Career Case

Many accomplished businesses follow three important objectives in order to succeed. Authors of "A Standard Business Plan Outline" Berry, Tim, "Business Start-Up Costs" Hood, Victor, and "Nine Simple Marketing Tips for New Business Owners", Vaccai-Yess, Robin list the three objectives needed in order to start a successful business. The three factors described are start-up costs, business plans, and marketing.

In "Business Start-Up costs", Victor Hood (1/24/12) states that start-up costs for a business includes three main points to consider. One must first locate a market in which the business will be successful. Finding a location in which a business is profitable is very important. One must determine how much a location will cost and what kind of market in which a business will be successful. Secondly, a potential business owner needs to determine the basic start-up costs. Start-up costs include business licenses, lawyer fees, accounting fees, leases and inventory costs. Lastly, one must know how to continue to support personal affairs until the business is profitable. A business owner is still responsible for home and family life until the business begins to make a profit. It could take two to three months for the business to be successful; therefore make sure that supporting a family financially is possible in that time. These points considered in startup costs will enhance the success of a business. Hood, Victor. (1/24/12)

In "A Standard Business Plan Outline", Tim Berry discusses the necessity of business plans in order to obtain financing from investors. Partners, banks and investors require a business plan before any decision is made on their behalf. A business plan includes the executive summary, the company description, product of service section, market analysis, strategy and implementation, web plan summary, management team, and financial analysis. The executive summary is an overall description of the business. The executive summary describes the major goals and objectives of the business. The company background describes any company operations as of date. It also summarizes the financial condition, income and cash flow statements, and any other relevant financial statements. It is wise to include description of insurance coverage in order for investors want to be assured that death or other mishap does not threaten business. The product or service section provides a detailed description of what the business is selling. The product or service section also focuses on how the customer benefits from the product. The market analysis section of a business plan explains the market, customer needs and how to reach them. The strategy and implementation section is the specific management responsibilities with dates and budgets. A web plan strategy section of a business plan illustrates e-commerce. This section includes a discussion of website, development costs, operations,