Starting up a new business that is competitive and is in demand by customers is hard to form. The planning stage of the new business is very important and it needs to address five topics. First is to pick out a location suitable for business, and in this case it can be identified as the Waikiki Marketplace which offers little competition for a book store specializing in used books. Secondly, the business idea needs to be solid and the startup costs should be covered.
Lease financing and partner capital proves to be the solution in this case. The next thing on consideration is to look at the expected competition and demand. Due to low competition the demand is expected to be high in the case of the book store. With product improvement and positive usage of advertisement and promotions, the demand is expected to be high. Finally, the last part considers the environmental factors. The goal here is to work in a way to make social, economical and political factors favorable.
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