Below is a series of steps that will help you approach the SEP. They were all discussed in the workshops on the kick off day by the SEP Team.
STEP 1. IDEAS
Think about what you may like to do – do you have a talent that you can sell or a passion for a particular hobby? Try to be creative and not to copy previous projects unless you can add a twist. Try to find a USP (unique selling point) that makes your product or service different. Think hard about the practicality of your plan
STEP 2. MARKET RESEARCH
You may think your idea is fantastic whereas in reality it may be not be so good. For each idea you have for a product or service make sure you know the answers to the questions below. The only way to answer the majority of these questions accurately is to ask the people (target market) that you are assuming want to give you their money in exchange for your idea. This is called market research and it is a really important step.
Which group of people (market segment) will pay money for your product or service?
Remember: KNOW YOUR CUSTOMER. There is a difference between customers and consumers. You need to understand the DMU (Decision Making Unit) - the older children in the school will probably be in control of their own money and can therefore choose to buy or not. If you plan on providing products or services to children in lower years you will have to satisfy the customers (parents) as well as the consumers (the children).
Look out for events to pin your ideas to e.g Queen’s Diamond Jubilee, The Olympics etc. Think about Family Day - all types of people come to this event. What other school events are on? Don’t ignore the Junior School as a potential market. What ‘markets exist ‘outside’ of school? Don’t overlook your parents, their friends, youth groups, churches, other schools.
How much are they willing to pay?
Remember you must make more money than you spend to make a profit. If you set a high price you can expect fewer sales but a lower price will need a lot of sales to reach your sales target.
How will your target market know your product or service exists?
Remember communication is the key to sales - If your target market do not know about your product /service they cannot buy it! Look at your intended target market and think about the best way to describe your product to them. Rushed, hand written posters a few days before your planned activity will not bring in as many sales as a more planned approach.
Note: If you would like to use the school logo or any of the message boards around the school please ask a teacher first.
Can you make it happen?
Do you individually, or your team have the skills to make your project a great success?
Remember best friends may not make for the best business partners!
STEP 3. CHOOSE YOUR PROJECT & WRITE PLAN
Take a step back – review your ideas and decide on your project. Write a brief business plan detailing how you are going to go ahead. A template can be found in SEP pack. If applicable give each member of the team a responsibility for certain tasks.
Remember help is at hand - it's called NETWORKING! If you are unsure of any aspects there are a lot of people who can help you – teachers, parents, grandparents, family friends, older or younger siblings, friends, shop owners etc. Owen and Charlie and others you will meet in due course, will be on hand to help offer advice and support.
STEP 4. MAKE IT HAPPEN AT THE RIGHT TIME
Put your plan into operation as quickly and efficiently as possible - it is about detail especially if you are intending to run an event like a tournament or show. You will need to have a plan that all involved have agreed - with specific dates, times and ensure that everybody taking part understands their roles and have agreed those.