Tuesday, January 7th

Today in class we learned about creating a business plan and all of the different components that make it up. Business plans are very useful and important when starting your own business. They give you a general outline to follow that we keep you on track and help save time and money in the long run. Also, business plans should give potential investors all of the information they need in order to make educated decision on whether or not to invest in your business. Learning how to make a good business paln could be the difference in the success of your business. 

My business idea is to create a traveling team basketball program. I would like to start out smaller with maybe only a few teams at different grade levels . Then gradually over time as more people hear about and are interested in the program, I can expand the amount of teams. This, in turn, will lead to more expenses like; uniforms, coaches, and tournament costs. However it should lead to more revenue due to the increased amount of players joining the program. Also, I would like to over time be able to own my own facility where the teams can practice and tournaments can be held to bring in more revenue. 

My goal is to have a competitive advantage in the quality of my program. The players will be able to get a lot of individual attention and become well rounded players, as well as, people. They will enjoy playing and spending time with their teammates. I believe quality will be a big factor for parents and the players. Also, I feel like I could be competive on price. There are a lot of programs that charge a very high price to be on their team. These teams usually play year-round or close to it. I want to be competitive in price by having less tournaments at a lower price for the players that play other sports and maybe don't want to play basketball year-round.