Essay On How To Start A Business

don't have a car to go to an appointment linked to your activity, it could also be a friend who will assist you during the startup phase of your business.

Secrecy. This is very important, as it will determine whether you have the wisdom and nerves to make it in a certain industry. Keeping your projects secret while you are working on them will keep you away from discouraging feedback, feedback that is given simply out of envy (jealousy) and it keeps your project safe from people who may want to steal them away from you.

4)Estimate how long it will take you to at least get up to a startup position. This means that you will have to estimate how long it will take you to accomplish certain stages drawn in your plan (point 3). This task...show more content...

I suppose it must be your observation of "possible" results or being cheered at for being great at it. Stick to that vision for at least 2 minutes, and let it work on your senses. You will start feeling relaxed and you'll feel almost as if you've just had some new source inspiration. When you start feeling less anxious, come out of the vision, by opening up your eyes and taking a huge breath. Use these willpower shots during times when negative emotions start flowing in. Your next step will be to strategize on the tasks that need to be completed first and the ones that should come last. This is because long–term tasks take more time to complete (obviously). So, what you should do at this point is group each short–term goal together, but by respecting the periods and the steps you've set up for your implementation phase. Meaning that if you have set many short–term goals for a month, group them together making sure that they match the same phase of the implementation process (for instance phase 1), and then, when you are done with them, move on to a long–term goal that is also a part of phase 1. So, here, be organized and structured and start with the easy tasks (short–term goals) so you can have more time for the most demanding ones (long–term goals).

Your third task should be to combine step 1 and step 2 and implement your plan. The more you will work on it, the more you will see things start coming into place. Now, throughout the

Get more content

Starting A Business Essay

Starting a Clothing Line Business

Apparel manufacturing is one of the most in–demand businesses today. Find out how to start and run a clothing business.

The First Step

Apparel manufacturing remains one of the most in–demand businesses today. According to the American Apparel and Footwear Association (http: //www.americanapparel.org), apparel sales for 2000 reached $315 billion, representing a 90% growth from its 1990 levels.

Starting a clothing business is just like any other business: you need to have the resources to jumpstart your vision, skills and know–how in managing the business, and marketing savvy to promote the business. You must also have a business plan that will serve as your detailed guide that will walk you...show more content... Find out how to start and run a clothing business.

The first step you must take is to determine what kind of clothes you want to manufacture. Ascertain if there is a market for your proposed product. You must be able to define your specialty, both in line and price category.

The market for clothes is as varied as the demographic segmentation of the population. Will your focus be based on gender (girls or boys; and women and/or men) or age (baby clothes or granny clothes)? Are you planning to create clothes for infants or apparel for large women? Do you intend to create apparel for pre–teens, career professionals, or school clothes? The market is so wide and varied.

You can design clothes for a specific niche market. You can venture to create apparel for sports enthusiasts and athletes. Even then, you still have to decide whether you will design golfing apparel, tennis outfits or swimwear. With the increasing popularity of yoga, yoga clothes are very hip nowadays.

The scope of your product line also needs to be considered. Are you planning on designing a full product line, separates or coordinates?

The type of distribution will also dictate the kinds of clothes you will offer. Note that where you sell your products will depend largely on who your customers are. Will you sell your clothes exclusively or will you use other distribution methods?

1.Identify the advantages and disadvantages of taking your small business online by performing a SWOT analysis. Include 2–4 items in each category.

What is a SWOT analysis? It is an evaluation of strengths and weaknesses of a business unit and identification of opportunities presented by the markets of business units and threats posed by competitors. Strength, Weakness, Opportunities and Threats is what the letters of SWOT resemble (Schneider 2001 page 32).. Inside a business are where the strengths and weaknesses are found and what each business is capable of handling. Opportunities and threats are located outside a company and are based on the real world (Zahorsky 2011). Starting a business online and moving forward is a great...show more content...

One is forcing organizations to accumulate lists of how to achieve certain objectives. Making uncritical lists without clear prioritization is an example of how weak opportunities might appear to balance long threats. Most times a simple list may not be presented critical (Haughey 2000–2011).

