Business plan • All great empire were built on a single thought, so think of your big idea. • It is essential that the idea is viable therefore work out the pros and cons of making your idea a business. • Once confirmed, work out a strategic business plan for your idea to make it into a reality. • The strategic business plan must include the following: summary, market analysis, organization and management, funding and appendix.
Location • A location that provides a good amount of exposure is usually ideal. • A start up business will require a location considering the brand image you are trying to portray and the competition in the vicinity. • A strategic management plan will require to outline if you need employees, so consider if the location is travel friendly. • Also consider the proximity to suppliers as products are the lifeline of a business. • Pick a considerably safe location.
Finance • One of the most important parts of the strategic business plan is finance, how do you plan on paying for it all? • The most common method is to take out a loan or a grant. • Banks offer general small business loans which you can use to start up and pay back as your business is stable. • If you don't wish to go down that route, perhaps you have inherited some money? Or you have some generous family? • People who do not wish to take out a loan generally use prior investments or sell properties in order to have enough money to fund your business idea.
Structure And Register • This includes determining the type of ownership you wish to use and structuring your income tax obligations. • Find the right tax form and pay your state income taxes for strategic management. • Now, all you have to do is decide what you plan on naming your business and registering it. • Remember that your business name is on all your forms and legal documents, so think wisely before you choose. • Now go straight to your state government office and get your business live!