Business Management

Introduction3

Discussion3

Steps for Starting the business3

Sources of funding5

Choosing the best source 7

Protecting Intellectual property8

Revamping to online business8

Hypothetical need for capital change9

Conclusion9

Lincoln Medical Supply: Case Study10

References14

Business Management

Part 1

Introduction

In today's world, innovative products are crucial to gaining success in the competitive markets. The business decided to be pursued is Life Coaching. Life coaching is used to help people to achieve goals in different areas of their lives. These areas include People and relationships, money and finances, work and career, health and fitness and physical, mental and emotional wellbeing. This study discusses the steps to start business, sources of financing and revamping of business to online.

Discussion

Steps for Starting the business

In starting a life coaching business, the first step is to develop a written business plan. This would include the executive summary, company description, market analysis, organization and management plans, service or product, marketing and sales, sources of fund and financial projections. This life coaching business is based in New York. It will provide coaching services to specialized target markets. The middle and upper management level managers are provided the life coaching services. The company intends to employ individuals with knowledge and skills in career counseling, life coaching and dealing with other related day to day issues.

Next, it would be better to find some assistance and training regarding businesses. Advantages from free counseling and training services can be gained to create business plan. Moreover it would also help us to increase financing and business relocation and expansion. Due to recent technological advancement, training has gotten much easier. The online training, chat sessions and many ways are easily accessible. In life coaching business, it is intended to develop communication channels with corporations, counselors and psychologists to generate effective training programs for employees so that they can have a greater understanding of services and provide valued services to the customers.

Then a business location must be chosen in order to define the business plan. Since location is very important in order to successfully run a business, it must be researched and planned in depth. This decision would involve considering the demographics, state laws, competition and budgets. A location that gives more coverage of the target market is usually chosen by many businesses. Moreover, factors such as competition, future growth plan, safety, brand image are also to be considered. Costs related to the finances such as hidden costs, taxes, minimum wage and government economic incentive must also be considered. The Life coaching business has decided to locate its office in New York. Since New York is a huge market, containing many managers of middle line and upper level, it would be great place to start. Moreover, the services of life coaching are basically by phone calls, video calls instead of taking time out to physically meet at some place.

After deciding on the location, finance for the business has to be arranged. The research grants, bank loans and venture capital (Denault, 2009) are some of the options that can be used. The loan program feasible for this business is ...