Importance of Funding and Business Operations for Enterprise Creation

Enterprise Creation

MAIN BODY
It explains importance of funding, business operations which are to be taken into account, market
research which has to be carried out, forecasting of sales related activities, running costs and
expenses as well and in what ways it would prove to be helpful in coming years.

Short Term (0-12 months)
Further another objective of the business is to establish their position in the market so that people
will know them and their work. It is important for them to complete their assignment as and
when they are allotted to them that helps them in developing their goodwill in the market for the
long period of time. If the order the business will get will be delivered on time, then the
customers will start developing interest and trust in them and if the quality of the furniture is
good then their value will start developing in the market. It is important for them to capture the
market at the initial level as the customer base maintained at the beginning would be retained for
the business for the longer period of time.
Medium Term (12-36 months)
This would also enhance their goodwill in the market and through online sales their revenue and
profit will get enhanced at the same time. In today’s world nobody has time to visit the
showroom on the workshop. Their facility on the online platform is such that they could provide
customers, furniture on customized basis according to their requirement as well. By adopting

both this technique they will easily get their online and offline sales which help them in
expanding the business at the large scale. Online platform provides them new customers from the
different cities which supports the business in an effective manner.
Long Term (36 months onwards)
These objectives are helpful in transformation of business by making bigger and better in the
upcoming future. The long-term objective for a furniture business can be following:
• To extend the market reach for growing the revenue in different and specific ways.
• The most important long-term goal for every business is to increase the sales with huge
profit margin. Set a monthly objective to give yourself something to aspire for if your
goal is to grow the number of clients or customers you have by the end of the year.
• The other long term business objectives are to create awareness about brand and its name
recognition. This is not a one-time event; it is a long-term process. Being instantly
recognizable in your community, on the other hand, goes a long way toward acquiring
new customers and keeping old ones.
• Nowadays, social media popularity plays an important role in increasing the reputation
and followers for your product. Firstly, the best and effortless way to get customer’s
attention is by providing amazing services and hence, getting many positive reviews as
much as possible.

Furthermore, the business entity chosen by the entrepreneur, whether a sole
proprietorship, a partnership, a limited liability partnership, a one-person company, or any other
enterprise, must be included in the business model, as well as any other mandatory registrations
for the firm, such as a Shop Act License, GST registration, and so on. The mentioned firm
‘Royal furniture’ is a sole proprietorship firm with a variety of ranges available in which it
expands its business.

Whether it's milling, drilling, grinding, or final assembly, the facility architecture must be
properly analyzed for best space utilization and to save time spent in each department.