Ten Steps to Starting a Business - BMGT 110 6980 Introduction to Business and Management (2192)-conv

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Learning OutcomeList and briefly describe the steps necessary to start a new businessLearning ResourceTen Steps to Starting a BusinessWhat you’ll learn to do: Describe the steps required to launch a small businessThe information contained in this section describes best practices for launching a small business. The details,agencies, and contacts necessary to become an entrepreneur will vary from state to state, so additional researchmay be required for different circumstances. But regardless of your location, the steps detailed in this sectiongenerally apply to most newbusinesses.Launching a business from scratch requires detail and dedication.
Starting a business involves planning, making key financial decisions, and satisfying a set of legal requirements. These tenstepscan help you plan, prepare, and manage your new business.Step 1: Write a Business PlanA business plan generally contains the following elements.executive summarycompany descriptionmarket analysisorganization and managementservice or product linemarkefing and salesfunding requestfinancial projecfionsappendixStep 2: Get Business Assistance and TrainingTake advantage of free training and counseling services on topics ranging from preparing a business plan to securingfinancingto expanding or relocafing a business.Step 3: Choose a Business LocafionGet advice on how to select a customer-friendly locafion and comply with zoning laws. Choosing a business locafion isperhapsthe most important decision a small business owner will make, so it requires precise planning andresearch. Potenfialentrepreneurs should evaluate their demographics, assess supply chains, scope the compefifion,determine how to stay onbudget, learn state laws and tax requirements, and much more.Here are some fips to help you choose the right business locafion:Determine Your NeedsMost entrepreneurs choose a locafion that provides the most exposure to potenfial customers. There are addifionalless-obvious factors to consider.Brand image:Is the locafion consistent with the image you want to project?Compefifion:Are the businesses around you complementary or compefifive?Local labor market:Do potenfial employees live near the business? What will their commute be?Plan for growth:If you anficipate growing your business, look for a building that has extra space should youchoose toexpand.Proximity to suppliers:They need to be able to find you easily.Safety:Consider the area's crime rate. Will employees feel safe alone in the building or walking to their vehicles?
Zoning regulafions:These determine whether you can conduct your type of business in certain properfies or locafions.You can determine how property is zoned by contacfing your local planning agency.
Evaluate Your FinancesBesides determining what you can afford, you will need to be aware of other financial considerafions.

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Term
Fall
Professor
JohnnieBrown
Tags
Management, business owner, Lumen Learning

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