Creating a Small Business

Introduction

Provide a brief introduction to your paper, outlining what the reader can expect to learn. This can include the importance of having a clear strategy when starting a business and a mention of the business idea you’re developing.

Description of Business/Name

Describe the idea for your prospective small business. Provide details such as the nature of the business, the products or services it will offer, and why you believe this business will succeed in its market. Clearly state the name of the business and any relevant reasoning behind the name choice.

Competition

Identify the key competitors in the industry or niche. Choose one competitor and provide a summary of its strengths and weaknesses. Consider what sets your competitor apart and how your business will differentiate itself.

Mission

Draft a mission statement for your business. The mission statement should clearly define the purpose of your business, what it aims to achieve, and its target market.

Type of Ownership

Identify and explain the form of ownership you have selected for your business. Discuss factors such as tax implications, liability exposure, managerial ability, and the cost of formation. Justify why this ownership structure is best suited for your business.

Conclusion

Summarize the key points of your business strategy, reinforcing the importance of a strong plan for success.

Sources

List your references here, ensuring you include at least two sources outside of the textbook.