Continue your work in the documentation for stage one.
Start-Up Business Activities
• a detailed description of activities to be undertaken before the business starts. What needs to be completed before the business opens?
• identification of key personnel and both the general and specific skills they require for the business to be successful
• details of how much financing and how you are able to secure it; you can also use your personal savings (up to $10,000 for your whole group – not per person), if any will be used in the business. What rate of interest are you likely to secure? Provide research.
Major external threats to your business (these are EXTERNAL to the business and are not within your control – for example, wildfires are an external threat to Kelowna).
• You will need to identify three external threats that may affect your business. You cannot choose Covid, competition moving in, or the economy. Explain in detail the potential impact this threat may have on your business.
• Create a detailed contingency plan for your business based on ONE identified threat in order to reduce the negative impact on profits; your plan should be specific, realistic and detailed. Think SMART (Specific, measurable, attainable, relevant and time based).