In this assignment you will start on proposing ideas for starting a small business in Toronto.
You will need to submit one business idea
Your business idea will be for offering a group of the population or other business a product or a service.
Consider that you are submitting the ideas to investors, i.e. your idea must have a good chance of success and making profits.
Each idea will start with
1)A title that explain the purpose of the business, e.g. “Home Repair services”, or “Ethnic Food Restaurant”, etc.
1)Who is your target market and their wants/needs ?
In ½ a page, you need to determine the following items and support them with numbers.
If you don’t have numbers, you don’t have a business idea, you only have an opinion.
a. A company can not sell products or services to everybody.
The new business will have to focus on selling a product or a service (or both) to a specific group or people or companies.
b. In assignment #1, you have learned about the demographics of people and companies.
Use the same websites or other reliable websites for the province of Ontario or the City of Toronto to select a more focused group of people or companies.
1)What products and/or services that your company may be offering your selected market. This should be covered in one paragraph.
2)Determine the competition for each of your target markets.
List ONLY the names of 3 competitors in Toronto. Any good idea will have competitors.
Having competitors confirms that there is a market for your idea and that target market customers are willing to pay for it. This should be covered in 3 lines.
You must follow APA 7.0 standards in your proposal.