BUSM3322/3323 BUSM 4599 Business Skills for the Creative Industries/Start-upsR

Java Python 

Program Name:	Business Skills for the Creative Industries/Start-ups
Course(s)	BUSM3322/3323 BUSM 4599

Assignment 1 Business Plan Scope

This assignment requires you to develop your business idea and begin scoping it. The business idea MUST be an AUSTRALIAN Based Business. It can serve customers globally or internationally, but its Head Quarters/ Primary Office must be in AUSTRALIA.

Question 1. What is the business opportunity? Address the following questions to help you articulate your business idea.

Business Opportunity a. Describe the business opportunity. What problem are you solving? b.  What are the challenges and pain points you are solving for your customers? c. Who are your competitors? What are they doing well? d. Where are they letting down their customers? e.  How do you plan on doing things better?

Question 2. You are to develop a description of the business idea, including its purpose and the industry/sector it operates. Apply the concepts learned in class to ignite your entrepreneurial thinking.

Business Overview a. Describe your business, what type of business is it b. Articulate the primary purpose of your business. Why does it exist? c. What is the core product or service your business will offer? d. Specify the industry or sector your business falls into (e.g., technology, health, education, retail). e. Provide a high-level summary of your target market (include at least three segmentations such as demographics, psychographics etc)

Question 3. Describe your business model and the rationale behind its selection. This will help you understand how you can generate revenue to grow.

Business Model Overview a. Explain which Business Model you intend to use in your idea. Include the following in your answer, distribution channels and methods E.g. B2B, B2C, as well as specific revenue streams e.g., sales, subscriptions, consulting, licensing. b. List at least three goals and objectives for your business to achieve within the first 12 months of operation. c. Explain how your chosen business model will meet your business goals and objectives.

Question 4 Create a Business Model canvas that explores all nine quadrants as learned in class.
Business Model Canvas Template
Key Partners	Key Activities	Value Propositions		Customer Relationships	Customer Segments
	Key Resources			Channels
Cost Structure			Revenue Streams

Question 5. Use the AT1 Start Up Costs Spreadsheet (excel file) and create a budget that outlines your start-up's initial costs, considering the cost structure and expense allocation for each business function. This exercise will help you understand the financial requirements for launching and operating your business. Include a screenshot of the Start-Up Cost Budget in the space provided below.

Start-Up Budget and Expense Allocation 1. Use the Start Up Budget Template and include estimates of: a. Table 1. Start-Up Costs – These are one-off costs that your business will require BEFORE you start trading. b. Table 2: Monthly Revenue and Expenses Estimates a. Estimated Revenues, include how many days you will trade per month, the DAILY average spend per customer and how many customers you anticipate to serve/supply goods to per day. b. Estimated Expenses; Include estimates of Monthly Variable/Fixed expenses c. Table 3: Required Funds: Ensure you complete the “Funded By”, section of the table to identify how the funds will be sourced for the business idea