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Want to start your own business one day? Then this video is a must-watch. If you're just planning to keep working at Wendy's forever, then move along.
If you know your earnings, and you know how much you've spent, how do you calculate your profit? That's right - you hire an accountant. (Or, if you...
Math 5: Researching Business Needs 11 Views
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Description:
Want to start your own business one day? Then this video is a must-watch. If you're just planning to keep working at Wendy's forever, then move along.
Transcript
- 00:13
Ah, the wonderful world of business...full of big-time deals, money making, and… [Business people shaking hands]
- 00:18
… really, really boring meetings. [People asleep in a meeting]
- 00:20
Seriously, bring something to doodle on…
- 00:22
Okay, but besides the meetings, the whole "starting a business" thing probably seems
- 00:26
pretty exciting!
Full Transcript
- 00:27
But before you give it a whirl, it's important to do some research about the needs of a business. [Guy studying about businesses]
- 00:32
Dive in too quickly, and you might land in a whole pile of unexpected costs. [Man falls over]
- 00:36
And spoiler alert: it's no fun to swim around in a pool full of bills. [Man sinking in pool of bills]
- 00:40
No matter what kind of business you're running, there are all sorts of basic needs that need
- 00:44
to be met, like…rent.
- 00:45
Whether your business requires a big factory… [Picture of a factory]
- 00:47
…or a tiny shop, there's going to be some physical space where your business will thrive. [An ice cream stand]
- 00:52
The library might be a great, free place to study, but you'd have a tough time running
- 00:55
a business there.
- 00:56
Especially if you happen to manufacture industrial equipment. [Guy running a production line in the library is told to be quiet]
- 01:00
Librarians aren't wild about talking, and they like loud, metallic squealing even less.
- 01:05
You'll also need to cover salaries.
- 01:06
A thriving business will have lots of moving parts, and will require lots of different [Workers in a factory]
- 01:11
people to cover all those different tasks.
- 01:13
And at the end of the day, they'll definitely want to get paid.
- 01:15
Smiles and gratitude are nice, but they don't pay for groceries. [Man trying to get groceries for free by smiling]
- 01:18
…Or…maybe they will.
- 01:20
Huh.
- 01:21
Honestly, we've never tried…
- 01:22
Businesses also have to advertise.
- 01:24
Whether you invest in posters, billboards, or TV ads, advertising's vital if you want [Cars driving past a billboard]
- 01:28
to get the word out about your business.
- 01:30
If your business is a secret that you lock away in your diary, that might mean you're ['Super secret diary' is closed]
- 01:34
a great secret keeper, but you probably won't make a cent. [The diary is stamped priceless]
- 01:37
If your business produces goods, you'll have to research what it takes to make those goods: [Coop pointing at a blackboard]
- 01:41
what supplies you'll need, how much of those supplies you'll need, and how much these supplies
- 01:46
cost.
- 01:47
So if you want to make butter, it's not just enough to know that you'll need cream. [Woman carrying lots of cream]
- 01:51
You'll also need to know how much cream you'll need…
- 01:53
…and how much that'll cost.
- 01:55
And don't be too surprised if it costs a bit more than your weekly groceries.
- 01:59
For businesses that produce goods, it's also important to be aware of unit price, aka, [Dino pointing at a blackboard]
- 02:04
the price of an item per a particular unit, like liters or kilograms.
- 02:08
So all those butter makers out there need to do some research to find out who offers [Person sits down behind a computer]
- 02:12
cream for the lowest price per liter, because saving one cent per liter could mean
- 02:16
saving big bucks.
- 02:18
And don't worry: you won't have to wrangle all of those extra pennies. [Piles of pennies]
- 02:21
That's a job for a banker.
- 02:22
If your business doesn't produce goods, but instead offers a service, you'll need to research [Guy looking for service industry books in the library]
- 02:26
all the things that go into offering that service.
- 02:29
For example, a company that operates a bus service doesn't need to make their own buses…
- 02:33
…but they do need to rent or buy buses, and maintain and clean them.
- 02:37
But we've seen the messes that get left after a long bus trip…they might just want to [A bus on fire]
- 02:41
burn the whole thing to the ground. [Guy dancing in front of the bus]
- 02:43
So whatever kind of business you're looking to run, you'll need to do a lot of research,
- 02:47
comparing info from different official-looking websites to be sure that your numbers are
- 02:50
accurate.
- 02:51
Because if all your info about unit prices comes from Joel's Best Guesses Dot Com, our [Man walks away from the computer]
- 02:56
best guess is that you might find yourself with a bit less money than you thought you'd [Joel is punched in the face]
- 03:00
have…
- 03:01
Sorry, Joel.
- 03:02
We're sure you try really hard.
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