The Business of Design

What do you know about the industry you are entering and who are your competitors? After this lecture, you will learn how to do research in your industry and of your competitors. 

Once you are done with your research, start filling the Business Plan Template that is available in the Resources area.

You probably have an idea of who will buy your product. In this lecture, you will find a list of questions to help you think about your customer with a different lens. 

Your SWOT analysis will lead to a business strategy that will guide your vision and help you navigate your market and industry. Learn about a SWOT analysis while also being introduced to Lucille and Desi, Inc. Lucille and Desi, Inc., is a wig company just getting ready to open their business. We will follow Lucille and Desi throughout the course to see what steps they take in building their business.

Find a downloadable SWOT worksheet in the Resources area. Use the worksheet to analyze your business while we walk through each step of SWOT in the video.

Are you going it alone? Well then maybe a sole proprietorship is for you. In this lecture you will find some pros and cons of running a sole proprietorship.

There are two types of corporations, S and C. Briefly learn about both types in this lecture.

Maybe you are starting a business with someone else, or at least you are thinking about it. You will find the pros and cons of starting a partnership.

The Limited Liability Company (LLC) is the final type of entity we will discuss. Find out what it means to have an LLC and then wrap up learning about legal entities with a few final thoughts.

Start thinking about protecting your business now. In this section, you will find information about a few basic legal forms like an operating agreement, non-disclosure agreement, a purchase agreement, and your employee manual.  

In the creative world, copyrights are a form of intellectual property law that is very important to protecting certain types of work. Watch this lecture to learn about if a copyright is something you need to protect your business.

Visit www.copyright.gov to learn more and to get the correct application documents. Also, review the basics of copyrights at: http://www.uspto.gov/learning-and-resources/ip-policy/copyright/copyright-basics.

Everyday you run into trademarks. They are those words, names, and symbols with the ® logo. Take a few minutes to watch this lecture to find out if a trademark is right for you.

When you are ready to apply for a trademark, visit www.uspto.gov to apply online. You will want to determine if the word, name, or symbol is distinctive. The best way to figure this out is by visiting the Trademark Electronic Search System (TESS): http://tmsearch.uspto.gov/bin/gate.exe?f=tess&state=4805:tadh7h.1.1 In TESS you will find not only registered marks but also marks that are in the application process.  

Patents are another way to protect your work. Learn a bit more about this final type of intellectual property protection in this brief video lecture.

The marketing strategy portion of your business plan will most likely be the largest section. It will include your marketing plan and sales strategy. In this lecture, you will find out what is included in a marketing plan and sales strategy description. Use your SWOT analysis, industry profile, and customer profile to develop your marketing strategies.

Product, price, place, and promotion, or the 4 P's, help you learn more about your product and your business. In the first lecture of the 4 P's, which is product, you will deep dive into your product and its description. Time to learn about what you are really selling.

After watching the video, write your product or service description in the business template.

What is the value of your product or service? Answering this question will help you determine the second of the 4 P's, price. You'll also see how Lucille and Desi, Inc. determined their price.

Use the Pricing Template in the Resources area and follow along while you determine the price of your product or service.

Still thinking about your price. Use the pricing template in this section of the course to help you determine the price of your product or service.

Use the Pricing Template under Resources to help you determine the cost of your product and the retail margin.

Now that you know more about your product and price, think about where will your product or service be purchased. It's more than just putting it on a shelf in a store. Learn all the pieces of the third P, place, in this lecture.

Closing out the 4 P's with promotion, you will find out how promotion is a part of the marketing strategy and the different media channels you may use to promote your product or service.

In this lecture, you will get a brief look at the importance of the merchandise plan. Your merchandise plan will hinge on your financials. So be sure to read this lecture before moving forward.

Sales projections are the basis for all other parts of the financial plan. Learn why and how to predict sales projections. 

Follow along and use the Sales Projections Template. The template also allows you to interact with the Lucy and Desi sales projections example. 

A break-even analysis is needed to determine how much money your business needs make in order to cover your costs. In this lecture, learn about how do figure out that sweet spot so you can see at what point you start making a profit.

Now you have all the information you need to track your revenue, expenses, assets, and liabilities. Once this is possible, you can now show if you are making a profit. Learn how track your income statement while following Lucille and Desi, Inc. on their journey.

Use the downloadable Income Statement Template to follow along and to start creating your own. One tab has a blank template for your use and the other tab has Lucy and Desi's income statement. 

Is your company healthy? Not sure? Well a balance sheet can tell you. In this lecture, you will learn the ALOE formula to figure out your assets.

The final portion of the financial plan is the cash flow statement. With the help of your income statement and balance sheet, this lecture will help you determine the cash flow. 

Use the downloadable Cash Flow Statement Template to finish up Lucy and Desi's financial journey. Then use the template tab to start creating your own.

You are almost done with your business plan. In this video you will learn about a few pieces you can add to enhance your business plan for the reader.

There are multiple ways to finance your business. Watch this lecture to learn about different options like angel investing. 

Although your business plan starts with the executive summary, this is the last part you should write. You will learn why and what to add to your executive summary by the end of this lecture.