Business Tangible Assets: This Assignment Will Help You Dete

Businesstangiblesthis Assignment Will Help You Determine The Optimal

This assignment will help you determine the optimal location for your business along with the equipment and technology you will need to be successful at start-up and just after start-up. Access LivePlan by PaloAlto software®

The following Course Outcomes is assessed in this Lab assignment: MT499-2: Analyze organizational processes and procedures in a variety of business settings. (Note: Some requirements for this assignment do not have specific areas in LivePlan to address them. Once you have completed the areas that appear in LivePlan, you can download LivePlan as a Word document and then insert the other checklist items required in the Word document before submission.)

Paper For Above instruction

This paper provides a comprehensive plan for establishing a new business, focusing on the critical aspects of location, technology, equipment, and operational milestones. The goal is to develop a strategic framework that ensures a successful start-up and sustainable growth in the initial months.

Selection of Business Location

Choosing the optimal location for a new business involves assessing various factors such as target market proximity, accessibility, and cost implications. Based on market research and demographic analysis, an ideal location for this venture is a commercial property situated in a high-traffic area within the downtown district. This location offers visibility and convenience, which are essential for attracting walk-in customers and establishing brand presence. Additionally, incorporating an online component through an e-commerce website broadens market reach, allowing for sales beyond the physical location and accommodating customers preferring digital transactions.

The cost per square foot for leasing commercial space in this area is estimated at $30, based on recent market analyses. Although owning the building could be advantageous in terms of long-term investment, leasing provides flexibility and lower initial capital outlay, which is beneficial during the start-up phase.

Technology Requirements

To operate efficiently, the business requires several technological tools. An enterprise-grade point-of-sale (POS) system, inventory management software, and customer relationship management (CRM) tools are essential. Additionally, reliable internet connectivity, computers or tablets, and accounting software are critical. The estimated initial investment for these technologies, including installation costs, is approximately $10,000. This investment ensures streamlined operations, better customer service, and data management capabilities.

Equipment and Tools Needed

Essential equipment includes display fixtures, shelving units, computers, and a digital payment system. If the business offers physical products, packaging supplies and transportation equipment may be necessary. The expected expenditure on equipment and tools at or shortly after opening is around $15,000, covering both purchase and setup costs. This hardware and software infrastructure will support day-to-day business operations and customer interactions.

Operational Process and Production

The process for producing the product or delivering the service involves several stages: procurement of raw materials or inventory, physical or digital preparation, quality assurance, and final delivery to the customer. Implementing efficient process workflows and quality controls ensures customer satisfaction and operational efficiency. Continuous monitoring and process improvement initiatives will be adopted to optimize productivity.

Milestones and Timeline Planning

Effective start-up operations require clearly defined milestones. For a six-month timeline, key milestones include:

• Business Registration and Licensing: Completion within the first month. Responsible: Business owner. External help: Legal counsel if necessary. Success measured by obtaining all required permits.
• Securing Location Lease and Setup: Accomplished by the second month. Responsible: Business owner and real estate agent. External help: Contractor for renovations. Success: Lease signed and space prepared for operations.
• Technology and Equipment Installation: Completed by the end of the third month. Responsible: Owner and IT specialist. External help: Vendors for hardware and software installation. Success: Systems operational and tested.
• Staff Recruitment and Training: Achieved by the end of the fourth month. Responsible: Manager/owner. External help: Human Resources consultant. Success: Staff onboarded and trained effectively.
• Grand Opening and Marketing Campaign Launch: Targeted at month five or six. Responsible: Owner and marketing team. External help: Marketing agencies. Success: Customer footfall and initial sales targets met.

Each milestone has associated costs, responsibility assignments, and success metrics to ensure structured progress monitoring. External support is engaged as needed, particularly during setup and marketing phases, to leverage specialized skills and expedite the process.

Conclusion

Strategic planning encompassing location selection, technology infrastructure, equipment procurement, and milestone setting provides a clear pathway for the start-up process. Continuous evaluation and flexible adjustments will facilitate smooth business launch and early growth stages, ultimately leading to long-term success.

References

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• Jansen, S. (2014). Start Your Business: The Key to Successful Entrepreneurship. Entrepreneur Press.
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