Question

What it means:

Formulate a Business Idea on a Napkin.

1. Brainstorm business ideas.

2. Find a square napkin.

3. Place the name of your hypothetical business at the top of the napkin along with a few words describing the purpose of the business.

4. Under the name and short description (in an organized way - make it creative, neat and easy to follow), set forth the following on the napkin:

• a sketch of goals for your business

• possible problems

• a niche service your product will fill

• how you will get there

• any expected challenges or opportunities

5. Take a digital picture of your completed napkin and upload .

The purpose of this practice is to develop a business and delineate specific information pertaining to the business in a compartmentalized way in a compact space. If another person were given the napkin, they should be able to develop a clear understanding of the basic premise of your company.

Answer 1

A mobile dog grooming business is a lovable, unique business-on-the-go. Pet owners see a great value in this business as they don’t have to travel places along with their pet. The grooming service can be available at their doorstep. The action plan is as follows: Look for financing options from banks or other informal lenders if you don’t have your own equity. For a financing option from banks, a proper business plan is required with projected cash flows and financials. Find a perfect vehicle and customize it for the purpose of dog grooming. Set up for pet grooming with a bathtub, grooming table, grooming tools, generator or outdoor cords for uninterrupted outside power supply, water lines, plumbing, etc. Hire an accountant for preparing financial reports, budgets, and financial statements, for administering payrolls, ensuring compliance with taxation legislation Hire a team of dog groomers, sales and marketing executive, accountant. Advertising and promotion: Print pamphlets and brochures. Visit pet shops and veterinary doctor’s clinics, leave your brochures there seeking referrals. Place an ad under 'pets' in the classified section of local newspaper. Engage in digital marketing by leveraging social media platforms such as Instagram, Facebook, twitter, YouTube, Google, etc. to promote the business. Sponsor relevant community based events / programs. Post information about mobile dog grooming service on bulletin boards at schools, libraries, and local cafes. Lay down proper IT system for booking of appointment, cancellation, scheduling your route, pricing of services, payment options.