This website uses cookies to ensure you have the best experience. Learn more

Starting And Running A Business Essay

2172 words - 9 pages

Starting and Running a Business
Despite being an intimidating prospect for most people, there are millions of entrepreneurs in the US. Some of them turn out to be very successful, others, not so much. There are many steps to starting and running a business, but many of them can be easily accomplished simply by filling out some forms, and several small fees.
Businesses have been around since the beginning of bartering, an apple for some wheat, a horse for a wife, a daughter for a house. (In no way reflecting what I would trade) The startups of businesses across time have never come easy, from cost, to hassle, to threat of beheading; there have always been obstacles in starting a business.
One of the hardest parts of being an entrepreneur is starting up. This includes getting funding, filing for all necessary permits, and finding a building to host the business. Many business owners rent or lease, but some choose to actually buy a location.
The permits needed to start a business vary from state to state, city to city, and year to year. The type of business also affects what permits you need. For example, to start an online business, you would not have to get a building, and also file for fewer permits than a restaurant would have to. Restaurants have to get all the permits any other business does, and they have to get permits from the health department and be inspected regularly.
Sometimes the cost of startup is too great for some entrepreneurs and the business goes bankrupt. This is one reason you should file for a complete business license. If you aren’t properly licensed as a company, if you go bankrupt the banks can come after you and what you own. If you are approved as a LLC (Limited Liability Company) or LLP (Limited Liability Partnership), if you go bankrupt, the banks can only go after the company’s assets, not personal items. This is ideal for most people who want to start a business and keep their home if something goes wrong.
The largest area a permit is good for is one county. If one wishes to operate outside the county the license was issued in, they would have to get a license from that specific county.
The most important thing is starting a business is having a business plan. This is the only way any bank will approve you for a business loan. [1] Without this business plan, the bank has no way to analyze the business’s performance thus far. The SBA offers a template for how to lay out a business plan. The following is how a good business template should be formatted (from SBA.gov).
Writing the Plan
What goes in a business plan? The body can be divided into four distinct sections:

1) Description of the business
2) Marketing
3) Finances
4) Management

Agenda should include an executive summary, supporting documents, and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline:

...

Find Another Essay On Starting and Running a Business

Starting a New Business Essay

2350 words - 9 pages willing to make a capital investment in the business but does not desire to participate in the operation and management, Regina needs to ensure that, as a married couple, they both understand and accept the responsibilities and risks involved with starting a business. From the information presented in the background notes, I am concerned that Ben’s pledge of a financial investment in the proposed company was from personally managed funds and not

Starting A Business Essay

1288 words - 5 pages Starting a Clothing Line Business Apparel manufacturing is one of the most in-demand businesses today. Find out how to start and run a clothing business. The First Step Apparel manufacturing remains one of the most in-demand businesses today. According to the American Apparel and Footwear Association (http://www.americanapparel.org), apparel sales for 2000 reached $315 billion, representing a 90% growth from its 1990 levels

Key Considerations and Critical Issues when Starting up a business

1521 words - 6 pages When starting up a business, there are many key considerations and critical issues that the business must acknowledge and understand in order to find success. There are a vast amount of considerations and issues which can be focused on, but the key considerations which this essay will be focusing on are the location, staff, and capital. The critical issues which this essay will be focusing on are the importance of the business plan, managing

Starting a New Business: Crowfunding

855 words - 4 pages , 2013). At the start, crowdfunding have been used by charities to raise money. As main challenge in starting a new business is “Finance”, crowdfunding is used in diverse. For every small or new business being started getting loan from the bank is undoubtedly not easy. Under such situations rose to crowdfunding started. A good example of crowdfunding is Kickstarter. “Kickstarter is the world’s largest crowdfunding site for creative projects

Starting a Business: Personal Computers Repair

665 words - 3 pages concentrate on conveying astounding administration, and utilizing the great expressions of mouth from this starting period to system with other potential customers. Particular statistical surveying by the holder demonstrates an alluring business sector corner for my administrations, of which PC Repair will take full focal point. The precise nature of the processing business, with its unprecedented rate of mechanical advancement, makes a consistent

Dream Job: Starting a New Business

1270 words - 6 pages Tony Hsieh the CEO of Zappos once said “Chase the vision, not the money, the money will end up following you.” My dream job is to own my own business someday to become an entrepreneur. “Entrepreneur is someone who has a vision of something and a want to create” once said by David Karp, Tumblr founder and CEO. To take responsibility to be the person that is the leader of my team. To help my vision come to life and be successful at it, I will

Management Process and how this is a key element in running a successfull business is a well-developed management department

1138 words - 5 pages Management ProcessesOne of the key elements in running a successful business is a well-developed management department. Organizations cannot simply run by themselves, nor achieve their main goals by themselves either. That is why many successful organizations, such as McDonalds, Rockwell Automation, and General Motors hire managers that use what is called the management processes, which consists of four basic functions- planning, organizing

Business Communication: Starting a New Chocolate Company in The UK

914 words - 4 pages challenges, it would be relevant for stakeholders to have full participation in day-to-day organizational decision-making. This will help business entities to have an enhanced performance and productivity thus enhancing competitive environment (Delon, 2002). Customers The main objective of starting a business is to gain customers and it is the most crucial part in the success of running a business. In order to thrive into today’s’ economy, the new

the risk and benefit of starting new business in Britain

1756 words - 8 pages governments together with the citizens have done numerous strategies to boost the economy and even survive during the recession. It’s already known that the key to a strong economy condition is the high rate of healthy national business condition within a country. That’s why Britain government realizes the importance of attracting the people’s interest of entrepreneurship in Britain. Entrepreneurship means starting new businesses, and it’s the

Running a Successful Business Takes More Than Just Good Luck

676 words - 3 pages . Running a business sometimes also needs good luck. For instance, some business investors earn a huge amount of money only by occasionally purchasing a good stock. However, to build a successful business takes more than just good luck; people still need to have perseverance, to accept help and advice, and to build employees' self-esteem.First of all, the most valuable characteristic is perseverance to succeed in one's business. Perseverance is the

Business plan- giving advice about what to do when starting a business

1055 words - 4 pages characteristics that are required for this type of business. To run a business the person requires:* Excellent decision making skills* Must have some skill in the area of using a knife to sculpt and shape arrangements.* Shows enthusiasm* Customer service focused* Genuine commitment to creating a quality product* Previous food experience is a plus, but not requiredIdentifying Business OpportunitiesOperating a successful small business is largely dependant upon

Similar Essays

Starting A Small Business Essay

1301 words - 5 pages exactly it was that I wanted to do. I knew that I had many talents, but was there one talent that I could potentially capitalize on? Hence, I asked myself the following questions:What business am I interested in starting?What services or products will I sell?Is my idea practical, and will it fill a need?What is my competition?What is my business's advantage over existing firms?Can I deliver a better quality service?Can I create a demand for my business

Starting A Business Essay

1012 words - 5 pages tax income gained from whatever you paid at home. It will also have one less producer in its economy. Starting and running a business requires you to make numerous difficult economic decisions.These choices, however, can help you become a very prosperous company in a large, competitive market.

Starting A Small Business Essay

2053 words - 8 pages Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small

Starting A Business Essay

1413 words - 6 pages of the term entrepreneur has been establish, one can elaborate on the fundamental steps that an entrepreneur needs to plan for a successful launch of a new company. First of all, entrepreneurs should become knowledgeable and familiar with the resources, organizations, or trainings that can provide assistance, information, or advice on the matter of starting a business (Rivera, 2010). In addition, entrepreneurs should seek the assistance of a