Re: We have cash to burn...or do we?
 

Excellent idea!

While you have the time, please try to create a business plan, showing most expenses, funds, and fundraiser profits. 103's business plan has been a work in progress for years because we never actually finish it. The second we update it, we buy something else. We have, however, won many entrepreneurship awards because of our constantly improving business plan.

I would say that the most important knowledge we have for the continuity of our team is within our business plan. It allows us to see how we are doing compared to previous years, make changes to the way we are doing things, and improve on our spending habits every year.

Re: We have cash to burn...or do we?
 

Keep in mind that you'll probably want a rather basic robot design for the first year. If you get into designs which require complex machining you may run out of time.

Re: We have cash to burn...or do we?
 

No you don't have cash to burn.

Save it. You'll spend it sooner or later. If you really think you have a budget surplus, buy the team pizza. Or just save it for a Saturday during the build season. Also, if you want to take your robot to the next level and don't want to drop a couple thousand on a CNC (and that's before you factor the time and material it takes to set up and use), consider some of the aftermarket robot parts that are popular in first, like my personal favorite, AndyMark.

6500 isn't that much money especially in this competition, maybe consider going to a second regional? More competitions are great if you can afford the time and the money.

Overall if you got anything to take away from this, wait until kickoff, AND KEEP FUNDRAISING!!!

Re: We have cash to burn...or do we?
 

It may also be advisable to purchase a few extra jags/speed controllers, it's always good to have at least a few of these handy for backup purposes. Also keep a transportation budget in mind for attending the events.

Re: We have cash to burn...or do we?
 

One thing that would be wise in this situation would be to document how the money is spent and why it is spent. If it (or any part of it) is saved as Conor suggests (and I agree with), document the reasons the team felt that was important and what the short term and long term plans are/would be for the monies. When sending a thank you for the generous donation(s), some of this info could be included, showing the donor(s) that they have made a good decision in supporting a team that uses wise judgment and good business sense.

Documentation in every area strengthens the team and can later be used for archival and historical research/reference purposes.

Jane

Re: We have cash to burn...or do we?
 

$6500 is not enough money to even consider purchasing machine tools.

I would purchase a small bandsaw, a small drill press, a small combo belt/disk sander a quality 1/2" chuck cordless drill (will be one of your most used tools. Don't skimp out on quality if you can afford it), and probably a cheap corded jigsaw and circular saw. Plus a full complement of screwdrivers, t-handle allen wrenches, l handle allen wrenches, straight allen wrench drivers, box/end wrenches, sockets/socket wrenches, pliers, vise grips, wire cutters/strippers/crimpers, drill bits, taps, etc. The list goes on and on. For a good start on the machinery the earlier referenced thread on the $1k/10k machine shop is a good resource.

You're going to want to purchase fasteners and other small parts that the kit inadequately supplies or doesn't include at all. You're going to need to build a crate. You're going to need to purchase t shirts, buy food/snacks for work sessions, potentially pay for a bus to/from events, etc. Maybe you qualify for championships at your regional and decide you want to go-there's $5,000 right there. There are literally endless ways that you will find to spend money down the road that are not easily seen in advance when thinking about what needs to be done to construct the robot.

In short, buy as many tools and supplies as you need to be able to build a robot competently and then save the rest for everything else that comes up sooner or later. Eventually if you still have a surplus you could start looking at adding machine tools such as a mill or lathe, but even then CNC is a big leap to take unless you really know what you're doing and are willing to put down a good chunk of money.

Re: We have cash to burn...or do we?
 

Do you have a website for your team? It's not a big expense, but if you don't already have a site you can start building one now. We found that using "free" space from our school board didn't work out that well as they were not willing to give us free reign to install the forum and hosting software we wanted, so we went with a commercial hosting service.

Many teams have flags or banners, and you might want to think about your pit area. You may already have a team uniform or team shirt (that recognizes your sponsors, of course!) but you can think about how you want to organize that if you don't. One of the cool things about FRC is the work that goes in to the "look" of the events, and there are no time contstraints on when you can purchase, design, or build the stuff that will mean that you can help contribute to making your regional (and sponsors) look great. It is also fun to have some inexpensive "give aways" such as buttons to help promote your team at events and community presentations.

