Entrepreneur Start up Process - Essay Example

ation and research. It identifies you to your customers and allows you to differentiate yourself from your competitors. When starting to look for a business name, business owners needs to firstly identify the business type if it is a product or service etc. Then they start to search for business name and narrow the search by making a list of the best names and sharing the list with others. Before selecting a name the owner should consider the following factors: Choose a name that has meaning for your target market Use a descriptive name to advertise your product or service Try not to have the name be restrictive Think about how the name looks Plan for all uses of your business name After that check the availability of the name in Australian Securities & Investments Commission (ASIC) website and if it isavailably start the registration process by registering your business name with Australian Taxation office (ATO).

Then go to the Office of Fair Trading or visit their website to fill in the application of registering a business name. The business name should be memorable, available, and allows your company to grow. Please note: “When setting up your business, if you choose to operate as a sole trader, partnership or a trust, and not as a company, then you will have to register your business name in the state or territory in which you’ll operate. If your business name includes your or your partner’s, first name and surname, then you don’t need to register your business name.

” Choosing a Business Location Figure 3: Business Location The right location can be critical to the success of your business and poor decisions are usually difficult and expensive to overcome. Therefore, after deciding what type of business you’re going to run, who’s your business trying to target and what is your business trying to target such as companies, universities. After evaluating the business type, audience, and market target, you can start searching for business locations. However, your most important consideration in choosing a location is your ability to satisfy your target market.

Market: Market information is a key for a business success. If an owner is unaware of the customer choice, taste, market trends, market approaches, and customer management skills, the business would not be able to generate sufficient or required volume of sale and would be losing its customer base in the long run. Competitors: The information of competitors and their business strategies are highly critical for business success. By knowing the market policies and discount offers provided by the competitors to the customers, the owners of the business become