Business Plan For Start Your Own Business - 1258 Words

When considering to start your own business you have to think of what would be most beneficial to you and your business of choice. When choosing you desired business there are things to keep in mind; pick one that you are knowledgeable in, why start a business in an area you are not familiar with, its already failing from there, make it something worthwhile for people to come to, make it stand out, bring it to a city where it is lacking your business of choice, whichever you choose make sure you’re passionate about it and figure out your business plan. When planning to start up your own restaurant you have to think about how your target market is going to be, how much money you will need to obtain in order to get your business going along†¦show more content†¦When deciding on what assets to have for your company you have to thin both long term and short term. Long term being your property, plant and equipment and short term being you’re your assets being sold, converted to cash or liquated to pay off your liabilities within your first year of being open. For this business ideal assets would be enough cash on hand to have if there are problems in the future, being able to have the inventory on hand for food, beverage, and liquor, along with the building that would be great for the bar business along with the equipment needed to properly run your business. Another asset that would be ideal is the money needed to pay for managers and hourly employees. If you don’t have the money to do this then you are kind of stuck in a hole. Ideally that would be what is needed for a bar business but as we all know you can’t have the perfect business start-up. Minimally, you could run barley with not much cash on hand in hopes of making that