2.Because the Internet connects computers all over the world, any business that engages in e–Commerce instantly becomes an international business. The key issues that any company faces when it conducts international commerce include trust, culture, language, government, and infrastructure. Explain how you would address each of these issues.

To create trust in a business the customer needs to rely on their own name brands. As a new business begins and starts online they face many difficulties. Due to the kind of anonymity that exists for companies trying to establish a web presence, customers sometimes lack the trust that is expected because people have been doing business with their neighbors not strangers for many years. As a company begins to take in the growing aspect to become a larger corporation with multinational operations the reputation of the company grows too. In order for a company to do business as it grows it should prove to the customers the trustworthiness as it continues to grow. In favor of a business to be successful they need to rapidly find away to produce trust (Schneider 2011 page 34–35).

Language and customs are a combination

Elearning For Startups: Accelerate Learning For Your Crew, Propagate Success For Your Company

More than half of all startups fail within the first few years of operation, with the primary causes being lack of knowledge and lack of experience. If you're a small business owner or even a larger, well–financed startup, these statistics are terrifying. You pour your heart, soul, time and most of your money into a company that has this constant dark cloud of "likely to fail" hanging over it. That kind of pressure is grueling and it doesn't make for a very productive work environment. What if you could take the lack of knowledge and experience out of the equation for your business; thus, giving it a remarkable edge. What if you could infuse your...show more content...

How do you anticipate the future and therefore, prepare for it? If you can't predict markets, consumer trends and supply chain challenges, how can you keep a business running? When should you scale and how fast should it happen? To scale or not to scale is a major hurdle for most startups and one that can cost them everything if they don't get it right.

These and other soul–searching questions should give you a good idea of what you're lacking in terms of experience and education and provide the platform for learning in the near future. These are pivotal questions you don't want to look back on with the answer "If only I knew then what I know now". Know it now, to avoid many of the costly mistakes startups trip over.

Organize Your Resources

The budget for most startups isn't usually very large, but your need for education is; therefore, it's important to prioritize current spending and only allocate resources to projects that will propel the company forward. Elearning can save you needed funds in a number of ways:

Travel: Even if your training facility is local, the expenses involved in transportation are considerable. Facilities And Instructors: With in–house corporate elearning, you won't be burdened by the price tags for renting space and hiring instructors. Employee productivity: While your people are traveling to and from training and while that training is underway, you're still paying them

Starting a new business requires a considerable amount of preparation. Financially, there is a large investment to opening a store, especially in the food industry. A pizza place requires a building, utilities, remodelling, seating, storage, inventory, employees, and signs. Once calculated together, the financial obligation can be substantial. In order to determine the financial requirements of a startup business, a person must consider what is necessary to do any work in the industry you are apart of. First, I will need a building. The amount I spend will be dependent of location and size. A location in a downtown area will usually cost more than somewhere on the outskirts of a suburban town. The downtown area is surrounded by enormous...show more content... If I choose, I may also need to purchase a card reading machine, so I can take another form of payment. To be a dine–in pizza place, I would need tables and chairs. The amount of these depend on the size of the building I chose, and the style will depend on the theme. Any additional decor will also depend on my theme, which could be retro or modern. After purchasing the building, remodeling, and filling the store, I must now buy inventory. I will need items for dough, tomato sauce, cheeses, and many toppings such as meat, peppers, pineapples, etc. I will also need boxes and extra sauces including marinara, garlic, ranch, and other packets. When I modeled the kitchen, storage areas were hidden under counters, and there were refrigerators for chilled and frozen goods. I would use a physical inventory system until I could later afford the software for a perpetual system. This will save some money in the startup. Now that I have all the ingredients of a store, I need to hire employees. I will need cooks, cashiers, servers, and drivers. I will cross train employees to move from cashiers to servers. I will also need a sign to hang outside of the location, and a sign with our store hours. After hanging the signs, I will create a Facebook page about the business, listing its hours, events, and location. In order to start a pizza business, the financial requirements seem extensive. There are many deposits to be made, and the cost adds up very quickly. Since a Get more content

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set–up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, "Planning is critical to successfully starting and building a business." The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well–constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many...show more content...

