The Fiver Challenge - An Update

 This week is going to be very exciting as the fiver challenge hots up!

This week the children will be carrying out market research for their business idea and as a result they will be working in teams to write a business plan.  Their business plan will then be presented to our Finance Officer - Ms Jules Troughton.

In true Dragon's Den style, given that the business plan is accepted Ms Troughton will release the £5 funding for each group.

To support each group we would like to ask for at least one parent from each group to act as treasurer for the business and look after the money as well as support the children with their purchases and profits until the project's completion.  Where this is not possible a member of staff will act as treasurer for the group.

To help you understand the process of the fiver challenge here is the plan of action and a few rules to follow:

The Fiver Challenge Timeline:

Week 1 (Last week):  Look at examples of home learning and share ideas for businesses.  Pick a group to join.

Week 2 (This Week):  Finalise your market research, finalise your business name and logo and write your business plan (we will do this on Thursday).  Fivers will be given out at the end of the week to the groups when their business plan is accepted.

Week 3 (Week beginning 21st June): Design your products, Write your sales pitch and advertise your product / service. Begin making if necessary.

Week 4 (Week beginning 28th June): Budgeting, setting prices and planning pop up shop or service.

Week 5 (Week beginning 5th July):  THE BIG SELL.  Each afternoon after school pop up shops will be able to open to sell their products.  You can open all 5 days or just some of them.

Week 6 (Week beginning 12th July):  Evaluate the fiver challenge and collect in money.

The Fiver Golden Rules:

1. You have £5 to start your business which you must pay back at the end of the project (unless you make a loss).

2. You can reinvest any profit into your business as you progress.

3. You may accept donations of items to support the manufacture of your product or the running of the service you have planned. If these cost anything this must be included in your budget and taken off your total profit.

4. The aim is to create the biggest profit that you can.

5. All profits will be collected at the end of the challenge to spend on the class as a whole.