After graduating from college, you could not find the type of employment you wanted. As a result, decided that you want to go into business for yourself. After much consideration, you narrowed your choice of products to one of the following: Perfume or Cosmetics.
You decide to begin addressing the items below:
• – What type of business organization? (Sole proprietorship, partnership, corporation, LLC) Why?
• – What type of organizational structure? (Simple, functional, divisional, etc.) Why?
• – Locate a manufacturer to produce your product, and provide the name, address, phone, website, etc. for the company. You must make it known to the manufacturer that you are planning to sell the products under your own brand name. (It must be a real company.)
• – Decide on a name for the product and confirm that the name can be trademarked.
• – Get the actual pricing for your products. (You will need to also ask what the minimum order quantity [MOQ] with be.)
• – Determine how much you will charge for your products. Explain your pricing strategy.
• – Where will your market the products? (Which country and, if in the U.S., which area.) Why?
• – Will you sell wholesale or retail? Why?
• – Develop a budget for your product(s).
• – Develop revenue projections for your product(s). Explain how you came to those projections.
(1) A business plan that provides a detailed description of the business that you will create.
(2) The plan should include the strategies and a projected budget.
(3) You should provide as much detail as possible.
(4) You should provide a rationalization for your strategies.
(9) Do not include a reference or citation page. If you want to cite a resource, use footnotes at the bottom of the page where the resource is cited.
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