Strategic major milestones to be achieved can be mentioned that include customers, revenue, and expansion details. In a small business blog, Fisher (2011) states, "Think of it like a birds‐eye view of the company as it currently exists and where you envision it to be in the future." In addition, it may be worthwhile to include descriptions of the founders of the business and their extending experience from the industry. The operations of the business is critical in a business plan because it describes the main components of your business. Management duties and responsibilities can be addressed in terms of the day–to–day operations. This includes what each day of the week will entail for the schedule of the business. Likewise, many topics should cover the nuts and bolts of the business such as production and manufacturing, inventory, and distribution. Topics such as the location, employees, and equipment should be considered to provide the most competitive advantage and success for the business. Lastly, every business requires a structured form of legal registration for licensing, insurance liability and tax purposes. Marketing

One of the toughest challenges of new businesses is attracting new customers. Having an effective marketing strategy in place is a vital implementation in increasing the awareness of your product or service. The marketing strategy section should

An Introduction to Business

Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.

It is a way for individuals to provide goods and services to consumers, and at the same time, produce a profit for themselves. Businesses are not only important because they provide goods and services for consumers, but they also improve the economy and increase jobs for people within society which is an additional fact producing a higher standard of living. To measure our societies standard of...show more content... International trade deficits occur when a nation imports more then it exports. The Decline of Smokestack America is when there is a change from an industrial to a post–industrial economy. Finally, the conservation of energy is so that there are a sufficient amount of natural resources necessary to produce goods. General economic growth or stagnation also has an important influence on business within our society. Many factors can affect it's condition, such as war, new inventions and technology, political assassinations, the discovery of physical and natural resources, labor negotiations, government action, and many others. When the economy is strong and the demand is high, businesses can prosper. Regardless of how great the economy may become, businesses still must compete with other firms for scarce raw materials and labor.

A businesses environment creates many opportunities as well as problems for prospering businesses. The environment determines what a business can do by shaping and channeling its development. Businesses function within an environment by allowing entrepreneurs to raise capital and create profits freely. The supply of money available within a business as well as the economic stability through times of growth and recession have strong effects on businesses. Not only is the physical environment, including natural resources, pollution and energy as discussed previously, important, but many other

Starting a business can seem like a daunting task, when really there is a systematic approach that an entrepreneur can take to setting up a business. There are many factors to consider when setting up a business structure; these factors include start up cost, operating costs, liability, and taxation. A business owner will also want to look at whether or not they may want to expand in the future, which will also play a factor in what type of business they should set up. This paper will look at the advantages and disadvantages of sole–proprietorships, partnerships, limited liability companies, and corporations. As well as look at what courts can do if a business operates outside the scope of accepted business practice. There is no "one size...show more content...

A sole–proprietor also has unlimited liability, which means the business and the owner are not separate entities. (Ref. 1, pg. 1) Therefore they are responsible for any damages incurred by the company and any personal property may be taken to pay for damages. Because a sole–proprietorship is not separate from the owner the income from a sole–proprietorship is taxed as personal income, or "pass through" income. The business owner has to pay FICA taxes of 7.65% on all income up to $94,200; they also have to pay an additional employer FICAtax of 7.65% on that same first $94, 200 which brings the total to 15.3%. The owner also pays a FICA tax of 1.45% on all income of $94,201 and above because all income is treated as personal income for the business owner. These taxes are in addition to state and federal income taxes, which also tend to cater more to other types of business structure, particularly corporations. Partnerships are the least used type of business making up about 11% of US business and account for only 8% of the profits. (Ref. 3, pg.76) Partnerships are very similar to sole–proprietorships in the form of structure. Each partner takes their assets and pools them together to form a company. The advantage of a partnership is a greater pool of assets or capital, and shared risk among the partners. In a partnership the owners can all provide operating capital, as well as apply for loans which give them more

Owning Your Own Business There are many advantages and disadvantages when owning your own business. When you own you own business, it's known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages.

Five advantages for owning your own business are: 1) The owner receives all profits, meaning that all earnings go to the sole proprietor, or the owner, and isn't shared with anyone else. The profit is not split among partners, or split among a corporation. So when you own your own business, you're the first and only one that receives all earnings and profit. So if a person has a successful firm, he/she is the first to reap the success and rewards. 2) Anotheradvantage...show more content...

