Have you ever thought about all the effort that goes into starting and running a successful business? I was raised by a business owner; so, I've always known that it takes a lot of planning, research, money, you name it, but I never really had it all put into perspective. Actually, I still probably haven't. The example I'm referring to is just a simple business plan for my Entrepreneurial Finance class.
I’ve only been working on this project for three weeks, but already I’m overwhelmed with all that has gone into it. You need a product, not just any product, but something people actually have a need for. You need a proper design for that product. Then, you need the materials, a place to produce it, people (maybe even machines) to do the producing. Those people need to be paid, so you’ll need to plan your payroll. Not to mention, you need insurance if your employees get injured on the job. There’s also insurance for your property, insurance for your vehicles, and insurance for lost profits if you are forced to close down for a few days. Almost forgot, there’s also health insurance obligations (and this is just me reading off of the project requirements!)
On top of insurance obligations, you might have advertising expenses, license fees, professional fees, rent, maintenance, supplies expenses, travel. You’re also most likely going to need to borrow money for start-up costs and other things, so you’ll have to get a loan (enter the research and financial projections). Where does it end?? We are only scratching the surface right now! I’ve always admired those who had the determination to start their own business, but this one project has really given me an even greater appreciation for their hard work.
No comments:
Post a Comment