Question

typical steps needed before a business can start selling goods/services to customers include __________.

Answer 1

The typical steps before a business can start selling goods/services include developing a business plan, securing funding, obtaining necessary licenses and permits, establishing a legal structure, setting up operations, and developing a marketing strategy.

Step-by-step explanation:

The typical steps needed before a business can start selling goods/services to customers include:

1. Developing a business plan: This includes defining the target market, creating a marketing strategy, and setting financial goals.
2. Securing funding: Businesses often need financial capital to cover start-up costs, such as purchasing inventory or equipment. This can be done through personal savings, loans, or investment from stakeholders.
3. Obtaining necessary licenses and permits: Depending on the industry and location, businesses may need to obtain specific licenses and permits to legally operate.
4. Establishing a legal structure: Choosing the right legal structure, such as sole proprietorship, partnership, or corporation, is important for taxation and liability purposes.
5. Setting up operations: This involves finding a location, setting up a physical or online store, and organizing the necessary infrastructure.
6. Developing a marketing strategy: Businesses need to create a plan to attract customers, which may include advertising, social media, and other promotional activities.