Starting a new business can be very mentally, physically, and financially exhausting.

It is

not enough to just have a good idea and put it out there, because a lot of good ideas go to waste

because of the failure in preparation, production, execution, or maintenance. In order for a

business or product to grow and flourish, there are certain things that a start-up company must

take into consideration before and during the course of business. With that, CSB Building and

Engineering Firm must follow these guidelines for the widgets to sell and become a success.

Research and Design

According to U.S. Small Business Administration, conducting a good market research

could help a company or an individual to gather customers for the business. It could be a great

backbone for the business and shall serve as the stepping stone for the things that should and

should not be done. An effective market research includes observing and documenting consumer

behavior and market trends on the area of the business and the potential location. Widgets may

have a potential demand in Fresno, given the current state of dependence of people, young adults

especially, to technology and the internet. Given this, it would be best for CSB Building and

Engineering Firm to collect data focusing on the demand, the audience or the consumers, the

income of potential consumers in order to arrive at a reasonable but competitive pricing, and the

market saturation. Market saturation is important because the Firm would get to know the similar

products that already exist in the area, and gauge if the product could still be able to land a place

in the market, or if there is an oversupply of similar products, which could either be good as

competition, or bad due to redundancy. Research and design could be done through observation

coupled with surveys and interviews, and analysis of current existing data.

SWOT Analysis
 Define the product and identify its strengths – why would people want this product, what

use would this bring to the buyer, what is its edge compared to similar products – and such other

advantages of the product. The Firm could then maintain these qualities and even improve them

to achieve better results. Next, the Firm should note the weaknesses of the product and its

opportunities for growth – the area to be worked on in order to develop the product further.

Finally, by knowing the threats that other similar products pose, or the lack of resources for the

maintenance of the product, or the difficulty in building the product, the Firm would be able to

target these problems early on and change the things that needs to be changed, and also avoid

those that could be disregarded without damaging or decreasing the value or potential of the

product.

Business Plan

Creating a business plan includes putting together all the data gathered from research, the

competitive analysis methods and results, and the actual framework for the business. Pricing,

resources, finances, and potential profit shall also be shown in the business plan to measure

whether or not the risk is worth taking. The goals and objectives shall be part of the business

plan, because this could attract potential investors and partners that could finance the start-up.

This will be the blueprint of the widget business and this shall be the guide of the Firm in

executing the actual business.

Licenses and Business Permits

Finally, once everything is arranged, the paperwork for the registration of the business

name and the application for licenses and business permits shall be accomplished, following the

rules and regulations provided by the industry.

Reference

U.S. Small Business Administration. (2019). Retrieved 27 September 2019, from

https://www.sba.gov/.