If I were to start my own business, the first decision I would make would be in deciding what product or service my company would produce or provide. For example, do I have a greater interest in the area of production or service? In deciding this, I would research the market to determine if there was a need for the product or service I was considering. I would also conduct research to determine what area (s) would be some of the better areas to begin the type of business I plan on undertaking.
Things I might consider would be the competition, noticeable need for my product or service in the area and even presenting the idea at a public meeting in the area while evaluating the response I receive. Another key type of decision would be determining the size of the business.
Along with determining for example whether the business would be a small business, medium-size or large business, I would need to determine the staffing needs of the business. As Al Coke stated in the book, “Seven Steps to a Successful Business Plan,” “What are your short-term and long-term staffing requirements?
What kinds of skills will be needed at each level, now and in the future? ” (Coke, 2002). Along the same line, what types of employees will be needed for the positions. If my company is involved in technology, I would need to hire individuals with training and education in the technology field. Deciding upon which tools and equipment will be needed for the operation of the business I have chosen would be another key decision needed to be made. For example, if I were considering opening a restaurant, I would need to look into the prices, types and sizes of the various commercial cooking equiptment available.
One could include the company’s vision and mission statements as key decisions when starting up a company. As stated in Mr. Coke’s own words, “You must have two stakes in the ground to build a story and a subsequent business plan: vision and mission. One creates passion and the other provides purpose (Coke, 2002, p. 111). There would be different financial decisions to be made. For example, how much will I need or can I afford for start-up costs? What are the long-term capital investment requirements?
In writing all of the financial decisions down, a good question to ask would be, “Do the financial numbers make good business sense? ” (Coke, 2002, p. 33) Although the items listed above would just be some of the key decisions I would make when considering starting a business, I would definitely include a written business plan. In the business plan I would include information like that which I have listed above along with statistical information and data that I would use throughout my business inception and into the future.