This memo provides ideal circumstances and factors favorable for a proposed start-up. Due to the fact that establishing a prospective business requires a robust plan, it is also necessary to contemplate the basics of its start-up. For example, the considering the variable of production in natural resources, labor capital, and entrepreneurship. On the same note, it is feasible to consider the style of leadership and the management approach for the enterprise. Given that the proposed business is a small-scale ice cream start a limited liability corporation (LLC) is crucial for its legal structure. The business entity will have a distinct trademark known as Royal Ice Cream Delights to be easily identifiable among consumers.
Business Details
A sector experiencing fast transformation best describes today’s corporate environment. Enterprises today are discovering that they need to be more proactive than ever to client expectations to be productive and relevant. Thus, in reaction to your desire for a memo that discusses the problems of my possible start-up firm, I am writing to you. I have a thorough understanding of the process of production. As such, I understand the basic factors of production to consider before starting up a firm, for example, natural resources, labor capital, and entrepreneurship (Williams and Lumen Learning, n.d.a). Moreover, I love coming up with new recipes, and a strong desire to see my business succeed, therefore I am convinced that I can build a profitable company. Nonetheless, I am driven by myself, and genuinely want to improve and develop. I also have a strong work ethic that will help in controlling all the activity that is conducted with the business premise. Similarly, I will employ business ethics which will be norms that direct both internal corporate behavior and the external behavior of the company. Self-ethics is important to the actions of both people and entire companies and is applicable to all facets of business behavior.
Further, I shall exercise leadership in a way that promotes cooperation and innovation. In this sense, I would be a transformational leader who executes a participative leadership style. In a participatory design, group members and the manager jointly make decisions. This strategy accommodates individual viewpoints and objectives while fostering teamwork (Williams and Lumen Learning, n.d.b). Nevertheless, being a transformational leader will help me improve the motivation, morale, and work output of other members of the startup firm. Therefore, I will serve as a role model for followers to empower them and increase their interest in the project. I think it is critical to creating a work atmosphere where individuals feel respected and appreciated and have the opportunity to further their careers. Similarly, being receptive to their comments and recommendations from my staff and consumers, as a result, will be my main attribute.
Ice cream as my main product posits features distinctive and unique tastes derived from old Chinese traditions. Furthermore, due to the fact that the Chinese ice cream design is not frequently seen in the United States, I think there is a sizable demand for this product. As result, a novel product plus a distinctive manufacturing technique have the capacity to be an extremely profitable combo. Specifically, this distinctiveness and uniqueness will ensure customers are able to differentiate the business products from others, therefore, giving it a competitive advantage. Conversely, the organization developing a robust manufacturing foundation in order to set realistic goals for a company is an ideal plan for enhancing production. Thence, managers in the manufacturing industry set objectives for growth, quality, and production. Moreover, managers will assign responsibilities to staff members, simplify the manufacturing process, carefully check the quality of products, and guarantee seamless product delivery to clients and this will result in income and business expansion.
I think a LLC is the best alternative for me in regard to the legal structure of the organization. This is because they combine the tax advantages and operational flexibility of a partnership with the limited liability protections of a corporation, LLCs are appealing to small business owners. On the same note, one of an LLC’s biggest benefits is how simple it is to keep records operationally since less paperwork is required for licensing and start-up (Williams and Lumen Learning, n.d.a). Yet, it is crucial to maintain distinct and thorough financial records for your business and yourself. If it seems like an LLC is blending personal and corporate finances, the company may be classed legally and forced to take on more responsibility (Williams and Lumen Learning, n.d.a). Conversely, the firm undergoes all gains and losses for each LLC member. LLC shareholders would do the same thing as the owners of a partnership: record income and losses on their individual federal tax filings. As a result, I will have the freedom to run the company in any way I see appropriate, and I will also have some legal cover thanks to this.
I will offer a range of financial papers, including a business plan, cash flow estimates, and a break-even assessment, to help you assess the feasibility of the start-up. A business plan, for example, will help you outlay the map on the modus operandi of the enterprise. It will detail the executive summary, market and company analysis, and the product line (Williams and Lumen Learning, n.d.c). On the same note, I will offer a financial study that will examine the start-financial up’s situation and any possible hazards related to the industry. For instance, it will be essential to evaluate the financial capacity using prospective financial data. Given that all firms, whether they are established or expanding, will be compelled to provide future financial statistics. In most cases, creditors will want to know what you anticipate your business will be able to accomplish over the following five years. Forecasted revenue statements, balance sheets, cash flow statements, and capital spending budgets should all be included in the annual reports.
People who enjoy unusual and unique tastes and are interested in classic Chinese cuisine will make up the intended market for my ice cream. This is due to their preference demand for Chinese ice cream eateries which increases the willingness to buy the products. Conversely, customers are the lifeblood of a firm, and marketing is the act of acquiring new ones. Identifying your marketing plan is the first thing you should do in this situation. As such, using conventional media, such as newspaper and television advertisements, as well as the internet and social media, should be the main emphasis of the marketing strategy. I will also research extra financial options including grants, small company loans, and venture capital.
Given that each company needs managers to accomplish its objectives. They serve as the foundation of every business and are responsible for making sure everything works properly. Hence, I will place a high priority on recruiting a business manager, a marketing department, a director of operations, and a revenue accountant for the management team. Whether an organization succeeds or fails relies on how successfully its managers carry out their duties. Moreover, a powerful trademark is a priceless asset that may improve a business’s reputation and affect customer choices. Businesses must take into account the amount of legal recourse a prospective trademark would get based on a trademark’s distinctiveness while designing branding for a good or service (Williams and Lumen Learning, n.d.d). Thus, Royal Ice Cream Delights is the registered trademark I suggest for the ice cream. This name pays homage to the authentic tastes that will be provided as well as the traditional Chinese ice preparation formulas that the ice cream is predicated on. Therefore, a trademark protects the intellectual property of the firm and ensures people perceive the business positively. This will embody in a way that allows the business not to be shared or reproduced, imitated, or produced by others.
Conclusion
This memo summarizes the important factors I have to think about before launching my ice cream company. With the help of this knowledge, I will be in a better position to decide how to proceed with the procedure and establish a successful start-up. For example, I will be enhanced with the knowledge of consumer demand in order to know the specific market ideal for the setup. Moreover, it will assist me in obtaining a feasible LLC that will ensure the business runs successfully. Further, the blueprint will impart leadership style that I should execute while starting the cuisine. Finally, giving the business a specific brand will ensure that it is distinct from its consumers
References
Williams and Lumen Learning. (n.d.a). Introduction to Business, Role of Business. Adapted by UMUC and available under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
Williams and Lumen Learning. (n.d.b). Introduction to Business, Leading. Adapted by UMUC and available under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
Williams and Lumen Learning. (n.d.c). Introduction to Business. Entrepreneurship. Adapted by UMUC and available under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
Williams and Lumen Learning. (n.d.d). Introduction to Business. Legal Environment. Adapted by UMUC and available under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
Williams and Lumen Learning. (n.d.e). Introduction to Business. Business Ownership. Adapted by UMUC and available under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.