By: Edmond Akopyan
December 15, 2010
Instructor: Mark Oertel
Starting a business requires some research on licensing, state laws and regulations and finally getting things started. It also requires looking into the business entities, taking control, taxation, and of course taking liability issues into consideration. It is important for the business to be able to protect itself. In this paper, an extermination business, a restaurant/bar business and a construction scenario will be discussed based on the requirements of stating a successful business.
Frank is a wealthy investor who plans to open a chain of exterminating businesses across the United States. A business in this industry can be rewarding, with some hard work. After getting aquainted with each state’s requirements on licensing, laws and regulations, the business can be started. Opening a franchise will benefit Frank to expand into different locations within the United States. It will also allow him to collect profit from the percentages of the franchisees as royalty. Having a business and marketing plan is essential to guide the investor to success. Insurance is also an important aspect of all businesses. A great way to start the marketing plan is to work with Realtors. Every time a home is sold, termite clearance is needed to close the escrow. Targeting the marketing plan around the Realtors would greatly benefit the growth and the success of the business. In all businesses, pricing is a key element. Being a franchise will benefit Frank with taxation and liabilities allowing its inspectors to all be independent contractors.
In another scenario, Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to...