy more?
Is the price about right? Would you buy more at a lower price?
Would you still buy as much if they raised the price?
Is the location important?

OBSERVATIONS (Do not ask the following questions; watch customers to find answers.)

Are they mostly women or men or a mixture?
Are they younger or older?
Do they seem to have more money or less money?
What time of day do they buy?
How much do they buy?

Read:

Every day this week, as you talk with customers, write what you learn in your business notebook.

Discuss:What will you ask customers this week? Write your thoughts here or in your business notebook:

How do I use market research?

Read:Once we do the market research, we will need to evaluate what we learn. Let’s practice the evaluation process.

Practice:Choose another group member to work with you. Briefly look at the profits, competition, and suppliers of the following two businesses.

FRUIT STAND		EVALUATION
Pieces sold (daily average)	200	Units / Month	5000
Selling price	5 per piece (average)	Sales / Month	25000
Cost to buy	4 per piece (average)	Costs / Month	(20200)
Competition	6 fruit stands	PROFIT	4800
Suppliers	2 suppliers, distant

CHILDREN’S CLOTHING		EVALUATION
Items sold (daily average)	20	Units / Month	500
Selling price	100 per item (average)	Sales / Month	50000
Cost to buy	80 per item (average)	Costs / Month	(40000)
Competition	None nearby	PROFIT	10000
Suppliers	3 suppliers, nearby

Discuss:Which business would you choose? Why?

From what we have discussed today, what other questions would you ask about these businesses or their customers?

Read:As we go through this week, we will prepare to decide on our business! During the week, we will review all we have learned and come to the next meeting with a business idea (either a new business or improved business). If we already have a business, we will decide if it is the best option for us.