Naming a business

Naming a business

Question 1: Address the pluses and minuses of the various business forms that Betty might adopt and recommend one, giving clear reasons for your recommendation.

Yet many entrepreneurs fail to educate themselves adequately about various pricing components and strategies before launching a new business. Smart small business owners will weigh many marketplace factors before setting prices for their goods and services. In researching the coffee business, Betty came across a few franchise opportunities, some of which would require her to adopt the franchise name and trade dress, but others that would only require her to move into a turn-key facility and agree to purchase a certain volume of product every month for a period of not less than 10 years. Both types of facilities offered to provide training for her and any staff she might hire. Intelligent pricing is one of the most important elements of any successful business venture (Deakin University1995).

In my view coffee business is appropriate selection for Betty; it is the correct business form, in coffee business there are around three factors which requires consideration while determining prices which can be charged for the product. With the help of effective pricing strategy, Betty can be able to show hefty price for any particular item. Finding a various cost of delivering and producing these item will result in the elimination of profit that needs to be realize after a product sale, it is important to note that betty will face some serious problem that can gauge their cost particularly realm of employee hours. On the other hand for making successful business Betty needs to commit her business for providing quality product, moreover staff training will make sure that art of preparing espresso will be understood. Betty need to understand the customer needs as it will ...