Lesson Plan: Setting Up a Service Business
Subject: Business
Duration: 30 minutes
Audience: College Students
Location: New Zealand
Learning Objectives
By the end of this lesson, students will be able to:
- Understand the key components of establishing a service business in New Zealand.
- Identify the necessary steps and considerations in the planning process.
- Recognize the importance of market research and competitor analysis.
- Develop a basic business plan outline tailored for a service-based enterprise.
Introduction (5 minutes)
- Begin with a brief discussion on the importance of service industries in New Zealand's economy.
- Highlight successful service businesses in the local market (e.g., tourism, hospitality, IT services).
- Introduce the lesson objectives and outline what students can expect to learn.
Key Components of Setting Up a Service Business (15 minutes)
1. Market Research (5 minutes)
- Definition: Understanding the needs and preferences of your target audience.
- Methods: Surveys, focus groups, and online research.
- Example: Conducting surveys to find the demand for a new cleaning service.
2. Business Structure and Legal Considerations (5 minutes)
- Types of Business Structures: Sole trader, partnership, company.
- Legal Requirements: Business registration, tax registration, and any applicable licensing.
- Example: Registering as a limited liability company for a consultancy service.
3. Business Plan Development (5 minutes)
- Components of a Business Plan:
- Executive Summary
- Market Analysis
- Service Description
- Marketing Strategy
- Financial Projections
- Example: Creating a one-page business plan for a dog walking service.
Practical Activity: Developing a Business Plan Outline (5 minutes)
- Divide students into small groups and assign them to create a basic business plan outline for a hypothetical service business of their choice.
- Encourage them to consider the market research, business structure, and strategies discussed earlier.
Conclusion and Q&A (5 minutes)
- Summarise key points discussed in the lesson.
- Open the floor for questions to clarify any doubts regarding setting up a service business.
Homework Assignment
Task 1: Market Research
Conduct a brief market research survey related to a service business idea you are interested in. Include at least three questions.
Task 2: Business Plan Outline
Create a detailed outline for a business plan for your selected service business idea. Include the following elements:
- Executive Summary
- Market Analysis
- Description of Services
- Marketing Strategy
- Financial Projections
Task 3: Reflection
Write a short reflection (200 words) on what you learned during this lesson and how you plan to apply it in your future business endeavors.
Answers for Homework Tasks
Task 1 Example Questions
- What type of service do you frequently use? (Options: Cleaning, Landscaping, Tutoring, etc.)
- How much would you be willing to pay for this service?
- What factors influence your decision to choose a service provider? (Options: Price, Quality, Reviews, etc.)
Task 2 Example Business Plan Outline
Business Name: [Your Service Business]
Executive Summary: Brief overview of your business, including mission and goals.
Market Analysis:
- Target audience demographics and psychographics.
- Current market trends and forecasts.
Description of Services: Detailed description of services offered.
Marketing Strategy:
- Channels to be used for advertising (e.g., social media, flyers, word of mouth).
- Initial promotions or discounts to attract customers.
Financial Projections:
- Estimated start-up costs.
- Break-even analysis and potential profitability timeline.
Task 3 Reflection Guidance
Reflect on how the knowledge gained in this lesson could aid your understanding of the service business landscape in New Zealand, and discuss potential challenges and opportunities you identify in your business venture.
End of Lesson Plan