Small Business

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CONTENTS 1. Introduction
* Definition Of Business

2. Investigate A Suitable Business Venture
* Considering Starting Up
* Business Planning
* Type Of Business

3. SWOT Analysis

4. The Resources
* Finance
* Personal Qualities and Support

5. Work Place

6. Indentifying The Market
* Feasibility Study
* Competitors And Customers

7. Tax , Payroll And Company Information

8. Managing Business
* Marketing And Sale

1. Definition of Business
An Economic system in which goods and services are exchanged for one another or money. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basic. 2. Investigate A Suitable Business Venture

Considering Starting Up
* Examine a range of options and select a suitable business venture. * Analysis potential markets/customers and business trends, which may affect the business. * Identify own goals and abilities and plan to meet any development needs. Business Planning

Business Planning is the important thing to think when start the business . Business Planning is the foundation of doing business. The important things to think of planning are- 1. Why do you starting a business?

2. What kind of business do you want?
3. Who is your ideal customer?
4. What products or services will your business provide?
5. What differentiates your business idea and the products or services you will provide from others in the market? 6. Where will your business be located?
7. How many employees will you need?
8. What types of suppliers do you need?
9. How much money do you need to get started?
10. How soon will it take before your products or services are available? 11. How long do you have until your start making a profit? 12. Who are your competitors?
13. How will you price your product compared to your competition? 14. How will you set up the legal structure of your business? 15. What taxes do you need to pay?
16. What kind of insurance do you need?
17. How will you manage your business?

Types of Businesses
There are five kinds of businesses. They are -
* Sole Trader
* Partnership
* Limited Company
* Co-operative
* Franchise

3. SWOT Analysis
SWOT means –
S = Strengths
W = Weaknesses
O = Opportunities
T = Threats
SWOT analysis can be used by an individual who is considering setting up some kind of business or by an existing business to identify business opportunities. If you want to do a company, you have to think about company SWOT analysis. For examples,

Strengths Weakness * Advantages of proposition? Disadvantages of proposition * Competitive advantages? Lack of competitive strength * Capabilities Gaps in capabilities * Resources, Assets, People? Timescales , deadlines and pressure * Experience, knowledge, data? Financials * Price, value, quality? Process and systems * Innovative aspects Cash flow , start-up cash-drain |
Opportunities Threats * Market developments? Political effects * Market volume demand trends? Legislative effects * Market...
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