Development should include
- investigating the advantages and disadvantages of sole proprietorships, partnerships, Limited Liability Company (LLCs), and corporations
- developing and analyzing a market survey
- investigating sources of capital
- analyzing an organizational plan
- researching laws and regulations
- researching methods for advertising
- creating financial records, to include a balance sheet, cash flow statement, profit and loss statement, and inventory report
- identifying the break-even point and determining the profit margin
- demonstrating appropriate forms of business communication, to include business letters, phone calls, and emails.
Process/Skill Questions:
- What is a business plan?
- Why is a business plan important?
- Why should business goals be flexible?
- When creating a cost analysis and calculating a profit margin in floral design work, what should be considered?
- What are the advantages and disadvantages of different business types?