Starting+Out

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Starting Out In Business __** One of the biggest questions that made us choose to research this topic was what you need to do to start a retail business. We set out to find the answer and here is the following. To our amazement there isn’t too much that you have do before you start. Although it is quite straightforward and well-published, the necessary steps are often not taken. Therefore the people who fail to plan are planning to fail. From our interviews, we have decided that the most important thing you need is inspiration followed by passion. You need to know what you are aiming for and what it is going to take to get there. “Goals and ideas are very important” says Sisto from Pellegrini’s Bar. He also said that you must plan a lot before you start because then after that everything should work out more smoothly. The business should head in a positive direction rather than any which way. There are lots of other points that you need to consider before you start a business such as: ·  The Pros- the target market, product/idea life span, ·  The Cons – the competition, regulatory situation, economic situation, exchange rate fluctuation ·  My salary? – turnover is not a business, profit is a business ·  Risks – start up funding, ·  Budgets – cash flow, bank borrowings ·  Further expansion ·  The future ·  Staffing and service ·  The Décor ·  Tax ·  Assets ·  Legal requirements…….. //[|//http://sblegal.industry.gov.au///] // A very important thing is to research where you will be located and the surroundings such as competition and the ease of access for the customers. Knowledge or understanding of what people want is also a big advantage. //

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