TABLE OF CONTENT
-SETTING UP A BUSINESS
-PROCEDURES AND REQUIREMENTS
Determining the business type
License and legal permits
Finding the site
-EXTERNAL ENVIRONMENTAL FACTORS
Social and Cultural Environment
Political and Legal Environment
-THE MARKETING MIX
People spend most of their lives working for someone. Some people eventually rise to positions of wealth and power, while the rest languish in unchallenging and low-paying jobs. On the other hand, there are a select few who strike it out on their own, rather than work for others. They put up their own enterprise.
Having your own business has tremendous rewards, but be sure to weigh prospective returns against potential risks and losses. When you have your own business, you will most certainly have unlimited potential to earn money. How much money you earn depends on the time and effort you put into your industry. Successful entrepreneurs have earned their wealth and prestige through hard work and by having the right product for the right market at the right time.
We are going to discuss the procedures and requirements of setting up our own cosmetic business.
SETTING UP A COSMETIC BUSINESS
Cosmetic has become a very profitable venture as people are becoming more conscious about the way the look including desire to have perfect appearance of the body, with no discomfort. We as a company are running a cosmetic company PROCEDURES AND REQUIREMENTS
1. COMPANY NAME: The name of the company we choose is Beauty Cosmetics. We chose this name because our end users are mostly female, they may find the name attractive. 2. DETERMINING THE BUSINESS TYPE
The type of business we choose to open is a private limited company. Because: • We can share the risks and losses with our partners
• Maximum flexibility for growth
• Limited liability of individual shareholders
• Greater room for professionalism in management.
3. LICENSING AND LEGAL PERMITS
Many enterprises must be licensed by a local, state, or federal agency before opening for business. Beauty cosmetics has registered with the government had have been worthy to be given license and legal permit. This is due to the quality of our products. We are legally permitted to sell our product in any part of the world. To open a business there are other subsidiary rules under licensing and legal permit like: •
4. BUSINESS PLAN: This part will tell our reader who we are, what our business goals are, and when we expect these goals to be accomplished. We have planed and structured our business in good and satisfied way, this is to make our business more organized. We have different department in our company and each department have different work assigned to do. We have also schedule our workers on how to work, each of our worker has is duty to perform in the company so as to make work more easier for us. We have also look at the aim of the company, what we ant to achieve in the mare future, what is the target of our profit, the range of stock we would be purchasing in a month, the salary we would be given to a staffs and also know our major weakness in the cosmetic business. There are three main components of business planning that will be considered:
The Marketing Plan
Our Company as a Group believes the most effective way to move superior cosmetic natural products into the market place is via a Distributor Network Organization. The compensation plan is set up as a multi step plan with a large payout of 25% on the first level (calculated on the net wholesale price or Business...
Please join StudyMode to read the full document