Starting a Small Business

STARTING A SMALL BUSINESS

BY LYNN FREEMAN

BUSN125-INDIVIDUAL PROJECT 5

INSTRUCTOR-DR. WILLIAM STRIPLING

ABSTRACT

My colleague and I have been looking forward to starting our own Home Healthcare business after I completed my college degree in Business Management. So we sat down to determine the structure for our business strategy, and on how to implement our plan. We knew that we would need at least 50,000 dollars to get started and one more employee to help the business get off to a smooth start. We had to do a lot of research because even though both my partner and I are both Certified Nursing Assistants with over ten years of experience, and have been working for nursing homes as well as doing home health, neither of us have been in business for ourselves. So now we have to come up with an effective business plan, buy computers to keep up with our financial reports, how much we will pay ourselves, and our extra employee, which business tax we will use for our business, how we will develop our policies and procedures, set up our financial system, scheduling and billing and time keeping system and measure the success of our business. There are some numbers that we have to calculate the will be very important to our success or failure as caregivers, so we will try to example how we plan to make this all come together in starting our business.

The first thing we need to do is determine how we will go about getting the 50,000.00 dollars we need to start our business as a Home Healthcare business. My partner and I have determined that because we have never been in business before and it would probably be like pulling teeth to get a loan from a bank. So we have decided to invest our own money at a split of 25,000.00 each. This is money that we both have been saving up for the last four years while I was pursuing my degree. We each had to save