School's business competition ** need advices**

[Kitjaii]

hey guys, our school is running a business contest where you can come up with just about anything to start up your own business. The winner will get $7000 to run the business and if the investors really thinks your ideal plan will work, they may invest into your Business in the long run. What i thought was to open a small cafe/lounge for my fellow university students to study/socialize/relax. Does not have to be students, it could be anybody. Also my school is located in the heart of the city which attracts a lot of tourists. What do you guys think? Does it sound like a go? Any suggestions or advices?

Also i got no experience what soever in doing business proposals, what things should i include and not include for this "cafe/lounge" project.

Thanks guys!

[jake_russell]

First off, best of luck in the competition. In my experience the biggest mistake made in such competitions is saying that your business will be immediately profitable. Very very few businesses are ever immediately profitable and your income statement should represent that when you turn it into the judges. Many people will probably have good ideas, the best way to differentiate yourself is by solid calculations and financial analysis. What is the ROI, ROA, how about cash requirements? Answering these questions will allow you to stand out.

best of luck