AQA Business Studies GCSE - Unit 1 Topic 1 - Setting Up a Business

Reasons for Starting a Business
1. Need a Job
2. To get more money
3. To advance on a hobby
4. For the challenge
5. To help others
What is a stakeholder and examples of stakeholders
1. A stakeholder is someone who is affected by a business
  1. Government
  2. Employees
  3. Customers
  4. Suppliers
  5. Local community
  6. Managers/Owners
  7. Distributers
An objective is something you hope to achieve with you business in a set amount of time
1. Make money
2. Keep the business going
3. Customer satisfaction
4. Grow the business
A business plan is a plan of what you are going to do. Having one can help you avoid risks, gain investment and check progress.
1. Info about yourself
2. Your aims for the business
3. Repayments
4. Marketing Info
5. Financial forecast
Unlimited and Limited Liabilities
1. Unlimited: Your personal assets can be taken, e.g. your house
2. Limited: Your personal assets cannot be taken
Different types of legal structure
1. Sole Trader - Plumber - Get to keep all the profits - Hard to take holidays
2. Partnership - Dentist/Doctors - Share ideas - Share profits
3. Limited Company - Schools - Personal assets protected - takes a lot of time to set up
4. Franchise - Fast food restaurants - Free adverts - Have to do as told

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