Reference no: EM133149468

BUSN318 | Lesson 2 | Starting the Business Plan Starting the Business Plan Introduction

Creating a small business can lead to new opportunities for everyone involved, whether they are founders of the business, business partners, accountants, financiers, marketers, or customers. An important step in the development of a small business is the creation of a business plan. During this process, founders and stakeholders will often focus on the type of business structure to initiate. Important considerations to include within the development of a business plan are business structure, partnerships, financing, forecasting, market segmentation, and customer relationship management.

As noted in Lesson 2, part of a formal, complex business plan involves conducting a thorough analysis of the market in which the company will be offering its products and services. But even if a business has no need to plan their business with such a document, it is very important that they conduct sufficient Market Research.  Review the notes in Lesson 2 regarding the Market Research Process, choose a type of business and a location where you would want to open that business. Apply the questions noted there to that proposed business. What additional questions would you want to ask?  What other research would you want to do before opening the business?

Additional information may be found in Chapter 5 of your textbook Exploring Business at: Chapter 5: The Challenges of Starting a Business of your textbook Exploring Business

https://open.lib.umn.edu/exploringbusiness/part/chapter-5-the-challenges-of-starting-a-business/

Own a Trucking & Real Estate Company