L3 Operating a Small Business
Completion requirements
Unit F: Finance
Operating a Vehicle
Aaron owns a backhoe and wants to start an excavation business in his rural community. He is looking into whether this business will be feasible in his community
Jules has worked as a hair stylist in a downtown hair salon for the past two years. Although she loves her work in that salon, she wants to open her own shop. Knowing that the initial start-up of a new salon is very expensive, she debates about working
out of her home so that she will earn more profit.
What steps do Aaron and Jules need to take in order to start up a new business? What expenses should be considered? What factors influence the profitability and success of the businesses?
In this lesson, the costs of operating a business and profitability will be discussed.
By the end of this lesson, you will be able to
- identify feasible small business options for a given community
- identify expenses in operating a small business
- determine the break-even point for the small business
- discuss options that might improve the profitability of the small business
- explain factors that might impact profitability of the small business