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Supporting new business - Essay Example
Pages 9 (2259 words)
Starting a new business, even on a low scale, is not an easy task. A start-up business needs lot of planning and realistic vision for it to flourish. The entrepreneur needs to take calculated risk along with their mitigation plans to overcome possible short term losses in the business…
Identification of your competitors - Is there any product, similar to your product, available in the market If yes, how different would be your product from them Why will they buy your product when they are using pre-existing products
To answer your potential customers, you will have to perform a gap analysis between your product and those available in the market and highlight the key features of your product that will be beneficial to them. In nut shell, prepare plans for beating the competition.
Identification of sales channel for the product - Are you planning for direct sale Are you planning to sale it through the dealers or online on the internet How will the product be delivered to the customers
Estimation of the underlying infrastructure needed to support your business - What kind of machinery will be required for the production How many people will be needed to manufacture your product Do you require human resources for any other function of the business
One needs money to start a business and to run every function of the business. Where will the required financial support come from You need to assess your financial capacity against what your business needs and fill this gap by arranging for the additional money.
Identification of the source of funding - Do you have enough money to support your business If not, who will ...