The Ways To Establish A Small Business

1659 words - 7 pages

The Ways to Establish a Small Business

Small business is defined as an independently or privately owned business, usually in the form of a sole proprietorship or a partnership and is not dominant in its field (U.S Department of Treasury, 2010). It is limited to have no more than 50 employees or 1500 employees for manufacturing industries, and a turnover less than 5.6 million pounds (HM Revenue & Customs, n.d.). Throughout the years, small businesses have grown significantly, with over 543, 000 new businesses start each month (Nazar, 2013). It is undeniable that almost everyone wants to start and have their own business, even a small one. Who would not want to have the pride of having built something of their own and profits flowing into their bank account at the end of each and every month? (Dahl, 2011). In order to make such an “easy life” come true, there are several steps that must be taken carefully. There are plenty of ways to establish a small business but the most important ones are searching for ideas, drawing a business plan, determining the amount of capital, deciding the target market, building the business’ own brand and completing all the necessary legalities (Open Government License, 2013).
All business plans begin with an idea. A small business does not require large amount of capitals or investments, it only needs one brilliant and creative idea. It then depends on how we make it a target for a business strategy and plan. An idea has to be realistic, so that it can be turned into a real product or service. One needs to get over “the company name thing” and must not waste time to come up with a perfect company name. Instead, start digging and exploring for ideas he or she has in mind. . According to Day (2012), “lots of people go about finding their niche by using business school tools such as market analysis or sector research. Why not start a business based on a need you yourself have, that is not properly addressed by existing suppliers?” If one fails to do this, the internet can be a good help as it provides good websites that may stimulate creative ideas. Good entrepreneurs always have general ideas of what business they are going to start, whether it is an innovation or an improvement of the existing products. The general ideas must then be narrowed down into a specific idea, by raising specific questions. (Schawbel, 2012). For example, what products or services will the business provide, how to manage the products, where will they get the materials or supplies to make their products and to whom are the products intended to.
The questions can be used to make a business plan. By answering the questions, the information about the necessary tools, machines and budget needed to setup the business can be assessed. This will enable the entrepreneurs map out how to start and operate the business. A business plan includes the business’ description such as the field in which it operates in, the management structure such as...

Find Another Essay On The Ways to Establish a Small Business

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 small business Essay

1301 words - 5 pages entertain the possibility of starting my own business, I asked myself the following questions, which I discovered on www.sba.gov. The website asked the following questions to aspiring business owners:Are you ready?Is Entrepreneurship For You?In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation

Surviving a Small Business

2504 words - 11 pages ) DecorMyEyes was a small business that tried to get negative reviews in order to be more popular on the search engines. He believed that if he was intentionally offensive that he could draw more customers to his site. His small business was online and ran out of the basement of of his home. The owner, Vitaly Borker, was rude, threatening customers, and had running complaints of customers not receiving their product. His site was popular on the

This essay was written as a business concept for a unique small business. I developed the concept for this business and had to write a paper on it.

6580 words - 26 pages include grooming the dogs in the comfort of their own home, overnight dog sitting, and referrals to obedience training programs.Industry Trends:The economy plays an important role in a small business. It is important to understand the factors that affect the economy in order to decide if the new venture will have the desired outcome. Factors that affect economy include the inflation rate, interest rate, and unemployment. Right now United States

The Management of a Small and Large Business

2460 words - 10 pages Developing A Small BusinessThe management of a small business is really the same as the management of a large one. Discuss with examples.Management is important in any organisation whether it is considered to be small, medium or large, as it is needed wherever people work together for a common purpose. Management is best seen as a unifying resource that brings together all resources (people, material, machines, money) used by the organisation so

Was it ever possible for the British to establish a fair solution to the Palestinian problem?

