About What A Business Is And Small Business Plan - 825 Words

About What A Business Is And Small Business Plan (Essay Sample) Content: SMALL BUSINESS PLANOver the years, we have had absolutely many people asking about what a business is, what it entails. Well from a general term, we can say that a business is a commercial activity or someone's regular occupation, be it a profession or trade. For one to develop his business, he or she must come up with a business plan which is a formal statement of the goals set up by the entrepreneur, reasons as to why these goals are attainable and the procedures developed to reach these aims. For one who might open up a large organization, the business plan might contain the background information about this particular company. A business plan is essential to business as it helps to map the future and avoid any losses that might come up as one continues with his business.For one to start up a business, you must look at all the aspects which might or might not be in favor of your business type. As a start-up company, Ali Bush would like to open a website development business which will only offer the services of creating and selling of websites. Being that many human beings all across the globe use the internet for different purposes, I firmly believe that the business is bound to prosper only if she meets the requirements of all the clients. Having a business providing high quality services will not only attract many people but also make them be loyal and permanent clients to your business. For the business to attract as many customers as possible, it has to have a good design as well as high levels of hygiene maintained. All the workers must be ready to deliver the best and comprehensive service to the customers present in addition to providing websites that are up to standard. Availability of ready labor would really help a great deal since she could hire workers from Ole Miss and they could work in the readily available office which is her extra bedroom. Since no rent is paid for the room, Ali Bush could realize very high profits consideri ng if she would decide to venture into this business.Such a business is a good profit, but as we all know, nothing good comes easy. Thus for one to be able to maintain this kind of business, she must be prepared to dig deep into her pockets. I therefore strongly suggest that when venturing into such a business, I would prefer it to be a partnership rather than a sole proprietorship. In a business type of activity, the company is owned by two people, each ownership depending on the amount that each invests. The maximum shareholders are usually those who invest a lot of money in the business. It is not necessarily owned by two people but can also be owned by three or more, depending on how the investors will agree.There have been many cases of some partnerships which have turned sour, but most of them have their advantages and disadvantages. Some of the benefits of partnerships are that the partners will fund the business about the startup capital and this, therefore, means that the more the number of partners, the more the money. These funds allow for better flexibility and the growth of the business which will result in more profit. There is also the advantage of shared responsibility when running the business in that the partners will be allowed some room for them to make use of their abilities. If one partner is good with numbers and figures, he is allocated the job. Also shared responsibility results in time-saving whereby work is split amongst the few partners available, and each is tackled by them individually. Partners tend to make decisions in their business, and thus, this sharing enables them to share and help each other when need be. Nevertheless, more partners mean more brains and finally more ideas on improving the business.The cons in partnership always come about when people are getting to share the profits. All the p...