BUS 400: Introduction to Business (UNH Manchester): Example

Learning Module: Starting a Yoga Studio in Manchester, NH

Module Overview

This module will guide you through the essential components of creating a business plan for a yoga studio. You will explore various resources and conduct research to inform your decisions.

Objectives

• Understand the elements of a business plan.
• Conduct market research and competitor analysis.
• Identify funding requirements and strategies.
• Develop marketing and sales strategies for the yoga studio.

Lesson Plan

1. Introduction

• Objective: Familiarize students with the structure and purpose of a business plan.
• Activity: Discuss the importance of each component of a business plan.

2. Website/Research Guide

• Activity: Explore the Small Business Administration’s website for the "10 Steps to Start Your Business".

3. Business/Industry Description

• Resources:
  • IBISWorld: Research the "yoga" industry.
  • Statista: Find relevant stats and charts on the yoga industry.
  • Mergent First Research: Look up "fitness" and "New Hampshire" for local economic information.
• Activity: Summarize the current state of the yoga industry and local market conditions.

4. Market Analysis/Research

• Objective: Analyze the competitive landscape.
• Resources:
  • US Department of Commerce: Access economic indicators and state-specific data.
  • GraniteStats: Utilize local statistics for market insights.
  • Reference Solutions: Identify and analyze competitors in the Manchester area.
    • "yoga instruction"
• Activity: Create a competitor analysis chart.

5. Organizational Management

• Objective: Understand the organizational structure options.
• Resources:
  • SBA: Review information on choosing a business structure.
  • eBooks & Library Resources: Explore additional readings on management practices.
• Activity: Discuss the pros and cons of different business structures for the yoga studio.

6. Sales/Marketing Strategies

• Objective: Develop effective sales and marketing strategies.
• Resources:
  • eBooks & Library Resources: Research marketing techniques suitable for a yoga studio.
• Activity: Draft a marketing plan including online and offline strategies.

7. Funding Requirements

• Objective: Identify funding options and requirements for starting the studio.
• Resources:
  • Funding Your Business: Demo resources on financing options.
• Activity: Prepare a budget outline for startup costs and ongoing expenses.

8. Financial Projections

• Objective: Create realistic financial projections.
• Activity: Use gathered data to develop a basic financial projection for the first three years of operation.

Assessment

• Project Submission: Present a comprehensive business plan that includes all researched elements.