Planning: Road to Success in Business - Article: 745838 at Isnare.com Free Articles Are you planning to start a business? If yes, you need to have a business plan and a capital to make it running and successful. Starting up your own business is a complicated undertaking that needs to be planned carefully because of the intricacies involved to make it successful. If you plan to start one, you should remember that there are several factors that you need to consider to become successful. Factors to consider: * Capital – regardless of the type of business that you intend to open, either sole proprietorship, partnership or corporations, you need to have enough funding to make it running. Money is needed starting from getting all the legal papers to daily operations of the business. You need funding to make your equipment running. You need money to finance the salaries and benefits of your employees. * Employees – despite the size of your business enterprises, you need staff and workers to manage and to make it running. * Office – an office is needed to house your equipment, supplies and employees. It is where your customers negotiate their transactions. * Business plan – it is a statement that outlines your business goals, ways of obtaining them, names of stakeholders or investors, policies, financial plan ghd ireland peter mark, executive summary and many more. It outlines the firm’s course of action in response to uncertainties, risks, management policies, production needs and many more. * Business permit – you cannot legally operate your business if you are not legally registered at the Securities and Exchange Commission (SEC) and obtained the needed permits from regulatory agencies to make your company legal. * Advertising – you need to advertise the services and products that the company have. With the stiff competition in the industry and the advancement of technology, entrepreneurs need all the strategies and planning they can get to attract more customers, to get more sales and to become profitable. However, business success would not be possible if you do not have no plans laid down in advance. Things to consider to have a successful business strategy: * Business set-up – you need to consider what type of business you want to set up. Do you want to have a sole proprietorship? Do you want to have a partnership? Do you want to have a corporation? * Marketing research – before you start your business, you must conduct a business research to assess what market you intend to concentrate. You should also consider your competitors, type of customers you have and what benefits they can get from you. * Marketing plan – you must assess how you intend to promote, advertise, distribute and sell your products and services. * Financial requirements – consider how much capital you need to have to get your company running. * Business risks – ghd iv styler; assess what possible risks you need to take. You need to possible problems and challenges that you intend to face and ways of addressing them. * Accountability – you need to get a separate individual, such as partner, friend or business coach, to assess your business strategy. * Business Review – review and evaluate your business strategies to detect flaws and to correct them immediately.