Introduction and Finding Your Passion
A little bit about myself, the course creator and how my own entrepreneurial experiences have inspired this course. Then onto talking about passion and doing what you love!
The importance of planning, your reasons "why" and basics, such as business name and target customer. A planning table is also included, to help layout plans clearly
The importance of being able to promote and sell your idea to others, including an exercise to help boost selling confidence!
A marketing multiple choice quiz, followed by tips on some of the various marketing methods used by companies and a tagline guessing exercise
To Profit or Not to Profit
Learning the basic P&L formula and going through some scenarios to put our knowledge of this formula into practice!
Getting started with what you have and using initiative in order to grow!
The importance of customer feedback in business
End of Course Quiz and Overview
Rounding up with education appreciation and a quiz to see just how much you've learnt throughout the course!
6 – 9: Profit Matters
A business cannot run unless it makes profit! Below is the definition of profit and the basic profit and loss formula:
The formula above means, if you are selling a product to a customer, you must take the amount of money it costs to create the product and subtract it from the amount that you are charging the customer. Whatever is left is your profit.
For example, if I buy a pen from a stationery shop for 55p and sell it to my friend for £1, I have made a profit of 45p!
Let’s try another quick example, this time let’s try to work out the answer:
Let’s work it out together:
On the link below is a document with some profit and loss scenarios. Let’s see if you can calculate the profit correctly for each scenario. You can also print the worksheet on the second link and record your answers on it or read the scenarios onscreen and record calculations and answers on your own piece of paper:
Click on the link below for a presentation revealing the answers to each scenario: