Discussion Board #4
Case Study: The Gathering Place Betty, with the blessing of her husband, has decided to pursue opening a coffee shop in her hometown of Belmont, North Carolina. Betty is a Christian and wants her coffee shop to be a place where like-minded can meet. Her desired name for the coffee shop is The Gathering Place. Betty has multiple decisions she must make during the process of establishing the business. She has to decide what type of business to establish, such as a sole proprietorship, corporation or Limited Liability Corporation (LLC). She also has to decide what level of involvement she will allow others to have in her business. Additionally, she has to decide if a franchise might be a better option. Lastly, she has to decide if her proposed business name will fair well in the marketplace.
Establishing the Business In establish the type of business to form; Betty has to ask herself some questions. Does she want to form a partnership and share ownership with others? What level of risk does she want placed against herself personally? If she created a partnership she would be able to share the costs of ownership as well any profits or losses generated. Minimizing risk through partnership can be an advantageous …show more content…
The title, “The Gathering Place” is used in various forms for multiple businesses. Betty will have to consider a differing name altogether or modify the name enough that it is different than those already registered. If she chooses a differing name she has to consider that the name is a major component of the overall marketing strategy. The name has to be memorable to consumers, but also convey the message of what the business offers customers. Although her initial idea might convey that, now she runs the risk if she uses any similar version of becoming “lost in the
Case Study: The Gathering Place Betty, with the blessing of her husband, has decided to pursue opening a coffee shop in her hometown of Belmont, North Carolina. Betty is a Christian and wants her coffee shop to be a place where like-minded can meet. Her desired name for the coffee shop is The Gathering Place. Betty has multiple decisions she must make during the process of establishing the business. She has to decide what type of business to establish, such as a sole proprietorship, corporation or Limited Liability Corporation (LLC). She also has to decide what level of involvement she will allow others to have in her business. Additionally, she has to decide if a franchise might be a better option. Lastly, she has to decide if her proposed business name will fair well in the marketplace.
Establishing the Business In establish the type of business to form; Betty has to ask herself some questions. Does she want to form a partnership and share ownership with others? What level of risk does she want placed against herself personally? If she created a partnership she would be able to share the costs of ownership as well any profits or losses generated. Minimizing risk through partnership can be an advantageous …show more content…
The title, “The Gathering Place” is used in various forms for multiple businesses. Betty will have to consider a differing name altogether or modify the name enough that it is different than those already registered. If she chooses a differing name she has to consider that the name is a major component of the overall marketing strategy. The name has to be memorable to consumers, but also convey the message of what the business offers customers. Although her initial idea might convey that, now she runs the risk if she uses any similar version of becoming “lost in the