All you need is money and a realistic vision. 4) Another advantage of a sole proprietorship is that you pay lower taxes. This happens because as you own your own business, the earnings are considered as the owner's personal income. Because of this, the sole proprietor may be subject to lower taxes than other forms of businesses, such as a partnership or corporation. 5) In addition to all the other advantages listed, another advantage of owning your own business is that you, the owner determines how much you want your firm or company to grow. You decide if you want to stay a small business or expand, whether it be locally or nationally. This can be advantageous because the owner can determine whether it's better to stay small or grow. If you're business is successful, you may want to expand to reach more and more clients, helping you make more money and to establish your firm as a successful one. Or you might think that it might be better to stay small and local, because you might not want to take a chance because you might not want to mess with a good thing. Whatever the situation, the owner decides what suites the company. But with advantages, there are also disadvantages of owning your own business. Five disadvantages of a sole proprietorship are: 1) The owner is personally liable for all debts and incurs all losses. The sole proprietor is responsible for all debts that the company owes. The owner takes all losses. There are no other owners to Get more content

When it comes to starting a business it is important to have Business Plan. The value of a business plan is important in the startup of an organization. The value of proper business plan in an organization can determine if the organization will withstand over of time or for years to come for that matter. In implementing a proper business plan, proper planning in it self is important and valuable to the process. Planning helps in ensuring that the organization can withstand and remain as an essential asset to the needs of the community and helps in providing an impact on the city tax base. A valuable business plan can also allow the company to look at ahead at its projected profits and loss to be able to give their shareholders the return...show more content...

Short–range planning is for the company to have goals that will be rewarding and easy to obtain.

Long–range planning for the most part seems to be more difficult to adjust and is often times less rewarding. When external environments are frequently changing management with staff need to ask how to develop plan of actions that will remain relevant. Planning should be no less important in such a forever evolving environment it needs to be more important.

Businesses that operate to just make profit normally operate without ethics. When a business is not held to standards of accountability it would be as to have another Enron or a Bernie Maddoff situation. Sociologist Raymond Baumhart wanted to know from business people what ethics meant to them and some of the replies were "Ethics has to do with what my feelings tell me is right or wrong." "Ethics has to do with my religious beliefs." "Being ethical is doing what the law requires." "Ethics consists of the standards of behavior our society accepts." Lack of proper marketing in a business is one of the main reasons a lot of businesses have not succeeded. Strategy planning determines whether one will live or die or whether they fail or succeed. Marketing strategy is a process that should allow any organization or business to focus its limited funds or resources on

In this report, I will discuss what it takes to own your own business and what factors go into it. My overall dream some day is to own my own business and with this comes a great deal of responsibility. I will help you understand what you can to do to become a successful business owner. Finding a consistent well paying job has been getting harder and harder in recent years. A number of new and greatbusiness opportunities are available to the public. These opportunities only cash in if you run a well rounded business plan. Anything from wholesaling vehicles to owning your own pizza parlor are great starts in business. Although, owning and operating a business is a great burden on a person, it can turn out to be very profitable. While...show more content...

With all of these challenges their come failure at the job as well, which can lead to disciplinary action, arguments, transfers, dismissals, or legal actions. So are you ready to own your own business yet? Not quite! Some things you really need to remember. Say goodbye to a reliable and predictable income. No job is 100% secure and there is a good argument that being in control of your income via your own small business is more secure than a job however it doesn't feel like that, especially when you start out. You can have great months and bad months and the only constant is unpredictability. Many business owners don't know that they will never make real money until they sell their business.

Unfortunately many business owners often don't make much more than an average salary, even sometimes less. Many business owners don't make a big windfall until they sell their business and often by the time they are making the sale they will be using the money for retirement.

