Foundations of Your Own Business

RES/351
November 3, 2013

Foundation of Your Own Business The process of starting your own business begins with one thing, research. First you must collect and then process it into information that can be used to define more details on where you should open a place, how you should run or open it, and how you should operate it. You should also look into the market or what type of customers that you will be serving in that area. I plan on opening some sort of baseball academy in my hometown in New Jersey. There is a lot of work that goes into even the thought of starting a business like that. First you have to find out what the cost of something like that up front would be. Also you must find out what it will cost to maintain the business or the overhead. That includes things like the payroll, supply costs, taxes, and rent. One of the most important things to research when starting a business locally or even nationally is to research the competition. You should find out what pricing or promotions they use for things similar to what you offer. This is how you can lay a great foundation and get clientele right away but also remains competitive with them. These are all things that can lead to success from the start. Researching the demographics can also play a huge roll into what type of customers are going to come in and what they are going to pay versus what you charge. All of this is crucial when it comes to staying in business but also being successful. When you are up and running a big thing to look into would be something like customer satisfaction. This can help your company out a lot. By researching but people would like different or what they liked versus what they didn’t like you can try and please as many people as possible to make sure that everyone is happy. It seems to me that good companies do their respective