Do you already have an idea for a business that you want to get off the ground? We encourage aspiring business moguls to submit their original business idea(s) for a product or a service.
But before you get started, here’s our list of handy tips to help you crank out great ideas and win the Secret Millionaires Club
Grow Your Own Business Challenge!
Step 1: Figure out what your business will be
- The Grow Your Own Business Challenge is looking for business ideas for products and/or services.
- Who is going to buy your products or services? How old are they? Are they boys or girls? Why will they be interested in your company?
- Talk to your friends and family about your business idea.
Step 2: Finance
- Finance is the science of managing money. A good financial plan is important to keep your business going. How are you going to get the money to start your business? How much do you need? How are you going to manage your money?
- You need to make sure that your business makes profit. Make sure you keep track of money coming in and going out!
- Calculate your estimated overall expenses and revenue to determine your profit. Your goal is to have a total estimated profit that is greater than zero.
Step 3: Design Your Business
- Organize your idea on paper.
- If your business is a product, draw what your product would look like.
- If your business is a service, draw a flowchart to answer the “who, what, where, and how” of your business plan.
Step 4: Naming and Marketing
- Choose a name and a tagline that best defines your business idea.
- Create a logo for your company.
- Write marketing messages to sell your product or service.
Step 5: Supporting a Community Program
- How can you give back to your community?
- What cause would you like to raise money for in your community?
- Who needs money in your community?
- How can your business support a community program?
- How might your business have a positive effect on a community?
Work on your business idea and enter the Grow Your Own Business Challenge!