4 pages/≈1100 words
Business & Marketing
Business Plan (Essay Sample)
this is a Report on setting up a businesssource..
(Name of Student)
Report on setting up a business
Setting up a business can be a tasking process. Poor planning can result in failure of the business and thus, loss of capital. Thus, systematic steps should be followed while setting up a business. Before setting up any business there are a number of factors to consider.
Nature of business that you want to engage in (Wankelen & McKenzie, 2004). The nature of business greatly defines the other specifications that follow. For example, location of business is defined by the type of business. Location of a business is essential for its growth. An ideal location near the target market should be chosen to increase ease of access by customers. The nature of business also defines the nature of the premises that you should occupy. For example, large spaced premises should be used for a business where a large flow of people is expected. The type of product that you will be providing in your business defines the location and the type of premises. For perishable products, well aerated and a location near customers should be chosen. Another important consideration while choosing a location is to check whether there is enough room for expansion in future. Many businesses are forced to relocate when they want to expand and this can result in loss of customers.
Capital is one of the major considerations that define a great business. While setting up a business, a business plan can help you estimate the amount of capital that you need to set up your business. For many businesses, the owners start out as a small business and they gradually expand. However, other consideration such as taking loans and enlisting shareholders is advisable. Shareholders in a business will help shoulder the co of opening up the business for a small part of ownership. The amount of capital defines the scale at which one can operate. For example, with a large amount of capital an individual can open a full operational business with all facilities and a good number of employees to help run the business.
Legal considerations- while setting up a business there are legal factors that are required,. The first legal step is to register your business idea to make it legally yours. Another legal requirement is acquiring licenses to run your business. All operational income generating projects are bound by law to contribute to paying of taxes. The amount of taxes to be paid is based on the amount of income that the business generates. Another legal requirement is insurance. The advantage of undertaking insurance policies in a new business is that you are protected from any losses that would otherwise crumble your business.
List of internal and external sources and their reliability
Internal information ResourcesExternal Information sourcesDefinitionsThese are observations and conclusions that are made aligned with the business operationsThis refers to sources that are not aligned with the business such as printed hard copies.ExamplesStatistics of production and sales that are made in the company.Books and reports which are external to the businessInformation managementInternal information management can be achieved by controlling flow of information or controlling the production and sales made.Information management of external information is harder compared to internal management (Boddy, Boonstra &Kennedy, 1994). Analysis of available data is carried out to determine which information is applicable to your business.Value and costMany companies manage the flow of information in their internal reports. Thus, it is hard to estimate the cost incurred while getting internal information.External information is only viewed a valuable if it applies to your given situation.Improvements in methods used in the selection and analysis of information needed for business start ups
Selection of information and analysis of the information should be done from start up businesses that are successful. This is due to the fact that such business owners can give an account on how they made their business success. Improvements should also be made in the kind f obstacles that business starters face. Solutions to these problems should also be listed.
Improving networking skills and involvement in decision making
Getting stakeholders for your business is an important factor for people considering starting a business. There is no business that can be run by a single individual. In many cases, the owners of businesses find themselves looking for partners so as to simplify the structure of the business. On the other hand, one can look for shareholders to invest in your business for a minority shareholding in your business. Compared to taking loans, many people prefer to get shareholders in that they can help share any losses encountered. Shareholders are also important during the decision making process. Thus, before any decision is passed, it is scrutinized by the shareholders who decide whether it is beneficial for the business or not. However, a major problem of slow decision making is a major setback in the growth of a new business. Improvements to enhance decision makin...
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