Although it is also true that the only way to become really wealthy, besides inheritance and lotto, is by starting your own business. The reality is that only a small percentage of businesses make their owner really wealthy, the rest stumble along earning an average wage. Of course many of those owners earning an average wage love their lifestyle and only wok as hard as they want to. Running your own business has the greatest potential to make you rich and my never make you rich, Get more content

OWNING YOUR OWN BUSINESS WITH EMPHASIS ON CHILD CARE CENTERS

INTRODUCTION

This paper will discuss ways in order for you to become a business owner as well as how to start your own child care center. Owning a business is not an easy job. There is actually a very complicated and long process to become a small business owner. Before you start to think about what you want to do, you need to ask yourself if you will be committed to this venture. If you are then proceed on with your business however, if you are not then owning a business is probably not for you. With owning yourown business, your going to have less personal time then you had previously. Here are some reasons people become entrepreneurs. Many...show more content...

The cons: Businesses are a large financial risk, long hours and less vacation time, incomes may not be steady, unpleasant tasks, such as not hiring a friend or firing someone. There are some pros and cons for home based businesses alone. Pros: Start–up costs are lower, shorter commute, more flexible schedule. Cons: more vulnerable to interruptions, you may have trouble finding qualified employees, and you may be less accessible to suppliers.

Location and Financial Assistance

To get your business up and running you need money. Initial capital helps you get you business set up and running and working capital is what you have to keep your business going until the business begins to pay itself off. There are many means of getting the money. You can use your own funds, get a loan from a bank, small business investment corporations, and even stocks. Wherever you get the money, it will not be a cheap investment. After you get your business going you will have many liabilities, or debts to pay back. Location also plays a big part in your business. To maximize your profits you will want a high population looking for your service or who have a need for your product. You can choose to rent and renovate an existing building or opt to have a new place built for Get

Technology is changing rapidly. You will note that most people are using modern technologies to do various things. Most people have appreciated the use of social media platforms to communicate with their friends and relatives. Some of the common social media platforms include: Facebook, Twitter, WhatsApp and even Instagram. Did you know that you can promote your business on Facebook? There is a lot of competition in the business world. Most businesspersons are investing a lot of resources on marketing strategies. You can actually use Facebook to market your products and services. You just need to create a website for your business and have a page on Facebook about your site. The following are tips on how to promote your business on...show more content...

This is the reason why you should take quality photos. Once you take these photos, you can readily post them on your page. 4. Join relevant groups. There are several groups that are created on Facebook. You should choose a relevant group and join it. If you normally sell cars, you can consider joining groups that market cars. Once you join these groups, you can post your products and services. This can also help you know what the customers want. 5. Add more content to your page. Customers normally like reading detailed content. It is important that you research on your products and services and post that information on your page. In addition, you should ensure that you post relevant information about your products and services. 6. Post content frequently. Once you have created a Facebook page, you should post your content regularly. This will keep the customers updated on the products that you are offering in your business. However, you should not be spammy. You can be posting 3 to 4 times a week. 7. React to the comments and private messages. Customers like to be valued. You will note that customers will always have complains now and then. Others, will have queries and so forth. You should not ignore their comments. You should react to their comments as soon as possible. If a customer has question, you should provide be able to provide a good answer to him or her. In addition, you should Get more content

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers' needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would–be entrepreneurs should be familiar with the proper approaches to start their businesses. The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &...show more content...

However, the business owner can also attempt to operate his/her business by bootstrapping, which refers to the operation of an entity by using limited sources of capital (Gregory, n.d.). In addition, the financial factors should also include financial planning. Financial planning normally refers to the cash flow and income statement, balance sheet and breakeven analyses. Therefore, there are three major sections to an ideal business plan that are the organizational goals, the sales forecasts, and the financial factors.

After the creation of a business plan, the next step to operating a business is the selection of an appropriate business structure. Different legal forms of business ownerships affect different managerial and financial factors from the business names to the tax obligations (Gregory, n.d.). The most common forms are sole proprietorship, partnership, cooperatives, and corporations. There are different types of corporations in the business world, but the two most general corporation types are S Corporation and Limited Liability Company (LLC) (Ferrell et al., 2013). The sole proprietorship is the easiest and most basic form of business ownership. It is owned and run by one individual, which is the proprietor. The individual is entitled to all profits and is responsible for all the business's

Get more content

Starting and Running a Business Despite being an intimidating prospect for most people, there are millions of entrepreneurs in the US. Some of them turn out to be very successful, others, not so much. There are many steps to starting and running a business, but many of them can be easily accomplished simply by filling out some forms, and several small fees. Businesses have been around since the beginning of bartering, an apple for some wheat, a horse for a wife, a daughter for a house. (In no way reflecting what I would trade) The startups of businesses across time have never come easy, from cost, to hassle, to threat of beheading; there have always been obstacles in starting abusiness. One of the hardest parts of being an...show more content...

