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Strategic Management

  • Date Submitted: 02/07/2014 06:15 AM
  • Flesch-Kincaid Score: 50.9 
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zahoorSteps to be taken before investing the money in any of the businesses:-
Key factors to consider when starting a business are :-
  * Market research:- the first essential step is to research the potential market of all three industries.

  * After the market research, I will select a retail business-vegetables and fruit. The reason is that this business has a good potential and I have the knowledge and experience in this field.

  * Availability of market for goods and services is paramount. A firm cannot be set in a place where there is no demand for any goods to be offered. Need to know who my customers are and where they can be found. Apart from knowing customers base through and through that should be identified. To  keep a close watch on your competitors as we will need a competitive advantage to succeed.

  * The knowledge of overall cost of the project is a necessity. Business costs can be analyzed in two dimensions, the start up cost and the cost of running the investment into the future.

  * Choose a business location- to select a customer friendly loction and comply with zooning laws

  * Create a business plan which will define the objectives and strategie of the business.this is one of the fundamental processes.

  * Register a business name-register the business name with the state government

  * Register for state and local taxes-register with the state to obtain a tax identification number, workers compensation employment and disability insurance.

  * Obtain business license and permit-get a list of federal, state and local license and permits required for the business. There are legal requirements in setting up an enterprise and they do differ depending on the type of venture and the managing authority. One has to be aware of this and obtain the licenses from the local authorities. The manpower needed should be available at a reasonable price.

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