How to Start a Small Business

INTRODUCTION

A few years ago, a friend approached me about partnering with her in the purchase of a day spa. I had always wanted the freedom and satisfaction that comes with being my own boss. After deciding to move forward with my partner and buy a day spa, I learned to put together a business plan, personnel criteria, and marketing plan.

1. CONCRETE EXPERIENCE

Prior to purchasing the day spa, I learned while doing my research that the spa industry is a growing industry and that more than any other time in history; people are leading very stressful lives. Because of that stress, they are becoming more consciences of their health and well-being and are willing to spend their discretionary funds to indulge in pampering themselves with spa services.

After purchasing the day spa, the first order of business was to create a partnership agreement between myself and my partner. After coming to a consensus on the terms, we met with an attorney who formalized our agreement and incorporated our business. We decided to incorporate so we would not be liable to pay the debts of the corporation if were to be involved in any litigation.

The next order of business was to prepare a business plan. There are many aspects of a day spa that can be co-managed but I felt my background as a paralegal and executive in corporate America qualified me to take the lead in writing our business plan. Our business plan would serve as our strategy in moving forward but first I needed to establish our mission statement. Basically, our mission statement was to provide excellent services to our clients while making a profit.

In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...

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...rketing plan that will form the basis of all your marketing activities. Today, there are literally dozens of ways you can communicate your

message to your target customers, from the traditional, like advertising in magazines, newspapers and direct marketing but one of the newer methods of communication that has been developed is the internet. (Ebook) With the expansion and mounting usage by the search engines, many small businesses can now cost-effectively and successfully own and operate their own website, giving them unlimited exposure.

IV. ACTIVE EXPERIMENTATION

Unfortunately, many small businesses fail or do not reach their full potential because the small business owner spends too much time working in the business, and too little time working on the business.

Works Cited

Shahzad, Imran A. The Business Review, Cambridge 16.2 (Dec 2010): 161-166.