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Owning A Business

Essay by   •  September 17, 2010  •  2,932 Words (12 Pages)  •  1,418 Views

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OWNING YOUR OWN BUSINESS WITH EMPHASIS ON CHILD CARE CENTERS

INTRODUCTION

This paper will discuss ways in order for you to become a business owner as well as how to start your own child care center. Owning a business is not an easy job. There is actually a very complicated and long process to become a small business owner. Before you start to think about what you want to do, you need to ask yourself if you will be committed to this venture. If you are then proceed on with your business however, if you are not then owning a business is probably not for you. With owning your own business, your going to have less personal time then you had previously. Here are some reasons people become entrepreneurs. Many people have a strong desire to be independent, they would rather be their own boss because they don't take orders from others well. Owning a business is also a chance for owners to work at something they enjoy, they aren't shoved behind a desk doing filing work for eight hours a day. You are free to operate at your own paces with your own business. Depending on the type of business you own, you have a great opportunity to accumulate great wealth.

Purpose and Scope

The purpose of this report is to inform readers of the options available to people who want to own their own business. There is also a growing need for child care. So with this need more and more people are deciding to open up child care centers. In this report I will lay out steps in how to start your own business, and what to do from there. Also, pros and cons to owning your own business.

Sources and Methods

In order to give the information needed to start your own business, I have searched many journals as well as business related books. Internet sources have also help get information. I have also conducted an interview with an owner of a child care center.

GETTING STARTED

Choosing what kind of business to open is the most important decision to make. Just because you like to make bracelets doesn't mean you would like running a business making bracelets. You need to think about how much money you want to make, past experiences, attitudes on the business you choose, and your going to need a knowledge and some skills with the choice you make. Pros and Cons

With everything else in life there can be advantages and disadvantages to owning a business. There are many pros and cons, here are some examples. Pros: You will be your own boss, the chance to make good money, no one can fire you, work directly with costumers, great personal satisfaction, and a sense of stability for you and your family. The cons: Businesses are a large financial risk, long hours and less vacation time, incomes may not be steady, unpleasant tasks, such as not hiring a friend or firing someone. There are some pros and cons for home based businesses alone. Pros: Start-up costs are lower, shorter commute, more flexible schedule. Cons: more vulnerable to interruptions, you may have trouble finding qualified employees, and you may be less accessible to suppliers.

Location and Financial Assistance

To get your business up and running you need money. Initial capital helps you get you business set up and running and working capital is what you have to keep your business going until the business begins to pay itself off. There are many means of getting the money. You can use your own funds, get a loan from a bank, small business investment corporations, and even stocks. Wherever you get the money, it will not be a cheap investment. After you get your business going you will have many liabilities, or debts to pay back. Location also plays a big part in your business. To maximize your profits you will want a high population looking for your service or who have a need for your product. You can choose to rent and renovate an existing building or opt to have a new place built for your business. Renovating and existing building may come out to be more cost effective. One the other hand having a building constructed for your business could have more appeal to customers. Cost factors, such as land and construction go into play to where you want your business. You have to ask yourself, "is this land around my business safe" or "if I build, will there be enough room for my building?" Some others are, local regulations, services like police and fire companies, utilities like power and water, and tax structure. These are helpful to those starting businesses outside of their homes. When looking at possible location's look all over at many places. Don't settle on the first or even second location you see.

THE BUSINESS PLAN

What is a business plan and do I need one for my business? A business plan is just something helpful that outlines what you plan to do with your business and how you plan to lay it out and pay for it. It takes a lot of time and work. Most business owners who have plans are glad they have them. Business plans help the owner get money from lenders, help you decide if you want to keep going with your plans to have a business, they improve your business concept, and improve the odds of your business succeeding. The business plan also helps you stay on track. It presents a clear-cut plan for the future. For example, if you planned to be making a living three months after start-up, and six months after your going to be in the hole at the rate of $100 per day, your business plan should help you see that changes are necessary.

Marketing and Personal Plans

When starting your own business you need to know how to get people there. Marketing and advertising will help you get the business you need. Marketing covers most everything from how your company will make money to how your company's logo will look like. There are four basic aspects of marketing. The first is the product, what do you plan to sell. The second is price, is your product or service going to be affordable to your potential customers. The third is promote, this is telling your public who you are and what your selling. The fourth and final aspect of marketing is provide, in what ways do you get across to your customers and how you get the product to your customers. It also helps when you ready for advertising. Advertising will help you gain customers providing you have a good or a service they are looking for. Ads need to be eye catching and at the same time informative

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