Essay on Starting a Business Plan - 1664 Words

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, â€Å"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, â€Å"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 shouldShow MoreRelatedBusiness Plan For Starting A Business1168 Words   |  5 Pages Entrepreneurship When starting a business there are a number of factors to determine in order to ensure its success. To start, the entrepreneur should determine a business plan with a well developed idea After determining the business plan, they then should look at the three basic forms of owning and running a business: sole proprietorship, partnership, and a corporation. A sole proprietorship is a business ran single-handedly by one owner. 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