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Getting started in a business - Coggle Diagram
Getting started in a business
Ownership structure
Private limited company
Co-operative
Partnership
Sole trader
Location
Land
Local Enviornment
Market
Raw Materials
Infrastructure
Government
Employees
Sources of finance
Medium term- 1-5 years
long term - more than 5
Short term- less than year
Production Method
Batch Production
Mass Production
Job Production
Subcontracting
Disadvantages
competition
industrial relations
loss of control
Advantages
cost savings
staff savings
meet demand
Business Plan
identify problems
formulate strategies
measure performance
obtain finance
Challenges for business start up
production methods
staff recruitment
finance
competition
ownership structure
objectives
product details
elements of a business plan
business details
market details
why new businesses fail
lack of economies of scale
high start up costs
poor management
Lack of finance