Untitled document.edited (7).docx - PROSPECTIVE BUSINESS Introduction Business people plan for the businesses they intend to start considering all the

Untitled document.edited (7).docx - PROSPECTIVE BUSINESS...

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PROSPECTIVE BUSINESS Introduction Business people plan for the businesses they intend to start considering all the factors that relate to that business. However, there is a limitation that links to the resources that might be available for such a business. In view of this, several business people will carry out research based on the current conditions in the market. In the future, I would like to start a restaurant business to serve an urban population. There are challenges that I anticipate will be available in the endeavors of making this business succeed. In this business, I will provide all types of western dishes as well as beverages. The set up for this business will provide for the accommodation services for the customers who would be willing to spend their nights in restaurants. In addition, meals will be prepared when an order is made. There are success factors that will be used to measure the success of the business. Among the factors that would be employed to measure the success include increased customer satisfaction and reduction of the operation cost (Henry, Hill, & Leitch, 2017). In new business, there are expenses that might be incurred, some of which can be eliminated or reduced with increased experience. The business succeeds if the management can reduce the cost of operation and increase the profit of the business. The cost of production is reducing when one is able to learn about the requirement of the market as well as other factors that are involved in running a business. Reduced cost of production will result in increased profits while at the same time maintaining the customer base. This is an important factor that determines the future growth of the business. The cost of production can be used to predict if the business is moving in the right direction or not. This is one of the main reasons why I chose to use this as a determinant of a business success factor.
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