I know I'm only talking about a hundred dollars here, and a hundred there... but it adds up... and none of it is "game dependent" so you can actually commit to a lot of these decisions now.

Jason

Re: We have cash to burn...or do we?
 

What she said !!!! Don't move...Don't breath....Don't do anything until you have a 3 year business plan

Re: We have cash to burn...or do we?
 

Thanks for all of the advice, guys

While we do not necessarily predict financial issues year to year, we will definitely consider saving this money for incidentals rather than snazzy new CNC gadgetry. We already own a top-notch bandsaw, as well as a pretty decent drill press and micro-mill. We have a pretty nice little shop

Thanks to overzealous fundraising for BEST, we have quite a bit of cash saved up, although we certainly would rather keep it saved than blow it on nonsense.
The reason I created this thread was just to make sure that we weren't seriously lacking in anything (besides experience ;) ). The first year that we did BEST, our shop was little more than a closet in a section of the school that probably still had asbestos in it. We were seriously restricted by our lack of any real power tools besides a cordless drill. I just want to make sure that we are not grossly underequipped.

Thanks for convincing me and my team-mates not to go out and play "keeping up with the jones's"



Oh, also-

Regarding this whole business plan thing, how necessary is this if we already will most likely get our FRC entry fees paid for by JC Penney and if our school throws another 5k at us?

Re: We have cash to burn...or do we?
 

There is one other thing I didn't see listed is another rainyday fund.

Depending on how you do during the on-season events, you may Merit-Based qualify for the World Championships in St. Louis (ex. Rookie-All Star). If your team was to recive such an honhor and decied to go, you have alot of costs up ahead (registration, shipping, travel costs, etc.). If you have the extra cash after your budget, that something you might want to keep aside for (as a BS always Be Prepared!)

Re: We have cash to burn...or do we?
 

It's still necessary, if anything moreso because you have money coming in from multiple sources. Figure out an overall operating budget, figure out how much the school and JC Penny cover, and the remainder is what you need to fundraise.

It's very good for making longer term plans; what if JC Penney gives you less money next year? What if the school cuts your funding? Plan for that.

If you have any long term purchases to consider (mills, welding equipment, lathes) you can figure out how much you need to raise in order to afford the equipment in X years.

Re: We have cash to burn...or do we?
 

I think the question to be asked is, do you want to make the most educated decisions possible to ensure the continued sustenance of your team? Do you want to recreate a business-like organisation out of your robotics team? Do you want to impress potential sponsors with your teams' professionalism?

Most teams don't do it, but in all honesty it really should be more common. There's no reason not to, except for laziness..

Re: We have cash to burn...or do we?
 

A business plan is much more than just a list of income and planned expenses.

A solid business plan will identify your team, your mission and your goals. It can describe how your team will operate and what an "organization chart" looks like.

It will describe rules / requirements for team membership, if you have a parent club.

And, it will include how you raise funds, how they are managed, what your expected expenses will be.

There are several good examples posted here on CD and on the FIRST website. Find some good examples and then modify what is there to fit your particular team.

Also, proceed with caution. There are many teams that assumed a major sponsor would "always be there". That isn't true for companies or for schools. Always assume one of those big supporters will go away, always plan on how you will survive if they do go away. Build a strong sponsor base and always hold some money back for "next year".

Re: We have cash to burn...or do we?
 

Get to know AndyMark very well.
http://www.andymark.com/

Re: We have cash to burn...or do we?
 

Thanks for all of the insight, FIRSTers!

Now that the whole organizational aspect of the business plan has been brought up, I think it could be a very good idea. Of course, we'd also include financial planning in there too. I'll see if I cant get some of my teammates help me put one together in the next few weeks!

Do you guys have any additional hints for a first year team? For me personally as a leader of a first year team?