Final Business Model Essay

4777 words - 20 pages

Final Business Model and Strategic Plan
Alicia Mercier
March 19, 2015
Todd Keller
Final Business Model and Strategic Plan
Business Model and Strategic Plan
A strategic plan is vital to conceptualizing and developing a new business built for success. Mission, vision, and value statements are critical factors that act as guiding principles for an organization’s strategic initiatives. Organizations build their corporate, business, and tactical strategies and objectives. The given paper is a descriptive analysis of mission and vision of Sew It All, and how these statements help Sew It All to differentiate itself from its competitors. In addition to that, the paper ...view middle of the document...

As you explore the market, some of the questions you should answer include:

Is there a need for your anticipated products/services?
Who needs it?
Are there other companies offering similar products/services now?
What is the competition like?
How will your business fit into the market?

Step 3: Make a Plan
You require an arrangement to make your business thought a reality. On the off chance that you plan to look for monetary backing from a financial specialist or money related establishment, a formal composed marketable strategy is an absolute necessity.
Regardless of the fact that you do not envision looking for financial boost, a basic marketable strategy can issue you clarity about what you would like to accomplish and how you plan to do it.

When all is said in done, your marketable strategy should layout your business objectives and the inspiration driving them, and in addition your arrangement for coming to your objectives as far as promoting and financing.

Step 4: Plan Your Finances
Once you have decided to open your new business one needs to plan for the financial aspect. Though starting a business does not always require a lot of money, investments are always a good idea. There are various ways you can finance your small business, including:
Small business loans
Small business grants
Angel investors

Step 5: Choose a Business Structure
Choosing a business structure is the next step. The business will need to choose between structures that are as follows: sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. One needs to choose the structure carefully as it may impact many factors from the business name, to the liability, to how you file your taxes (Gregory, n.d.).
The company can always choose a structure to start and can reconsider a change as the business develops and needs a change.

Step 6: Pick and Register Your Business Name
Choosing and creating your business may be key to the success of your company, so make sure it’s a good one. Look at all the options that you have and consider the potential ramifications as you investigate the alternative business name choices.
When you have decided on a name for your business, you will have check to see if your choice trademarked or is already being used. Once the name has been chosen be sure to register the name. A sole proprietor must register the business name with either their state or county clerk. Enterprises, LLCs, or restricted organizations regularly enlist their business name when the arrangement documents are acknowledged.
Don't forget to register your domain name once you have selected your business name.

Step 7: Get Licenses and Permits
Licenses and permits are a must to start up any business. It just depends on what kind of company that you are opening. There may be is a combination of small business licenses and grants that could apply to your situation, contingent upon...

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