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Starting A Business Essay

1012 words - 5 pages

Many economic choices must be made in order to start a business, including what you want to offer, how many employees you would hire, how and how much you would pay them, and so on. In order to be successful, a company must make those choices which will attract as many customers and thus make as much profit as possible.

If you want to start a business, you will first need to obtain a business license, or be fined or closed by the government. Then you will need to decide what your business will do. Will you produce goods? How about buying them and selling them for a profit? You may even want to start a business that offers a valuable service, such as lawn care or home cleaning. This will establish your start-up costs. It doesn’t cost money to start a lawn care service, except for the lawn mower, which you would typically have on hand. However, if you want to make products, you would first need to purchase the equipment and materials needed to produce them. Depending on the item in question, this can be very expensive. If you instead want to rely on a supplier for your goods, this can cut costs on production equipment. However, this will cause your expenses to become widely variable, depending on how much your supplier decides to charge you for its products.

Whether you supply products or services, you will need to hire employees. You will then have to pay your new employees, as well as additional taxes, because hiring employees makes you an employer. You need time to attend to sending bulky forms to the IRS and other government officials and keep good records in case they ever decide to “investigate”. You also need to establish how and how much you will pay your employees. They will want to be paid as much as possible, but remember that YOU are the one paying them, and you can go under if you are paying them more than you can afford to. Therefore, you must be able to establish a middle ground between how much your employees want to be paid, and how much you are able to pay them.

You need to be able to attract customers. You need the ability to effectively advertise your goods and/or services to those you wish to do business with. You can put out fliers in random places in the neighborhood, which doesn’t cost much, other than the time it takes to distribute them. Another option is to book with an advertising agency, which, while generally being an extremely effective advertising method that delegates virtually all the work to the agency, they can be extremely effective. You could also go door to door, mentioning your product/service. While this is cost-free, it is very time- and energy-intensive, and sometimes very annoying because you will have to deal with the fact that most people will say no, unless you are unusually lucky and/or live in a neighborhood with people who just don’t care about...

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