Requirement 5

Entrepreneurship Merit Badge

Create a written business plan for your idea that includes all of the following:

a) Product or Service

1. Describe the product or service to be offered.

2. Identify goals for your business.

3. Explain how you can make enough of the product or perform the service to meet your goals.

4. Identify and describe the potential liability risks for your product or service.

5. Determine what type of license, if any, you might need in order to sell or make your product or service.

b. Market Analysis

1. Identify the types of people who would buy your product or service.

2. Identify your business’s competitors, and describe their strengths and weaknesses.

3. Describe what makes your product or service unique.

c. Financial

1. Determine how much money you will need to start your business, and identify how you will obtain the money.

2. Determine the cost of offering your product or service and the price you will charge in order to make a profit.

3. Describe what will happen with the money you make from the sales of your product or service.

d. Personnel

1. Determine what parts of the business you will handle yourself, and describe your qualifications.

2. Determine whether you will need additional help to operate your business. If you will need help, describe the responsibilities and qualifications needed for the personnel who will fill each role.

e. Promotion and Marketing

1. Describe the methods you will use to promote your business to potential customers.

2. Explain how you will utilize the Internet and social media to increase awareness of your product or service.

3. Design a promotional flier or poster for your product or service.

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