| A small business start up marks the beginning of the | | | | prudently calculated. Almost equal amount of money |
| business which is categorized in small business. A small | | | | invested should be available for back up in case of |
| business can be corporation, partnership or a proprietor | | | | heavy losses incurred. The amount of man power |
| owned with a small amount of manpower and funding. | | | | required and their required qualification and skills should |
| In America, a small business start up comprises of less | | | | be decided. |
| than 100 employees, whereas in UK it has less than 50 | | | | Implementation of the Plan: |
| workers. In countries like Australia, a small business | | | | The business plans made initially should be |
| start up begins with 1-19 employees. A small business | | | | implemented and all objectives set should be achieved. |
| start up is identified by its small investment, small | | | | Financially, loans should be taken if self financing is not |
| turnover and profit and less manpower. | | | | possible. Most of the banks provide loans for |
| The smallest business start up can begin at home | | | | businesses. It is easier to obtain loans for partnership |
| which are termed by the World Bank as | | | | ventures. After the principle amount is obtained, the |
| Micro-businesses. They usually have manpower of | | | | hiring of man power is done. This is followed by |
| less than 10 employees. Higher versions of small | | | | purchasing of all commodities needed for the business |
| businesses can be general stores, lawyer practice, | | | | to start. The small business start up can now function |
| clinics, private agents, restaurants, free-lance writers | | | | fully. |
| and small-scale manufacturing industries. | | | | Getting customers and Marketing: |
| Advantage of a small business is that it requires less | | | | Getting the right customers is the key to success for |
| investment. The working hours of such a venture is | | | | all small business start ups. Doing a small research on |
| also less and requires smaller work area. They have a | | | | the market trends and customer needs helps in |
| closer relationship with their customers and clients. | | | | changing the business strategy for higher profits. |
| They are highly independent and flexible to the | | | | Marketing the product of business to the target |
| changing market. Disadvantage of such a small | | | | customers is optional, depending on the type of |
| business start up is the high risk of bankruptcy. In | | | | product. Marketing for a small business start up can be |
| absence of strong financial back-up, the business may | | | | restricted to pamphlets, news papers, and small |
| go into heavy losses, resulting in legal action against the | | | | hoardings. |
| proprietor in case of loan taken. | | | | Expansion of business: |
| A small business start up should follow the below | | | | Upon attainment of the set objectives, the small |
| mentioned methods for grater success: | | | | business can increase its investments, manpower and |
| Formulating a business plan: | | | | productivity. This can be achieved if the small |
| For any small business start up, a well defined plan is a | | | | businesses start up earned considerable profit. This |
| must. The final objective of the business should be | | | | can expand the boundaries of the business and reach |
| precise and clear. The requirements should be | | | | to a larger group of customers to increase the profit |
| formulated and the money to be invested should be | | | | margin. |