Incorporating a new business

Added on - 24 Apr 2021

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RUNNING HEAD: Incorporating new busienss1Name of the studentTopic- Setting up new businessUniversity Name-
Incorporating new busienss2IntroductionThis report reflects the key understanding on the busienss plan which will be startedup to grab the potential growth of the market. The new busienss plan would be to salestainless steel in market.This stainless steel will be directly sold to the other busienss organization for theirfurther business processing. The main busienss function would be to melt the stainless steelin raw shape so that other busienss organizations could use the stainless steel for the furtherproduction of their desired goods (Salman, et al. 2016).The name of the business or trademark would be Bong Track stainless steel. The main product of Bong Track stainless steelwould be to melt the stainless steel in raw shape and offer the same to business clients fortheir further busienss production. Bong Track stainless steel will work as private limitedcompany due to the requirement of high capital investment. Company needs to undertakevarious strategic alliances with other organizations to run its business effectively. Bong Trackstainless steel needs to comply with all the applicable rules and corporate governance. Thebusiness functions steps will start from digging steel from the iron mines and then it will befurther undertaken for the melting procedure. After that, melted stainless steel will be sold toother business organization for their further production. These ending steps may requireproper strategic alliance in busienss to business market (Lassen, 2015).The main reason ofchoosing this new product is based on the available market potential and busienss growth.This market growth potential reflects that stainless steel busienss could also be forwardintegrated to diversified busienss. The main target market would be to focus on the bigcompanies who directly purchase stainless steels in their manufacturing process. Bong Trackstainless steel needs to use cyber computing system or strategic alliance with otherorganizations to make this possible (Salman, et al. 2016).It is analysed that in order to set up new busienss of Bong Track stainless steel, thefirst step would be arranging finance and investing more money in its research anddevelopment department. It will assist in digging up more stainless steel from the mines ineffective manner. The main reason to start up this Bong Track stainless steel busienss isbased on its immeasurable growth and high amount of profit.
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