What Is The Purpose Of A Business Plan And Why Is It An Essential First Step For A Start Up Firm? This Essay Also Addresses Commom Problems With Small Businesses.

804 words - 3 pages

What is the purpose of a business plan and why is it an essential first step for a start-up firm? A business plan can get you in to action when just beginning to plan the future of your business. Starting a business can seem like a long, intimidating and drawn out process. A business plan will help you ease this task by setting things apart so that they may be seen more clearly. It also helps by breaking the process into pieces. So, writing a business plan can help to move you by breaking down a seemingly impracticable task into smaller, less upsetting tasks. Once you have your business going, a business plan can be very useful to help keep you on track and focusing on the goals you have set. With all the hard work and continuous effort it is very easy to lose sight of your objectives and goals. A business plan also serves to help others to understand your vision, including prospective partners, suppliers, customers, and employees. A well-written and thought out business plan can prove your success and happiness or the future failure within your business depending on it's accuracy.What are some of the sources for financing that these Web sites recommend exploring? The options available to you in financing your new small business depend upon the opportunity you are pursuing. Small businesses usually need more than just cash, they need reliable money. By reliable money I am referring to financing that puts your business in the condition that you want it in and feel comfortable with it in, where the financier provides not only capital, but support and knowledge to your business. Reliable money cold mean a variety of things such as personal savings, friends and relatives, banks and / or credit unions, angel Investors, or credit cards.What are the advantages and disadvantages of different sources of funds? The primary foundation of capital is normally received from savings and other personal resources such as family or friends. This can sometimes be more beneficial to the business owner because of the fact that the loans are often interest free and not as hard to acquire. However, this can put a strain on the relationship with the relative or friend. Another form of financing could be a small loan from a bank or credit union. This could be an excellent form of financing if the interest is within reasonable...

Find Another Essay On What is the purpose of a business plan and why is it an essential first step for a start-up firm? This essay also addresses commom problems with small businesses.

Hero: this paper is about the meaning of a hero and why you shoud and shouldn't admire someone. It also decribes a black female leader to emulate

1708 words - 7 pages . As a cop, I'm in a male dominant career field. I pride myself on being a positive role model for the few women, let alone few black women that this career field holds. I want these young women to know that they can succeed in this career field and that they don't have to put up with the gender issues that surround our career field. Since being in the Air Force, I have decided I want to be the first African American female general in the Security Forces career field. Because of General Harris, I know that it is possible. She is definitely a woman to look up to, and to strive to follow in her foot steps.

A business plan for a new company. selected the beauty industry, created a plan for the start-up venture

1861 words - 7 pages Executive summaryIntroduction and background to the companyIt is evident that we are living in an ever-changing society. There is a growing awareness in the business world to ensure that products are ecologically sustainable, meeting the needs of the present without compromising the future.With the above view in mind, I plan to set up an ecologically friendly beauty company, selling fragrant handmade cosmetics based on natural ingredients

Small Business Accounting: A Dilemma During Start-Up Operations

891 words - 4 pages taxes, and taxes on disability. You would also be faced with issues regarding the choice of accounting software and the adoption of accounting methodologies. Buckling all of these issues on your own is not advisable. You need an expert advice to handle all of these matters. If you start out as a single proprietor, income taxes are paid not only on the earnings derived from business, but social security taxes as well. The computation for these

Small Business Start-Up Requirements

1419 words - 6 pages operations, there are a number of Statutory Requirements, which must meet. First of all, it is required that you register your workplace. This involves filling out an application form. The form requires the business owner to state the type of business, which for you case, is an advertising agency; whether or not the business shall be operated from home; will there be any additional employees; and whether the business will be run as a sole-trader

Marketing Plan for a start-up business. College junior level marketing class

2401 words - 10 pages new regulations have affected our business.5. Technological Forces-As Mountain Mudd is seen as a service business as well as a product business; we are not influenced by any new technology at this time. The machines we have in operation are still top of the line and will continue to serve our purpose for years to come. At which time our equipment becomes obsolete we will replace it.6. Sociocultural Forces-It is en vogue to drink espresso-type

Child Labour or Child Labor case. Also refers to a case called the Fifth Column. The first part is about issues of child labour and what Canadian Companies should do about this issue

