Business Plan Essay - 1100 Words

Business Plan (Essay Sample) Content: Business Plan(Name of Student)(Institutional Affiliation)Report on setting up a businessSetting up a business can be a tasking process. Poor planning can result in failure of the business and thus, loss of capital. Thus, systematic steps should be followed while setting up a business. Before setting up any business there are a number of factors to consider. Nature of business that you want to engage in (Wankelen McKenzie, 2004). The nature of business greatly defines the other specifications that follow. For example, location of business is defined by the type of business. Location of a business is essential for its growth. An ideal location near the target market should be chosen to increase ease of access by customers. The nature of business also defines the nature of the premises that you should occupy. For example, large spaced premises should be used for a business where a large flow of people is expected. The type of product that you will be providing in your business defines the location and the type of premises. For perishable products, well aerated and a location near customers should be chosen. Another important consideration while choosing a location is to check whether there is enough room for expansion in future. Many businesses are forced to relocate when they want to expand and this can result in loss of customers.Capital is one of the major considerations that define a great business. While setting up a business, a business plan can help you estimate the amount of capital that you need to set up your business. For many businesses, the owners start out as a small business and they gradually expand. However, other consideration such as taking loans and enlisting shareholders is advisable. Shareholders in a business will help shoulder the co of opening up the business for a small part of ownership. The amount of capital defines the scale at which one can operate. For example, with a large amount of capital an individual can open a full operational business with all facilities and a good number of employees to help run the business. Legal considerations- while setting up a business there are legal factors that are required,. The first legal step is to register your business idea to make it legally yours. Another legal requirement is acquiring licenses to run your business. All operational income generating projects are bound by law to contribute to paying of taxes. The amount of taxes to be paid is based on the amount of income that the business generates. Another legal requirement is insurance. The advantage of undertaking insurance policies in a new business is that you are protected from any losses that would otherwise crumble your business. List of internal and external sources and their reliabilityInternal information ResourcesExternal Information sourcesDefinitionsThese are observations and conclusions that are made aligned with the business operationsThis refers to sources that are not aligned wi th the business such as printed hard copies.ExamplesStatistics of production and sales that are made in the company.Books and reports which are external to the businessInformation managementInternal information management can be achieved by controlling flow of information or controlling the production and sales made.Information management of external information is harder compared to internal management (Boddy, Boonstra Kennedy, 1994). Analysis of available data is carried out to determine which information is applicable to your business.Value and costMany companies manage the flow of information in their internal reports. Thus, it is hard to estimate the cost incurred while getting internal information.External information is only viewed a valuable if it applies to your given situation.Improvements in methods used in the selection and analysis of information needed for business start upsSelection of information and analysis of the information should be done from start up businesses that are successful. This is due to the fact that such business owners can give an account on how they made their business success. Improvements should also be made in the kind f obstacles that business starters face. Solutions to these problems should also be listed. Improving networking skills and involvement in decision makingGetting stakeholders for your business is an important factor for people considering starting a business. There is no business that can be run by a single individual. In many cases, the owners of businesses find themselves looking for partners so as to simplify the structure of the business. On the other hand, one can look for shareholders to invest in your business for a minority shareholding in your business. Compared to taking loans, many people prefer to get shareholders in that they can help share any losses encountered. Shareholders are also important during the decision making process. Thus, before any decision is passed, it is scrutini zed by the shareholders who decide whether it is beneficial for the business or not. However, a major problem of slow decision making is a major setback in the growth of a new business. Improvements to enhance decision makin... Business Plan Essay - 1100 Words Business Plan (Essay Sample) Content: Business PlanNameInstitutionDateIntroductionIT implementation is among the most vital factors that are necessary for the success of any business. In any case, the introduction IT decisions to any business requires the appropriate IT measures to ensure that the solutions obtained for the business are vital for the success of the business. N this case, Myraà ¢Ã¢â€š ¬s business requires appropriate IT solutions to ensure that all the objectives intended for the expanding business are viable. IT solutions are mainly solutions that are obtained prior to proper advice and consultation from IT specialists. In the case of Myra, her business is still thriving in order to conquer the market and expand to cover more of the opportunities that are available in the market. In her case, she requires a business solution that is more flexible due to the extensive nature of the business. Likely, the implementation of an IT solution in the business would help to make it possible for th e fulfilment of the earlier stated objectives that regard the expansion plans of the business and the need to attract more customers. `The extension of the business in question also arise other software and technology requirements that would initiate the proper recommendation of the software to be used (Stephen, 2001).Myraà ¢Ã¢â€š ¬s business has different objectives that are yet to be enhanced by the prospective recommendations. Some of these solutions include the enhancement of record keeping and transactions in the business. Networking would be the best solution for this business. There are however different types if networking solutions that may be implemented in the running of businesses of that nature. The consideration of the type of networking solution to be used may depend on the type of transactions to be carried out, the nature of expansion intended for the business and the management and operational policies to be used after the improvement of the business (Stephen, 200 1).System ChoiceThe best recommendations for Myraà ¢Ã¢â€š ¬s business are the use of starred networks. The business is a sole proprietorship that is operated by the owner. In this case, she has to be accessible to all the transactions and all the activities that take place in the business. However, she has to employ specialists to manage the activities and control the systems. They have to be answerable to her directly through a network without any breach of the information from either intersections of the network. Starred networks would help to ensure that there are no intersections in the results of the transactions from either side of the business operation. Myra intends on increasing the intensity of the business in terms of the operational area. This would mean that there are many stalls offering different services within the same business under a single management. Starred networks helps to ensure that the management of the business can create as many extensions of the busine ss as possible. It reduces the chances of limitations kin terms of the creation of different business stalls.The network type elected for the business has various advantages over the other alternative solutions. It is a system that is easier to set up and it can be easily controlled. It is also easier to determine errors in case they occur since business activities and transactions are prone to errors. All the advantages including the cheaper costs enable the system solution to be easily managed and it could be implemented over a short period of time.System ImplementationSystem implementation is one of the most vital factors in the course of finding a solution for any enterprise. However, system implementation requires the consideration of different factors in order to ensure that it compatibly complies with the objectives of the business. Myra has to consider different vendor recommendations in order to purchase the intended choice of system. The cost of the product is usually the most vital factor. Different vendors would have different systems that are of the same type but with different costs. Since the business is still growing and it does not require a lot of computation, Myra would consider a relatively low price vendor for the acquisition of the system (Rybaczyk, 2005).There are different hardware and telecommunication requirements that would also have to be met in order to ensure that the implementation process of the system is successful. There would be need to purchase the appropriate number of stations that would serve to the main central station. The stations would involve the acquisition of computers, printing machines and other hardware such as document editors. The central station would also include computers. Connection cables would also be necessary for the implementation and connection of the system components (Rybaczyk, 2005).The vendors may recommend the appropriate configuration options for the system. Such options would include the appro priate software options that would b able to compatibly work with the system being implemented. However, it would also be necessary if Myra would ask for advice from other experts about the configuration options for the system. This is an appropriate step in the implementation process since it helps to determine the functionality of the system and its efficiency in the Attaining of the set objectives for the business (Rybaczyk, 2005).Testing of the system is also a very vital factor in the implementation process. The system has to be vetted against the aims of the business based o obsolete information. This would help to access the...