Activity What costs do you expect to have when you start your new business? Make a list of as many as you can think of!
Lesson Objectives By the end of this lesson you will be able to: • Describe how you will market/advertise your new business • Describe the problems you may face with costs • Apply these to your business
Marketing Remember you are a small business with limited finance… • Posters • Leaflets • Sales and discounts (for a limited time only) • Internet (having a website) • Free trial • Logo (for brand identity)
Risks… • Losing money – if the business fails you will lose the money you invested in your business • Security of income – having your own business does not guarantee that you have a fixed income • Repaying the mortgage rates if you purchase a property
P3 Explain how you will advertise / market your product. Create a logo to include on your poster.
P4 Create a poster (it can be on the same poster as P3) that explains the costs you expect to have as a new business. It must also say what risks you may face.