Challenge #10 - BNAY

This challenge (details can be found here) is the last and final key challenge and I was tasked with developing a marketing plan for the business plan I previously created for Challenge #4 (Which can be found here.). 

I am to assume that I have set aside $3000 for marketing and have a variety of marketing "Channels" to choose from. 

The 1st option I've chosen is an advertisement in the local newspaper "Cape Breton Post" for 5 days which would cost a total of $1000 and I chose this option because a considerable amount of people read the newspaper on the daily and since my target audience is anyone and everyone, I thought it would be a perfect place to advertise. 

The 2nd option I've chosen is for an advertisement of my business to be played on the radio station "101.9 The Giant" once a day for 15 consecutive days which would cost a total of $900 out of the marketing budget. The reason I chose this advertising method is because many people listen to The Giant across Nova Scotia and it would reach my target audience.

The 3rd and final option I've chosen for my marketing plan is for 2000 flyers to be made which would cost $1000 and for them to be distributed across multiple businesses throughout Cape Breton on a 1 day drive which would cost $100 for gasoline. I believe many businesses would let me hang flyers on their bulletin boards/front windows and it would catch peoples eyes while shopping or walking by. 

Challenge #8 - BNAY

This months challenge is to research the First Nations bank. What is it's history, it's products and If i think it should expand into Atlantic Canada.

The First Nations Bank is a federally chartered bank owned by 80% aboriginal shareholders. The bank obtained it's bank act charter in 1996 and soon after the Saskatoon branch opened in September of 1997 all the way until it recently Opened it's  seventh full service branch in Iqaluit, Nunavut and Completed the transition to become a completely independent Financial Institution. The bank offers aboriginal & non - aboriginal people, corporations and governments a full range of personal and business banking services including loans, mortgages, investments, transaction accounts, and cash management.

I do believe this bank should expand into Atlantic Canada to help the growth of aboriginal businesses and leadership. 

Challenge #7 - BNAY

The Financial plan

1. I will start by getting a loan of $9,880 from Ulnooweg youth business loans.

Furniture	$3000
Rent (First month)	$1000
Equipment	$5000
Business name registration & License	$130
Advertising	$750
TOTAL	$9,880

   2.  Financing

Loan Amount (minus 10%)	$8,880
Interest Rate	8.5%
Amortization	3 Years
Payment frequency	Monthly
Payment per month	$280.32

 3. Income Statement

Income for 1st month	$20,000
Loan repayment	-$280.32
Down payment	-$1000
Power bill	-$1000
4 employees (40 hours/wk for month)	-$6624
Executive Chef (40 hrs/wk for month)	-$4166
Total profit/loss	+$6929.68

Challenge #6 - BNAY

Our challenge was to find 2 universities with business schools and describe how one has an advantage over the other. The two universities I picked were The Shannon School of Business and The Rowe School of Business. I was unsure of what to judge these two schools on and have done some research on these two schools and it seems that these two schools are very excellent. I believe that the Rowe school of business has an advantage over the Shannon School of Business mainly because the Rowe School seems to have more awards and the expertise of the teachers and everything else. I was totally unsure of what to base the judging on and may have made a wrong decision but that is what I think.

Challenge #5 - BNAY

This is challenge #5 and for this challenge we were tasked to make a Commercial that would air during the olympics in Sochi and it had to be a snack that would have a cultural twist to it (E.G: Fried porcupine, Fried Eels). Please note that I could not for the life of me think of ANYTHING and finally decided upon "Fried Eels and Cheese Wheels. This product would have salted fried eels and salted mini cheese wheels. I tried my best for what I could come up with and I know I could have done better. Thanks for checking out my blog and video!

Challenge #4 - BNAY

challenge #4 is the first key challenge out of 3 Key challenges. these challenges will be more focused on entrepreneurship and will be focused on developing our business idea.

We were given questions to answer about our business idea and they are as follows.

Now that you have your idea, answer the following questions:

1.What is the name of your business?

2.Describe your business. What products and/or services will you be providing?

3.Why have you chosen this type of business? What skills do you bring to the table?

4. Where will your business be located? Please be specific.

5 Other than yourself, how many employees will you be needing (maximum of 5 for this activity)?

6. Who will be your main competitors? List at least 2.

7. What is your competitive advantage? In other words: why will customers buy from you instead of your competitors?

My Answers:

1. Worldwide Cuisine and Deli.

2. My business will be a Restaurant with a Deli. The deli would be for anybody coming in for something quick to eat and not looking for a big meal. The restaurant is for anybody looking to come in and have a nice meal. The restaurant will have an assortment of dishes from around the world such as Greek Spanakopita, Mexican Quessadillas, Canadian poutines and many other classic dishes.

3. I have always had a very deep interest in becoming a Chef and owning my own restaurant so naturally I thought I would choose this type of business. I currently do not bring any skills to the table but I do plan on becoming a chef in all or most categories. (Sauté, fish, roast, grill, fry, vegetable, pantry, butcher, pastry)

4. This restaurant/Deli will be located in a vacant lot right across from the Wagmatcook gas bar. Katie's lane.

5. 5+ Employees.

6. Wagmatcook Clean Wave, Baddeck Yellow Cello and Whycocomagh Vi's.

7. Customers would choose us over anybody else because we will have such a wide range of Cultural cuisines, and if you are just looking for something quick the Deli will be the place for you. or if you're looking to fill up and have a good meal you could go to the restaurant.                                                                                                                     

Challenge #3 - BNAY

This is my 3rd challenge for the BNAY, Our challenge was to look up the three different designations of accounting. (Chartered accountant, CGA, CMA) and to write a few paragraphs about each of them.

1: Chartered accountants were the first accountants to form a professional body. Chartered accountants can work in all fields of business and finance such as audit, taxation, financial and general management and are very skilled accountants. they are able to work in public practice, private sector or for government bodies.

2: Certified General Accountants are a part of the Certified General Accountants Association of Canada and are skilled in the Finance, taxation, business strategy, auditing, management and business leadership fields. CGA's must meet the required experience, education and examination established and regularly enhanced by CGA Canada. They can also work in industry, commerce, finance, government, public practice and not-for-profit sector. A CGA must have an undergraduate degree, 36 months of supervised work experience.

3: All i could find about the Certified Management Accountant is that it is used by various professional bodies around the world to designate their professional certifications for cost and management accounting.