Step 1 - Initial Concept: Submit the original idea for your (legal) business. This is just a quick write-up of what kind of business you want to start, and what it will do. Should be no more than a couple of sentences. Step 2 - Business Plan and Presentation: You will need to draft a business plan that outlines the I following: - Business Structure (are you on your own? Why?) - Description of products/services offered Your qualifications -Vision -Mission Statement -Market Research (what would your competition be? How many other firms are in the industry? How much are people willing to spend on your product or service? Who are your potential customers?) -Marketing Plan -Business Organization (who is doing what roles?) -Location -Start-up Costs: provide a list of materials/equipment you'll need, along with prices. See guidelines below for more details You will develop a 3-5 minute presentation of your business plan. Business Plan Guidelines - When drafting your business plan, you need to be as clear and concise as possible. Your vision should be what you hope to see from the business in the future. Your mission statement is the "why" for what you're doing: what will be the purpose of your business and its role in the community. The mission statement should not be about revenue or profit; rather it focuses on what your business is contributing to the lives of its customers and its community. -For the market research portion, you need to understand how businesses in your chosen industry perform and how what kind of competition you face out there. How much competition is there in this area? What does your competition do that makes them stand out? What is it that makes some businesses in your industry successful, while others fail. -For business organization, tell me how you plan to structure your business. How many employees do you anticipate? What are their roles? What will your job be? -For location and start-up costs, decide where you want your business to be, and calculate the costs of materials you'll need to get started. You don't have to find a specific building, but you do need to understand the general costs of locating in a particular area. Some costs that people don't often think of include insurance and business licensing. -Finally, understand that you'll need money to start your business. Where is that money going to come from? Are you going to offer investors an ownership stake in your business? Are you going to seek out loans? Do you have capital you could invest yourself