Analyze what it takes to start and run a small business

Solutions

Expert Solution

In order to start and run a small business first of all a person must have a strong business idea.
He must then analyse the cost of each good and services from every market and choose those goods with lower costs than can help in maximizing his profits.
To start and run a small business, it is very necessary for a person to have enough money to purchase necessary goods and services and also have right people to assist him/her in the business.
A person must have an estimate of the business expenses like the rent, machinery, equipments, raw materials etc.
He must choose a correct insurance policy that can cover them and protect him from potential risks during losses.
The businesses must analyse the various requirements that will be helpful for them to run the business smoothly. They must choose a convenient location, time, effecient manufacturing and supplying process etc.
Finally they must Set up financing and advertising plans for further success of the business and to earn profits through more popularity.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

If the small business strategy is to run one location then What might be the advantages...

If the small business strategy is to run one location then What might be the advantages and disadvantages of adopting to multiple sites? 300 words please

If you could start your own small business franchise, what would it be and why? What...

If you could start your own small business franchise, what would it be and why? What are two specific disadvantages you would anticipate encountering as the owner of that small busness or franchise? What is the one thing you think would the most important thing to do in making sure your business was successful and how would you try to achieve it? Be as specific as possible in your response.

Mr. John decides to start a small business with the intention to expand it in the...

Mr. John decides to start a small business with the intention to expand it in the future. He has some capital, but he fears he may lose some of his personal assets if the business fails. Also, Mr. John is not sure he has enough capital to proceed with a sustainable business. At the same time, he has some doubts in sharing the ownership of his business with partners that had not to participate in the 'creation of his business...

Assume that you are going to start a small business of your own. Further, imagine that...

Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the business and its likely main competitors. How would you structure your advertising and customer service to differentiate your product/service? How easy would it be for new competitors to enter your market and erode your customer base or selling price? What...

You have a friend that is about to start a small business using a credit card. They...

You have a friend that is about to start a small business using a credit card. They understand nothing about accounting and think they will have all of the information they will need to manage the company by keeping track of their credit card balance. Please explain to them what type of accounting information they will need to help them run the business.Be sure to use the terminology and information from the textbook

Topic: Role of Advertising Assume that you are going to start a small business of your...

Topic: Role of Advertising Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the business and its likely main competitors. How would you structure your advertising and customer service to differentiate your product/service? How easy would it be for new competitors to enter your market and erode your customer base...

Discussion Topic: You run into to Vincent at a networking meeting for small business owners and...

Discussion Topic: You run into to Vincent at a networking meeting for small business owners and he asks you, as a fellow small business owner, to share and explain 2 ways your business is or will be different from your competitors in the areas of pricing, the use of technology, or distribution strategy. He also asks that you provide examples from your experience in your response.

You plan to start a business selling premium kitchen cabinets you will manufacture in a small...

You plan to start a business selling premium kitchen cabinets you will manufacture in a small shop in your back yard. You estimate that you have fixed costs associated with these activities of $500 per month. You estimate the cost of lumber and other wood for each set of cabinets to be $1350. Supplies including clasps, hinges, nails, and screws cost $75 per set of cabinets. You pay a local teenager $12.00 / hr to do sanding and staining of...

A colleague of yours is planning to start a small, plastic components manufacturing business. He has...

A colleague of yours is planning to start a small, plastic components manufacturing business. He has invited you to be a partner. Best estimates for the total depreciable capital for equipment which includes a compounder and extruder is $500,000. Expected sales amount to $250,000 annually and total manufacturing costs without depreciation was estimated to be about $96,500 yearly. If equipment can be purchased and installed in one year and the project has a ten year life, perform a complete discounted...

You are an I/O psychologist consulting with an individual who wants to start a small business...

You are an I/O psychologist consulting with an individual who wants to start a small business (two or more employees). Your client wants the business to be one in which the employees have a manageable level of stress, so you will need to consider the workload and environmental factors. Your client also wants to promote good communication among all employees, so you may need to consider the office layout, design, and other factors. Your client wants his/her employees to enjoy...

Subjects