Essay Sample on Starting a Business and Marketing

Introduction

The Idea of starting a business can be easy when conceptualized in the head but when implemented, different factors require inclusion for the company to be a success and can be challenging to work out if a good business plan is not generated. The success of the business for any entrepreneur begin by creating a business plan. A business plan act as a tool of focus applied by the entrepreneur to navigate, guided by a specific goal and harnessing different market influencing factors (Ferreira, Loiola & Gondim, 2017). Emily and her husband are an excellent example of business entrepreneurs who started a catering business at a young age with no clear business plan and enough resources. Though initially, they failed, Emily tells of the journey, the challenges they encounter and adjustments they made to revive their failing business and eventually made their business a success. In this report, therefore, factors to consider when starting and growing a company will be explored such as finance, marketing, business branding, and quality service delivery by relating to the case of Emily.

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Before starting a business, it is essential first to identify a niche or market. Emily had worked in a catering company for a year before the store closed and she had picked a lot of knowledge about the food market, and it is from that knowledge Emily and his partner leveraged to come up with a business. A business can be done individually, or one can get in the market in a partnership. However, despite the direction an entrepreneur wants to take, a business plan is essential as it guides the business developers to remain true to their goals. A good business plan should be short precise and flexible (Ferreira, Loiola & Gondim, 2017). The flexibility of a business plan allows one to include new ideas as business progress and at the same time tap out some parts of a business as the business market change.

A business plan also gives a financial guide. When planning one has to create a budget that reflects the amount to invest in each part of the business and forecast possible returns to expected after a certain period. Money is the greatest challenge that people encounter when beginning a business. Sometimes business entrepreneurs may have a great business idea but if one lack enough capital and proper financial allocation, a business can be challenging to develop. In the case one has no enough equity, one can borrow from the family, bank, seek sponsorship among other things but what matters is the ability to utilize the money one acquire constructively on matters that serve the business resulting to its growth. Emily being young and with not enough capital she borrows from her family members which a good plan. Starting a company does not have to be significant as Emily advice but starting small is good and growing slowly later as time progress.

Marketing and branding of a business is another demanding area that can be challenging when developing a business but when these different factors are well manipulated and understood a company is likely to grow. Branding in any industry is essential as it helps pull consumers to a product. One has to create the value of product and services they offer by making their services and products high quality by providing value (Campelo, 2017). Marketing and branding go hand in hand when a product or services is well branded and true to its consumers, marketing the product and service become easy. Branding in a catering business requires offering high quality of food and services that are ethical and health conscious. Marketing involves understanding consumer demand, demographics and available market in every geographical location. The factors to consider in marketing is advertisement and quality customer care services among others (Campelo, 2017). Marketing can be done in different platforms but social media today is one of the best platforms to leverage for any business. Growing a business one can create a webpage, Facebook, Instagram and other social media site to posts and at the same time keep customer care standby to reply to consumers.

References

Ferreira, A. D. S. M., Loiola, E., & Gondim, S. M. G. (2017). Motivations, business planning, and risk management: entrepreneurship among university students. RAI Revista de Administracao e Inovacao, 14(2), 140-150.

Campelo, A. (Ed.). (2017). Handbook on place branding and marketing. Edward Elgar Publishing.