4415 words - 18 pages important part of their total education. Learning to accept responsibility is an essential life skill and the earlier it begins, the easier it is to learn. Moreover, a part time job is ideal for children, because:oIt provides a child with opportunities to develop attitudes and specific abilities that are not always taught in school.oChildren learn to be responsible for their own money; if they lose it or spend foolishly they have to deal with the

Critically assess the case of government support of small business, both in terms of business start - up and development

2982 words - 12 pages particular have to learn how to use their limited resources and make the best out of them. Small businesses have managed to invest in R&D on their own over the past, so why should they not do the same now.It is obvious that it is much harder for a small business to cope with the problems, but if the process is successful, the company will end up being much stronger and better in coping with problems. If supported by governments small businesses

This is an account of the events leading up to and during the Salem witch trails. Also added are bio's of key characters during the trails

1458 words - 6 pages one and two hundred people were arrested (two dogs were also executed). A bunch of jurors following the trials came out with a public announcement showing remorse and giving an apology for those who were wrongfully executed (Linder).Furthermore the trials were a taste of what can happen if beliefs become more important than common sense and integrity. The following members in the Salem trials played the biggest role of what happened in 1692.First

"The E Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It" by Michael E. Gerber

1982 words - 8 pages What is the main reason for up and coming businesses so splutter than fail? That is a question that many people ask themselves once they start a business, it becomes so rigorous and hard to maintain the business and to also excel that many people give up and they fail at what they wanted to do. Well there is a reason that people fail at running their own business and there is also a system to follow if you want to run a successful one too. In

Self-Storage Start-up Business Plan

7088 words - 28 pages capital will be used to purchase the land, buildings, and other start-up costs explained in detail later in this plan. The total start-up costs are $600,000. Our breakeven point is 36.4% which is significantly below the expected occupancy rate of 85% for this region.II. BUSINESS DESCRIPTIONGeneral description of the businessA self-storage facility designated as Shove It In LLC to be located near Brockport NY. The company name was chosen to give

It is a commonly held view that Buddhism has been less misogynistic than other major world religions. Assess this view whilst also explaining how and why is has differed

2437 words - 10 pages misogynism, including a letter from Paul's to the church. In this Paul states: "Let your women keep silence in the churches: for it is not permitted unto them to speak; but they are commanded to be under obedience, as also saith the law. And if they will learn anything, let them ask their husbands at home; for it is a shame for women to speak in the church." This statement at face value is androcentric in its portrayal of the role of

Similar Essays

Importance Of A Business Plan And Issues With Start Up

1167 words - 5 pages Answers obtained from SBA online, Quicken small Business site, and Entreworld.org.1. What is the purpose of a business plan, and why is it an essential first step for a start-up firm?A business plan closely describes your business, analyzes your goals, and functions as your business's resume. It helps you designate resources properly, handle unanticipated dilemmas, and make good business choices. The importance of a compendious, cerebral

How To Start A Small Business. This Essay Encomposes The Financing, Corporation Types And Difficulties In Operating A Business With Family Members

978 words - 4 pages to acquire a loan through the SBA than it is through regular financial institutions. The SBA generally finances small businesses that do not qualify for bank financing. The biggest draw back with accepting money from a venture capitalist is that this isn't really a loan, it is an investment. Generally, a venture capitalist will require that they have a representative on the board of directors, and may require that managers receive approval from

This Essay Describes The Main Problems Of The Church That Contributed To The Protestant Reformation. It Also Addresses Why The Church Was Unable To Suppress Dissent As It Had Earlier

896 words - 4 pages because there were no scriptures to back up the ideas. Eventually the public came to agree with him. The Roman Catholic Church most certainly supplied the ingredients to engender the Protestant Reformation. Martin Luther simply acted on them and with the help of publication it was a success. But was the move of many from the Catholic to Protestant a long lasting success? No, over a long period of time many people that converted to Protestantism converted back to Catholicism, but despite this, the actions and reforms accomplished during the Protestant Reformation changed and affected many lives then and to come.

Management: Report On A Case Study. An Architecture Firm With Management Problems And This Report Identifies The Problem And Attempt To Solve It

3133 words - 13 pages and pay fairly for their employee. This causes a highly lack of motivation. People that start off working hard, now no longer put extra hours and starts to come late for work as that they knew they probably will never get their salary raised. For company, it is not money that's worth saving for as that pay incentives is important in determining employee motivation.3. Statement Of The Key Problems3.1 Workplace and working condition:The condition of