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Week 2

Monday: Today, you are going to work on your market research. Record what you find in the document below called "Market Description Outline"

Now, you are going to learn about supply and demand. We are going to go through this website together, so follow along!

Now check out Lemonade Stand and see how much money you can make in 30 days!

Tuesday:

To begin, we will split into two groups to work on finishing up our mission statements and market descriptions.

After break, we will look at a case study about the Ford Model T. Click here

Now consider the following questions - create a Google Document called "Lemonade Stand" and share it with Mr. Beingessner and Ms. Jahnke.

1) What happens if you raise your price?

2) What effect does the weather have on the amount you sell?

3) What other factors affect how much product you sell?

4) What can you learn from this simulation that can be applied to your business?

Wednesday:

When a code white is announced:

Lights out

Move out of sight

Cell phones off

NO NOISE

No one leaves the room

Don’t answer the door

If a student is in the hallways they should:  hide (maybe in a stall in the bathroom) or leave

Today we are going to set some goals for your business. Here are the goals for Regina Ink - the Tattoo Company Ms. Jahnke and Mr. Beingessner are starting:

REGINA INK will enter the marketplace with three professional tattoo artists and one floor manager. Our aim is to have 30-50 customers per week during our first year in operation. After becoming successful, we plan to launch a website to display studio information and our artist’s portfolios. After year one, we plan to increase our business to 50-75 customers per week. In two years, REGINA INK will expand and launch a new store in Regina, SK. As well, we will being doing piercings. In five years, we plan to expand our business to Saskatoon.

Consider the following when writing your goals and objectives:

When opening: How many employees will you have? How many customers do you want to have?

After 1 Year: What will you add to your business? How many employess will you have? How many customers?

After 2 years: What will you add to your business? How many employess will you have? How many customers?

After 5 years: What will you add to your business? How many employess will you have? How many customers?

Now, write up the answers into a paragraph, and paste it into your Business Plan under the section "Business Goals and Objectives" Show your teacher what you have written before you paste it in!

What's in a name? Now, you will come up with a catchy name for your company! Come up with 5 options in a Google Document and then the class will give you feedback on your name! Be sure to desribe why you chose the name you ended up with.

Here are the names we considered for Regina INK.

Tattoo Heaven

Ink 'n' Stuff

J&B's Tattoos

Regina Professional Tattoo (RPT)

Regina INK - this name was the most professional sounding without sounding scary or wimpy. It tells people where we are, and what we do without being obvious and wordy.

Thursday:

Description of Product/Service: This section describes what products you sell/make or services you provide.

At REGINA INK, we offer professional tattooing services. Our staff is capable of completing anything the customer wants to have done. The tattoo industry allows customers to be very creative in design and placement. Tattoos can range from small symbols placed anywhere on the body to large scale tattoos covering your arms, legs, back, etc. In the future, REGINA INK would also include a retail portion of our business which includes items that are related to the industry. We would sell products for tattoo care.

Pricing: In order to set a fair price, you need to get a sense of what other people charge for a similar service or product. also have to call stores to find out for sure what the cost is. If you need to call, find the number on mysask.com and ask the teacher to use the phone in the classroom. When you are done, write up your findings in your business plan under "Pricing."

Regina INK:

Prices for this service vary widely globally and locally, depending on the complexity of the tattoo, the skill and expertise of the artist, the attitude of the customer, the costs of running a business, the economics of supply and demand, etc. The time it takes to get a tattoo is in proportion with its size and complexity. A small one of simple design might take fifteen minutes, whereas an elaborate sleeve tattoo or back piece requires multiple sessions of several hours each. Because of these factors, we have created a base hourly price for each individual artist to charge. For the most experienced artist, they will charge $200 per hour. For the next most experienced artist, they will charge $160 per hour. The intern will charge $100 per hour.

 Some of this information may be on the internet, but you may 

Friday:  Today was a catch up day!

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Market Description Outline.doc34.5 KB