You are an inventor that has created an amazing product. In order to launch your product to market, you must create a business that will protect your personal fortune. As you are working on the start-up, you are creating a business plan. In this portfolio, you will share some key sections of that plan. Create a presentation. Adhere to the 7x7 rule that you learned in a previous lesson. You should have a minimum of 10 slides. This is an opportunity for you to show your creativity. While you are making up most of the information, it must make sense as you describe it. Follow the outline below:
1. Slide 1 - Cover Slide
2. Slide 2 - Name your product and provide a picture, drawing/sketch of the product
3. Slide 3 - What type of ownership will you choose? (Remember, you need to protect your personal fortune). Explain the advantages and disadvantages of choosing this type. Read this article if you need help.
4. Slide 4- Share your Business Description
5. Slide 5 - Share your Marketing Strategies
6. Slide 6 - Share your Competitive Analysis
7. Slide 7 - Share your Marketing Plan
8. Slide 8 - Share your Operations and Management Plan
9. Slide 9- Share your Financial Plan
10. Slide 10 - List any sources you used
be original and write in your own words
Slide 1: Cover Slide
- Title: Launching Your Invention Business Plan
- Subtitle: Protecting Your Personal Fortune
Slide 2: Name your product and provide a picture, drawing/sketch of the product
- Product Name: The Solar Power Backpack
- Description: A backpack equipped with solar panels to charge electronic devices on the go
- Image: [Insert picture/drawing of the Solar Power Backpack]
Slide 3: Type of Ownership
- Type: Limited Liability Company (LLC)
- Advantages: Personal assets are protected from business debts and liabilities, flexible management structure, pass-through taxation
- Disadvantages: More complex to set up and maintain compared to sole proprietorship or partnership
Slide 4: Business Description
- Our company, SolarGlide LLC, specializes in designing and manufacturing innovative solar-powered products for outdoor enthusiasts. Our flagship product, the Solar Power Backpack, combines functionality and sustainability to meet the needs of modern consumers.
Slide 5: Marketing Strategies
- Online marketing through social media platforms and e-commerce websites
- Collaborations with outdoor influencers and bloggers for product reviews and promotions
- Participation in trade shows and outdoor expos to showcase the product to target customers
Slide 6: Competitive Analysis
- Competitors: Other companies offering solar-powered backpacks or portable chargers
- Differentiation: Focus on high-quality materials, sleek design, and competitive pricing to stand out in the market
Slide 7: Marketing Plan
- Target Market: Outdoor enthusiasts, hikers, campers, and travelers
- Pricing Strategy: Competitive pricing with value-added features like multiple charging ports and built-in battery pack
- Promotions: Launch discount for early adopters, referral program for existing customers
Slide 8: Operations and Management Plan
- Team: Experienced product designers, engineers, and marketing professionals
- Manufacturing: Partnering with trusted suppliers for high-quality components and efficient production process
- Distribution: Direct-to-consumer sales through our website and select retail partnerships
Slide 9: Financial Plan
- Revenue Projections: Based on sales forecast and pricing strategy
- Budget Allocation: Marketing expenses, production costs, research and development, overhead expenses
- Profit Margin: Projected net profit after expenses and taxes
Slide 10: Sources
- Business Insider article on choosing the right business ownership structure
- Harvard Business Review case study on successful marketing strategies for startups