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Essay on Ways to Establish a Small Business

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Business is basically a way for people to exchange products and services to gain profit for living. The first business was called barter system from the prehistoric times that are now called trading (“History of Business”, n.d.). People seem to prefer entrepreneurship because no one or no company can guarantee jobs for life. So, making an innovative, creative yet profitable business is a good option. But well, starting a business is another thing. Every business starts small and it’s a journey full of ups and downs until it probably becomes an empire. It involves 7 steps to be able to establish a business that will hopefully run for a long time. Those steps include, set a business plan, get financially prepared, determine the business structure, decide the location, register for taxes to obtain permits, set the employees and promote the products or services.
Firstly, a business plan is essential to do because it’s basically a map for future plans and it develops following the business. Especially when the business will search funding from an investor or a bank, a formal business plan will be needed (“How do I Write a Business Plan” n.d.). A business plan should cover the main points of the business. Like, the visions, missions, products or services, marketing plan and financial plan. Visions and missions let people know what the business sells. Furthermore, a marketing plan includes branding and merchandising. Branding and merchandising are the idea of making an image for your product through logos and designs. It is an important thing for people to know what the business is marketing. In addition, keeping track of transaction records is also essential to help analyze the business’s situation. Client records and tax record are pr...


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...gov/content/limited-liability-company-llc

Business Licenses and Permits. (n.d.). Retrieved from
http://www.entrepreneur.com/article/38882

Employment Types | Employing People. (n.d.). Retrieved from
http://www.business.gov.au/BusinessTopics/Employingpeople/Hiringpeople/Pages/Employmenttypes.aspx

Cowley, Ian. (2013, Sep 23). Recruiting Your First Employee: What to Know. Retrieved from http://www.smallbusiness.co.uk/running-a-business/employing-staff/2395157/recruiting-your-first-employee-what-to-know.thtml

Brock, Terry. (2014, Jan 29). 3 Ways to Grow and Maintain Customer Relationships. Retrieved from http://www.bizjournals.com/bizjournals/how-to/marketing/2014/01/nurturing-and-relationship-marketing.html?page=2

Holtzclaw, Eric V. (2012, Jun 21). Power of Consistency: 5 Rules. Retrieved from
http://www.inc.com/eric-v-holtzclaw/consistency-power-success-rules.html



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