Makeia C. Jackson
Instructor Sally Rogers
Introduction to Business
January 30, 2011
Identify at least three challenges when setting up a business. Explain why they are challenges.
Three challenges when setting up a business is capital, location and marketing. To start a business you need money to get it off the ground. This money will be used to rent or purchase space for the business, furniture and equipment, supplies, professional fees for legal and accounting and research and development of your products. This money will also be used to pay employees. Unless you were born into a wealthy family, money has to come from someplace to get the business running. Figuring out what type of funding will …show more content…
Marketing also includes analyzing the competition and determining how you are going to win the potential customer business, analyzing competition helps with pricing products and services. How will potential customer know about your products or services? Simple by promoting your products or services through continued advertising, sales, promotions and word of mouth. Many think that you can just start-up a business anywhere you want. When establishing a business, you have to think about rather the facility you’re renting or purchasing is in a zone right for the type of products or services you’re offering. You want to make sure the facility is large enough for your business. You have to ensure that it has enough space for everything. Considering location also includes thinking about whether the lighting, heating and cooling meet the needs of your business. You want to make sure that you choose a location where customers can easily access you. Making sure you have enough funds to start-up your business is crucial and actually one of the top and most important parts in running a business. Finding a way to market your products and services to