2440 words - 10 pages "The main asset in all our Zionist venture, England as we know her up to yesterday, has disappeared. Sometimes I feel like Sinbad the Sailor. . must have felt when he established his 'national home' on a lithe island...and the island proved to be a whale."-- Vladimir Jabotinsky, 1936Israel was a creation of humanity and the fate of Palestine the defining traits of man. An epitome of altruism in spirit yet egoism in action, Machiavellian

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 There are some important issues to consider when starting a small business.Small businesses here in the United States currently represent over 98% of the of the labor force (Business Essentials, 2003). When starting a new business you will need a business plan and financing. You must consider the legal issues involved as well as structure, especially when dealing with a family business.A business plan is a valuable tool to allow a business to

The Small Business Administration (SBA)

1649 words - 7 pages , Subcontracting Assistance, COC and PASS programs. The SBA also tries to establish goals for contracting with small disadvantaged businesses. The last area of focus is Disaster Loans Assistance, which comes into play for assistance for non-farm, private sector disaster losses. Most small, independent businesses or individuals starting a business are eligible for SBA assistance. Because the agency is committed to economic development through small

The title of this essay is Small business development of Fair Fast food restaurant, which is concerned about how Fair fast food restaurant successfully develop from a small business to a big industry.

3491 words - 14 pages Title: Small business development of Fair Fast food restaurantExecutive summaryThis report covers the content that analysis of the Fair fast food restaurant is how to successfully operate and survive in the cutthroat market as a small business starter. Fast food and organized catering is nothing new to Hong Kong. Through SWOT analysis, we may easily find that Fair fast food had 12 years history in Hong Kong fast food industry and it is well

Small Business Management - A Case Study

2176 words - 9 pages An average business essay (not really economics!) Approx 2200 words. Well structured, lacked on focussed factory concepts!Enterprise & Entrepreneuralism'Bridgetown Newsagents' - A Small Business Case StudyIntroductionDillons newsagents is a late closing local shop with a 'Mini-Mart' service. The 'Mini-Mart' side of the business is franchised from Dillons to a registered partnership: Mr Charles Pettifer and Mr Marc Devis.Full services are

A Critical Evaluation of Small Business

9577 words - 38 pages A Critical evaluation of small business in South wale and UKAbstractTraditional training separates learning from the work context in which the newly acquired knowledge is to be applied. This requires the worker themselves to apply imparted theoretical knowledge to knowledge in practice, a process that is grossly inefficient. The ENRICH approach builds on organisational learning theory to intertwine working and learning. The ENRICH methodology

Similar Essays

Ways To Establish A Small Business

1436 words - 6 pages offline such as online shops, restaurant, saloon, etc. Some may think that it is just a part-time job to have an extra salary, but the truth is, we can get a large amount of incomes if we have a good management skill. Establishing a small business can be easy or hard depending on the person's capability, relation, knowledge, and luck. There are several things that need to be done before the business could run, first is completing the business plans

How To Start A Small Business

2365 words - 9 pages qualified me to take the lead in writing our business plan. Our business plan would serve as our strategy in moving forward but first I needed to establish our mission statement. Basically, our mission statement was to provide excellent services to our clients while making a profit. In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had to decide what services we would offer

How To Start A Small Business

739 words - 3 pages Business: How to start a small business Business is one of those things where you can do a lot. Everyday there are thousands of people trying to start a business and not knowing exactly what to do with their idea. Creating a new business is fairly easy, you just have to know what you’re doing and the process it takes to start a business. For starters you’ll need to have an idea in mind of what you’re planning on doing with your business. An

To What Extent Did The Nazis Establish A Volksgemeinschaft?

4075 words - 16 pages requirement to establish the ideal of the Volksgemeinschaft concept was population growth, or increase in `kinder'. This was encouraged in a number of ways: the enforcement of anti-abortion laws; the restriction of contraceptive advice and facilities; improved maternity benefits and family allowances; and the conversion of a quarter of the funds for the marriage loan scheme into a direct monetary gift from the state for each child `donated to the Fuhrer