Choosing a Business

Description

This semester you will create a business plan for a business you choose. You may want to choose a family business, a business you currently work for, a business you hope to one day open, or any business. It can be as simple as a day care or a lawn service for instance. It is better to have a simple business for this exercise. Once you complete it this semester, you will be able to apply your knowledge to any business in the future. The business you choose must be one you can own and operate. A franchise is acceptable. However, Walmart is not because you cannot own and operate it. If you work for a business you would like to open one similar, create a new name for your future business, do not use your employer’s business name unless you know they would be interested in selling it to you in the future. You can use a family business if you have reason to believe you could be the owner of that business in the future. This week’s exercise is to think about the business you would like to use. You can change your business if you choose during the development of the business plan. You will not be held to what you decide for this assignment. Please use numbers 1, 2, and 3 as outlined below when submitting this assignment to facilitate grading. Points will be deducting for not following instructions if you fail to do this. Following instructions is very important for any employee and you will likely be our future managers! To begin your business plan you must decide what type of business you want to start. Do not rush this step, a solid choice will make this plan easier to complete during the semester.
1. Name your business.Why did you choose this name? Try to add a little personal touch here if you can. You want the banker or investor to be interested in your business!
2. State the nature of your business.The nature of your business is the essential characteristics of your business. Ex. Day care facility, or Lawn Care Business. The idea is to tell exactly what type of business you will open. I should not have any questions about what type of business you will open or which customers you will serve, which is not always evident from the name of the business. You cannot give me too many details when stating the nature of your business. The more you know and state about what you will be, the easier it will be for you to write your business plan. Three other questions you may want to consider while summarizing your “nature” are:• Why did you choose this type of business?• Why do you think this business will be successful?• Would you enjoy owning and operating this type of business?
3. If you decide to open a business, which form would be best for your business? Sole Proprietorship, Partnership, Corporation, or one of the special forms of business ownership detailed in the chapter? Why?