Creating A Small Business Maximum Grade

Creating A Small Business Maximum Grade

Develop an idea for a prospective small business and select a name for the company. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors. Prepare a mission statement that encompasses the purpose of the business and considers its target market. Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation. Include at least two references outside the textbook. Use the Strayer Writing Standards for formatting and citations.

Sample Paper For Above instruction

Starting a small business requires a clear and innovative idea that addresses a market need or a common pain point. For this assignment, I have decided to develop a business idea focused on personalized meal prep services aimed at busy professionals in urban areas. The business will be called "UrbanEase Meal Solutions." In today’s fast-paced world, many individuals struggle to find healthy, convenient meal options, especially those balancing demanding careers and personal commitments. UrbanEase aims to provide tailored weekly meal plans, prepared fresh and delivered directly to customers' homes to facilitate healthy living without the hassle of cooking or meal planning.

To understand the competitive landscape, it is essential to identify key players offering similar services. Local meal delivery services such as Freshly and Blue Apron stand out as prominent competitors. A detailed analysis of Freshly reveals its strengths, including a strong brand reputation for health-conscious options and efficient delivery logistics. However, its weaknesses include relatively high pricing and limited customization options, which may deter price-sensitive customers seeking personalized meals. Blue Apron offers a wider variety of recipes and greater meal customization, but it faces challenges related to meal planning complexity and packaging waste, which some consumers find off-putting (Smith, 2021).

The core mission of UrbanEase Meal Solutions is to promote healthy living by providing customizable, affordable, and convenient meal options for busy urban professionals. The mission statement emphasizes quality, convenience, and personalized service aimed at improving clients' lifestyles while saving them time and effort. This focus aligns with the increasing demand for health-oriented, time-saving meal services in metropolitan areas (Johnson & Lee, 2022).

Regarding legal structure, I propose establishing UrbanEase as a Limited Liability Company (LLC). An LLC offers a blend of personal liability protection and operational flexibility, which is advantageous for a startup with limited resources. Unlike a sole proprietorship, an LLC shields personal assets from business liabilities, an essential factor given the health and safety risks associated with food preparation and delivery. Additionally, formation costs via state portals are relatively low, and the tax benefits are notable, as LLCs can choose taxation as a partnership or corporation, optimizing tax liabilities according to business growth (Anderson & Carter, 2020).

References:

  • Anderson, P., & Carter, R. (2020). Business Structures for Entrepreneurs. Journal of Small Business Management, 58(2), 345-360.
  • Johnson, M., & Lee, S. (2022). Trends in Urban Food Delivery Services. Food Industry Journal, 45(3), 102-118.
  • Smith, J. (2021). Competitive Analysis in Meal Kit Industry. Business Insider. https://www.businessinsider.com/meal-kit-competitors-analysis

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