Personal Finance Essay

337 Words2 Pages
1. Choose an example of a type of new company you could start, and then use this company idea to answer the questions below. You might choose to open a hair salon, a babysitting service, a record store, or many other things. This can be the same type of company you chose in assignment 8, or it can be different. a. Describe the type of company you chose. (1-2 sentences. 0.5 points) I would choose to open a hair salon. b. If you needed to get funding for your company, would you prefer to get debt funding or equity funding? Explain why you would prefer this type. (2-4 sentences. 2.0 points) I would choose to get debt funding to open my business. The reason I would choose this is because I would not want to share ownership. c. If you needed to get funding for your company, describe at least two sources of funding that you would prefer. Explain why you would prefer these sources of funding. (2-4 sentences. 2.0 points) I would prefer to go to a bank and make a loan for funding because I can pay that back over time. The other type of funding I would choose is a small business grant. I would apply for that because that is money I could use to start my business that I don’t have to pay back. d. List at least four operating costs your business might have. (1.0 points) Rent Utilities Inventory Payroll e. Consider the industry of your company and the current economy, and then explain how these factors might impact your company’s sales. If you do not think these factors would impact your sales, explain why they wouldn't. (2-4 sentences. 2.0 points) f. If you had $5,000 to start this company, which department would get the most funding? Which department would get the least funding? Which phase of the business would be the most expensive? (2-4 sentences. 2.0

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