Assume your dry cleaning business is a service that you’ve found the average person will use once a month in your area. You also discovered that customers want to drive less than 3 miles for dry cleaning. Get a map of your city and select a street corner at random. (We’ll assume that you will be able to build your dry cleaners there.) Use the census Website to estimate the population in your 3-mile radius. Consult the phone book to find other dry cleaners within that radius. Assuming you will evenly split the customers, what would be your share?
Answer to relevant QuestionsInterview someone at the company where you work. What kind of marketing plan does the company have (formal, informal, detailed or not, etc.)? How often is it reviewed? Why would a small business ever need an accounting system more complicated than a simple checkbook register? How are costs and expenses different? Why do you have to give up more ownership to get outside investment if your business is risky? In what ways does financial management for small startup businesses different from that of academic organizations and businesses?
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