This is ideal for most people who want to start a business and keep their home if something goes wrong. The largest area a permit is good for is one county. If one wishes to operate outside the county the license was issued in, they would have to get a license from that specific county. The most important thing is starting a business is having a business plan. This is the only way any bank will approve you for a business loan.

Without this business plan, the bank has no way to analyze the business's performance thus far. The SBA offers a template for how to lay out a business plan. The following is how a good business template should be formatted (from SBA.gov).

Writing the Plan

What goes in a business plan? The body can be divided into four distinct sections:

1) Description of the business

2) Marketing

3) Finances

4) Management

Agenda should include an executive summary, supporting documents, and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline:

Elements of a Business Plan

1. Cover sheet

3. Statement of purpose

4. Table of contents

The Highs and Lows of Launching a Startup Company What to expect when launching a new company?

Starting a business? Then you may start thinking– "Which business would make me the most money?", or "Which one's going to have the least hassle at the same time?". And if you've got your decisions down on paper already, that's great! Because the world, today, has come to a point where thousands of businesses spring out like mushrooms every year, while thousands dissolve like grains of salt in a glass of water. According to SmallBusiness Association, 627000 new startups open each year.

There are online entrepreneurs, restaurant owners, small business owners, big corporation starters, but if you ask any random business owner if it ...show more content...

But your business needs employees, sales, and profits to grow and perhaps someday, manage to look like a wonder. Yes, the boundless potential is there. But without the building blocks, it would just be a huge rush. A rush to find clients, come up with advertising campaigns, analyze market data to see if your product is actually going to do well. And at this point, the surrounding will look very simple and ordinary, and at times ugly. Nevertheless, this has a huge positive impact. This is going to make you appreciate your growth. Since you've started from something that looks very modest, you will always look forward to growing and build up. And when you are a fairly big company, you'll appreciate every ounce of it. Rapid growth has to be your next tough action because after you have put the pieces together to build a startup, it needs to start competing in the market. That being its sole purpose, it needs to get its engines running right away.

But do you think it's easy to compete in the market today? Any business that you start already has competitions, most of which are far ahead in the race as you are. And what got them there? There is no one answer to this. Better employees, high–quality technology, bigger investments, more production, and better reputation all can create a tough competition. They've got the wheel turning way earlier

Challenges in Starting a New Business

Starting a new business can be very exciting as well as challenging. It can be exciting because it might be a transition from being an employee to owning a business and becoming one's own boss where there is freedom of doing things without anybody's influence. The idea of being a business owner can be very exhilarating in itself. Bateman states that 'The control and ownership of a business is a very powerful feeling. Having ownership is like an adrenalin flow. It gives you more energy– you start to see what you can achieve.'(Smith, 1997, p. 149)

There are numerous advantages of having one's own business. The potential to earn a higher income, independence, being one's own boss, ability to fully implement one's creative talents, choosing...show more content...

A large number of small businesses fail each year due to insufficient funds or capital. Many entrepreneurs miscalculate the amount of money they need to start and operate their business. They may later find that they need more capital in order to sustain till the business is fully established. Others are likely to suffer as they may not be able to market themselves or their product or because they find that they are unable to supply all the required products. Yet others may not even have the ability to pay for any extra help. This one fatal error in calculating the capital may cause the business to suffer heavily and lead to its eventual downfall.

