Get the free Creating a Business - Harare International School

Creating a Business Humanities Book Hannah Tavern and Victoria Rose 7A Designing a Business Plan A) Naming our Bus sines Name of our Business: KeyChainorama We chose this name because of its significance

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1. Research and Planning: Start by conducting thorough market research to identify potential customers and competitors. Determine your target market and create a comprehensive business plan that outlines your goals, objectives, and strategies.
2. Legal Structure: Choose the legal structure that best suits your business - sole proprietorship, partnership, LLC, or corporation. Consult with legal and financial advisors to understand the legal and financial implications of each structure.
3. Name and Registration: Select a unique and memorable name for your business, ensuring it aligns with your brand and target audience. Register your business name with the appropriate government authorities.
4. Licensing and Permits: Determine the specific licenses and permits required to legally operate your business. Each industry and location may have different requirements, so research and obtain the necessary permits.
5. Financing: Determine the amount of capital required to start and sustain your business. Explore various funding options like personal savings, loans, grants, or investors. Create a financial plan that includes an income statement, balance sheet, and cash flow projection.
6. Location and Infrastructure: Decide whether you need a physical location for your business or if you can operate remotely. If a physical space is required, consider factors like accessibility, costs, and potential growth opportunities.
7. Hiring and Staffing: Assess your staffing needs and create job descriptions for each role. Recruit and hire qualified individuals who align with your business's vision and culture. Establish a compensation and benefits package that is competitive in the market.
8. Marketing and Branding: Develop a strong brand identity and create a marketing strategy to reach your target audience effectively. Utilize various marketing channels, such as social media, websites, email marketing, and advertising, to promote your products or services.
9. Sales and Customer Acquisition: Determine your sales strategy and develop a robust sales funnel to convert leads into customers. Implement customer acquisition techniques like networking, referrals, advertising, and online marketing.
10. Operations and Processes: Establish operational processes and systems to ensure smooth day-to-day business operations. Create a framework for supply chain management, inventory management, production, customer service, and quality control.
11. Tracking and Evaluation: Monitor key performance indicators (KPIs) to measure your business's success. Regularly assess your progress, adapt your strategies as needed, and continuously improve your operations.

Who Needs Creating a Business?

1. Aspiring Entrepreneurs: Individuals who have a vision for a business idea and want to bring it to life.
2. Existing Business Owners: Those who want to expand their current business or venture into a new industry.
3. Investors: Individuals seeking investment opportunities in innovative business ideas.
4. Governments and Agencies: Organizations focusing on economic development and job creation may require assistance in nurturing new businesses.
5. Professionals: Experts in various fields (e.g., lawyers, accountants) can offer support and guidance to those seeking to create a business.

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What is creating a business?

Creating a business involves setting up an entity for the purpose of conducting commercial activities.

Who is required to file creating a business?

Anyone looking to start a new business or establish a legal entity for business purposes is required to file for creating a business.

How to fill out creating a business?

To fill out creating a business, one must provide information on the type of business entity, ownership structure, business name, address, and other relevant details.

What is the purpose of creating a business?

The purpose of creating a business is to establish a legal entity that can conduct commercial activities, enter into contracts, and be held liable for its actions.

What information must be reported on creating a business?

Information such as business name, address, type of entity, ownership structure, contact information, and other relevant details must be reported on creating a business.

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