Starting a Business

SET UP BECAUSE...
1. financial
2. personal
3. to help others
  1. enterprise
AIMS
1. to survive
2. to make a profit
3. to expand
ENTERPRISE
1. example; charity
2. helping another business
SOLE TRADER
1. ADVANTAGES
  1. easy to set up
  2. be your own boss
  3. can decide what happens to the profit
2. DISADVANTAGES
  1. long hours
  2. unlimited liability
    1. have to sell everything you owe, if the business goes into debt
PARTNERSHIP
1. 2-20 PARTNERS
2. ADVANTAGES
  1. more owners, more skills
  2. more capital can be put into the business
3. DISADVANTAGES
  1. each partner is legally responsible for what the others do
  2. unlimited liablility
  3. more arguements
Ltd
1. Limited Liabitily
2. Shares can only be sold to friends and family
3. ADVANTAGES
  1. Cant lose more than the business invests
4. DISADVANTAGES
  1. more expensive
  2. have to publish accounts every year
FRANCHISES
1. example; McDonalds
2. FRANCHISING
  1. other companies can use your name
3. FRANCHISORS
  1. the firm selling the products = FRANCHISEE
4. ADVANTAGES
  1. buying the right to use the name
  2. promoting the business quicker
  3. increases market share, increases size of the firm
5. DISADVANTAGES
  1. only be able to sell the companies products
  2. have to run the business according to the fRANCHISOR
  3. poor standards = bad reputation
AIMS, OBJECTIVES AND BUSINESS SUCCESS
1. SURVIVE
2. PROFIT
3. MARKET SHARE
4. CUSTOMER SATISFACTION
5. OBJECTIVES
  1. short term aims
  2. more specific
  3. need to be sustained
  4. can show if the business is successful or not
    1. businesses compare their objectives with performance.
STAKEHOLDERS
1. anyone effected by the business
  1. internal
    1. inside the firm
      1. employees
      2. owners
  2. external
    1. outside the firm
      1. customers
      2. suppliers
      3. locals
2. EMLOYEES
  1. want job security
    1. want decent wages, good working conditions
  2. want promotion prospects
3. SUPPLIERS
  1. business gives them an income
  2. benefit the most when objectives are about growth
4. LOCALS
  1. provide good jobs
  2. sponser local activities
5. CUSTOMERS
  1. want high quality - low prices
BUSINESS PLAN
1. outline of what the business will do, and how
  1. can convince banks for a loan
  2. can show if this is a bad idea or not
2. 7 sections
  1. personal details
  2. mission statement
  3. objectives
  4. product description
  5. product details
  6. staff requirements
  7. finance
LOCATION
1. location of raw materials (suppliers)
  1. close as possible
  2. lower delivery costs
2. labour supply
  1. near high unemployment
3. location
  1. close/near to competitors
4. GOOD COMMUNICATION
  1. telephone etc

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Starting a Business

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