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New Business Project

Essay by   •  July 8, 2011  •  954 Words (4 Pages)  •  1,268 Views

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Starting a business can be risky, but with the rite knowledge and expanding ability anyone can achieve its goal in business. To make your dream come true a well-developed concept and idea should be present in one’s mind or on the table. One should work inside out to reach the heights he or she once dreamed off. Same as others I set my goal to open a Mechanical Company.

A) A company linked with Heating, Ventilation, Air Conditioning and Refrigeration (HVACR). We will be doing sales, service and installation on both new and old constructions.

B) Doing HVACR market survey, facts that caught my eyes was that there are already hundreds of companies who are already exist and providing the same services.

C) To be successful in any business or in business world new ideas must be introduced frequently to make your business more efficient and effective at the same time. Less time consuming training will be given to employees, which I believe will be the key factor. There will be no interest for life, plans available for those who qualify, on new installation only or services exceeding $ 1499.95. A same day service and around the clock tech help will be introduced for the first time. There will be no overtime charges for the services provided. Customers will receive coupons in mail to save money on their next service and a reminder for service due before every season. A 5 percent discount will be given in addition if paying in cash.

D) Our company will not be targeting one ethnic group. It will be a company of well-diversified customers.

E) Telemarketing, advertising via emails, radio, newsletter, mail, will be a key tools for our company success. Referrals will also be welcomed in our company.

F) Pricing will be economical; our customers will always have an option of payment plan. Our pricing will strictly be based on hourly bases and include markup on equipment.

G) Number of 5 employees will be needed in the start. From which 3 will be full time trained technicians for service, 1 full time receptionist to answer and directing phone calls to rite people, 1 full time employee for telemarketing. I my self will also be contributing in advertising, sales, tech support etc.

H) 3 technicians $ 450.00 per weak each. 1 receptionist $ 320.00 per weak. 1 telemarketer $ 320.00 per weak.

I) Our minimum target from each customer will be $150.00. As doing a sitictics company should have a minimum of 153 service calls each month to break even the total expense of $ 23000.00.

J) A $50,000 debt is considered to be a reasonable amount to get this business up and running. Which includes rent, equipments, payrolls, office furniture, office supplies, tools and miscellaneous expenses.

K) Although there are many options for a company to raise capitol, but I preferred debt as an option.

L) Liability is a financial obligation a company increases by borrowing money or buying productive resources on credit. Company will have a decent amount of liability including, debt, insurance, acct payables, employee safety means to make sure all employee goes through certain amount of training hours to prevent injury.

M) Location is most important factor in opening a retail business. But in my business most of the business is conducted via phone. One small office will be enough in the beginning.

N) Upon consideration I’ve decided to choose sole proprietorship, because it’s a simplest form of business organization to start and maintain. Its liabilities will be considered as my personal liabilities. The biggest pro of proprietorship is all the rewards, or income will be the owner.

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