RUNNING A BUSINESS

Running a business

Abstract

The paper discusses the topic “running a business”. It discussed how one can run a successful business. It describes the successful strategies to run a busiess. The paper also describes Modern Theory of Business Strategy to run a business.

Introduction

Running a business takes a great deal of time and concentrated effort. Running a business well is important to ensure the business grows and remains successful in the longer term. Many business owners fail to put enough time aside to run their business well. (Gomez-Mejia, Luis R.; David B. Balkin and Robert L. Cardy 2008)

Now, that does sound quite complicated, but after you start planning everything, you will soon see how all the little bits and pieces fall into place. To start running a business, you will then need to get a venue or location. You must decide if you want to run your business from your back room, your garage, a shop nearby, an office, or any other location. You must find the premises and sign the lease to rent it or set it up with all of the equipment you need. If you have a product or service that you want to make money from, or if you have a great idea for a business that is needed in your area, you should learn how to start running a business. While for some people running a business is as easy as running on a treadmill (which is not easy for some people either, mind you!) there are lots of people who get completely terrified by the thought of starting a company of their own and actually running the entire thing. If this is you, then here are a few tips about how to start your own business.

First of all you will need a business plan. This is something that a financial advisor, lawyer, or professional should help you with. The business plan is used to get sponsors or investors for your business and will be presented to corporations, wealthy potential business partners, and banks for business loans. The plan should cover everything about how your business will run, how much money it needs to get off the ground, how many people you will employ, what kind of company you want to open and why, as well as the income you expect and how this is calculated. (Gomez-Mejia, Luis R.; David B. Balkin and Robert L. Cardy 2008)

Explanation

Chapter One

The next step is to get employees. You must decide on how many you need and can afford to start off with and also don't forget to read about employee rights and laws before you hire anyone. Ask your lawyer to draw up a contract and explain all the laws to you. You should also take into account how you will pay these employees and set up banking procedures as well as tax forms, policies if needed, and pay slips. How you pay will also be determined by the hours they work and if they are ...