How to Start a Small Business: A Comprehensive Guide

How to start small
business?

Table of Contents
INTRODUCTION...........................................................................................................................3
Overview of the topic.............................................................................................................3
Background of company.........................................................................................................3
Research aims and objectives.................................................................................................3
How to achieve objectives......................................................................................................4
Background of the problem....................................................................................................4
TIMESCALE...................................................................................................................................4
BACKGROUND SEARCH (LITERATURE REVIEW)................................................................5
To examine the impact of internal and external factors over the start of a small business....5
To identify the risk factors which are associated with the start of a small business..............6
To investigate the ways to overcome from the suitable risk factors which are associated with
the start of a small business....................................................................................................6
MARKETING STRATEGY............................................................................................................7
IMPACT ANALYSIS......................................................................................................................8
CONSTRAINTS..............................................................................................................................9
RECOMMENDATIONS AND CONCLUSION..........................................................................10
Recommendations................................................................................................................10
Conclusion............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Overview of the topic
Small business is a privately owned enterprise that functions with less employees, less
investment, less raw materials and at the small locations and areas(Adams and Burd, 2019). The
small business produce the good and service they offer as very small scale and for the small
localities. There are the several characteristics involved in the small business such as have one
owner with limited area to cover and utilize the instant available resources. The small business
labour intensive and easily adaptable to the changes and uncertainties. In the small business the
management is handled by the owner itself as there are very few man force.
Background of company
To open or to start the new small business a entrepreneur is required to consider various
components such as financial requirements, market research, customers needs, location, a
effective business plan, business structure, market segmentation, competitors, legal policies etc.
(Lisi, 2019). For this, a new venture is opening by the name of “Peach Fashion” a small clothing
business operating in the clothing sector of UK. The company is recently opened and is located
at the small area in London, UK. The company is a small business with hardly 10 employees.
The company design, manufacture and distribute all its clothes on its own with the help its
employees. The company has its own sewing machines and other required equipments to develop
its clothes. Hence, Peach fashion is a small business with its retail counter to offer latest fashion
clothes to the consumers at affordable price.
Research aims and objectives
Research aim
The main aim of this research is “to determine the factors and risk which is associated
with the start of a small business”.
Research objectives
 To examine the impact of internal and external factors over the start of a small business.
 To identify the risk factors which are associated with the start of a small business.
 To investigate the ways to overcome from the suitable risk factors which are associated
with the start of a small business.

How to achieve objectives
In order to attain the above mentioned objective about the research the researcher has put
the following mentioned research questions.
Research questions
 Describe the impact of internal and external factors over the start of a small business?
 What are the risk factors which are associated with the start of a small business?
 Explain suitable ways to overcome from the suitable risk factors which are associated
with the start of a small business?
By answering the various research questions, the researcher will be befitted in achieving
the objectives to start the small business that will help him to successful start a small business
that will yield the profitability and productivity (Mand, Atri and Gill, 2018).
Background of the problem
To start a small business of its own the owner of the entrepreneur may face the several
problems that can lead to low productivity and profitability along with no long term
sustainability and successfulness. To start of a small business, the one can face problem of
funding that is from to get loan or investor to invest capital in business, problem of required
location to set up a business in correct market, issue of hiring low cost labours, problem of
getting adequate amount of raw material and search of distributors, other market research for
promotions and marketing, problem in acquiring and attracting customers for the small business
etc. Hence, to start a small business these problems are required to be mitigated to convert a
business into successful small business.
TIMESCALE
Gantt Chart: It is the simple visual representation of the various task as per the provided
scheduled time period (van Stel, Kaciak and Cieślik, 2020). A Gantt chart is useful for the
businesses of the all sizes in planning and organising the various tasks to show what work is
scheduled at what specific time and day so that the tasks are completed before the time or on the
time.