Section 4 Business Phasing Step 1 Idea The first step in my business phasing

Section 4 business phasing step 1 idea the first step

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Section 4: Business Phasing Step 1: Idea The first step in my business phasing plan is the idea. Ever since moving to New Bern North Carolina from Rochester New York, I have been searching for a Delicatessen similar to that in which I would find in NY. To my chagrin, no such establishment exists within 50 miles of New Bern. Deciding to open a business is not a new concept to me, I have always dreamed of opening my own small business, but never really sure what to do or where to start. After deciding I wanted to open a deli, I created a ten year plan to achieve my goals. This ten year plan involves schooling, performing necessary research such as location scouting and market research, funding, and finally opening my business. The idea phase is where a lot of the groundwork is completed before moving into actually opening my business up. First step in this phase is to attend college to earn my bachelors in business administration. Armed with the knowledge I need to open my business, as well as connections to the business world formed during my studies
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using resources such as an entrepreneurship association to assist in networking and support. I’ll be ready to move onto the next step, conception. Phase 2: Conception The main focus of the conception phase is to iron out my business plan, create pitch presentations for investors, and complete necessary research such as market analysis and funding requirements. The first step in this phase is to complete market research. Who are my customers? Where they are and what do they want? By analyzing sales from competitors, I can narrow down who the most profitable customer base I should be focusing on. Market research is the one of the most vital components of any business plan. It outline who I’ll be selling to and why they will want to buy. This step will allow me to analyze if a deli will work in this market. Perhaps there is a reason there are no delis in New Bern. Have others tried and failed? This step will allow me to answer these questions. The next step is to outline to organizational structure of my business. What legal entity will I pick? Who will I hire and what will their responsibilities be? Understanding my team and how they function will be crucial when it comes time to actually hire individuals. My business will consist highly of family members and friends as key aspects of my business. I understand their strengths and weaknesses, what responsibilities each member will perform and how the hierarchy will be structured. The next step in this phase is an outline of what products I plan to sell. Initially I plan to open with a delicatessen and a sandwich station. This step outlines price of products, vendor evaluation and price to consumers. Here I will be able to accurately assess how much profit or loss I could be looking at. Based on market size and product price I can determine if a high-end delicatessen is a viable option for this market or if I need to switch to a more sustainable lower- end product line. These finding will also be used later in the business plan to convey possible
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profit margins to potential investors. Finally I can assess my funding. How much will the business cost to open? This involves the cost of renting a space, purchasing equipment, acquiring
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