It is always wise to explore the possibility of having extra capital in an event that the business required more funds. However, the crucial point still remains that the entrepreneur take great care in determining how much funds are needed in order for the business to survive till the time it can be properly established. Generally, a new business would take around but is not limited to six months before it starts to generate enough income to fully sustain itself. Thus the entrepreneur needs to keep this time frame in mind when determining the initial capital. It would also pay to have a separate living expense for the first six months of starting the business. The third challenge is to find a niche. Knowing which product to sell and the sort of market it will have is another big challenge for all entrepreneurs. Before Get more content

5. A)There are several reasons for starting a new business. The benefits include the owner's ability to make virtually all decisions in the business, and can run it exactly as they please. The owner has the freedom to define the nature of the business, and create the preferred type of physical facilities. The owner can select a competitive environment, and take advantage of the latest technology, equipment, materials, and tools. The owner will also have control in selecting and developing personnel. Overall, the biggest reason to start a new business is this idea of freedom and being one's own boss. Having this control and ability to sculpt the business into exactly how they want it to be is one of the major motives to start a new business. Another advantage of opening a new business is job security (Templeman, 2014). By opening your own business (assuming it is successful), you never have to worry about being laid off or losing your job unexpectedly. Another reason to start your own business is the amount of skills you will learn while working, and the likelihood that you will become an expert in your field (Templeman, 2014). However, running your own business is not as easy and simple as it sounds. Some reasons against starting a new business is the fact that it is expensive, difficult, and requires a lot of unpaid hours of one's own time to get the business up and running. Some may have problems finding the right business – what type of product or service should this

Introduction In today's world many people dream of having their own business. Sometimes that dream never comes true because that person does not have the funds nor resources to make it happen. Many of those potential entrepreneurs reach out to other in hope to make that dream come true. I am one of those dreamers and I hope my dream of becoming a business owner has come. This dream can only come true with the help of you as an investor. Please take the time to study my profile. I hope you will find that I am capable of owning and operating a success business. The business I am starting is a wedding accessories specialty shop. It is a one stop shop where you can get practically everything you need to make your wedding special. You...show more content...

Although these employees have specific duties they will all help with other duties. We are to be one family focusing on the needs of the customers. The reason I have decided to open this type of shop is because people are always getting married and they get so frustrated when they have to run all over town to get the items they need for their wedding. This a business that will always be a need for. It has a high potential market and customers will not mine paying the extra money to get most of their items for the wedding at one stop. Listed below are some of the chart of accounts that will be used in my business: Cash$15,000Note Payable$30,000Supplies /Inventory$ 15,000Rent Expense$ 1700 Advertising Expense$ 1,000Gasoline Expense$ 700 Prepaid Insurance$ 1,500Utilities Expense$ 1,100 Van$22,000Wages and Salaries Expense $28,000 Equipment$15,000 The accounting method I will be using is the GAAP method. The business I am expecting to open will not be global but local. Our webpage will be out on the Internet so any one can purchase our items. So therefore, GAAP method would be more efficient. Also, the GAAP method uses cost principle versus fair value principle. In the cost principle the company will record assets at their cost. The cost principle will not only be used at the time of purchase but also over the life of the assets. For example, if I

Get more content

My Business Idea

In my coursework I intend to start my own business. I will devise my own business plan which outlines my business proposal and the key aspects, during this I will need to seek good business advice on the necessary steps I will have to make. As I go through the coursework I will show evidence, examples and explain how businesses are set up, what types of businesses there are and their similarities, the kind of targets businesses set for themselves and also the different objectives of different stakeholders. For my business I plan to sell toys and other game products that educate young children under the age of 11.

Starting up a business is difficult and risky. Anyone setting up needs to consider:

В·...show more content...

Most people though have to research their product. Businesses also have to decide how the product is to be made.

Finance

No businesses can be set up without finance. Most people who start their own business underestimate the amount of money they will need to set up. They are often UNCAPITALISED and this causes problems as the business expands. Some businesses have the potential to be highly profitable but fail because they run out of cash at a crucial early stage in the life of the business. So it is very important to work out how much money is needed to start the business and to identify where the money will come from.

Identifying the sources of help

Most new businesses don not survive for more than three years of trading. However, their chance of success is much greater if those setting up the business have received help from experts before the launch. Many new businesses turn to Business Link or to their local TEC. They can identify any grants, loans or benefits that are available from government or from bodies like the Prince's Trust. They can also organise training in setting up small businesses that is so often vital to the survival of the business.

Drawing up a business plan is very important. The business plan sets out how the business is to be set up and Get