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applied business studies unit 2

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Introduction

The wildest milkshake flavours around My business is a milkshake bar called Shakey's which is located in Hayes School. We sell a variety of milkshakes to students and teachers of Hayes School. The milkshakes we sell have a wide range of unusual but nice flavours like chocolate fudge brownie or galaxy chocolate instead of a plain normal chocolate milkshake. Mission Statement "At Shakey's we aim to produce milkshakes of the best quality and taste to give pleasure to our customers. We want to become well known for excellence in Hayes School" Smart objectives * To have broken even before Christmas. * Shakey's should have at least sold products (milkshakes) to at least 10% of the students at Hayes School within the first two weeks. * To have 90% positive customer feedback on hygiene. * To achieve a 20% return on capital employed by December 2007 * To make Shakey's milkshakes the preferred drink of students and teachers in Hayes School by February 2008 Ownership and Legal issues Sole trader - A person who trades by himself/herself without the use of a company structure or partners and bears alone full responsibility for the actions of the business. Partnership - A legal business relationship of two up until twenty people who share responsibilities, resources, profits, and liabilities. ...read more.

Middle

Advantages of a Partnership Setting up a partnership is relatively easy. All that is required is for the people concerned to agree to share the decisions within a business, or start to work together as joint owners of a business. If this happens, they are automatically considered to be partners and will share both the responsibility and profit. As there is more than one owner, there will be more money available to help set up the business. New partners can bring in new skills and experience that may help the business to make more profit. You can share out the responsibilities between the partners. This means that no single person is responsible for running all of the business. If the business experiences financial difficulties there will be other people to share the costs with you. This reduces the risk of losing money. Expanding the business can be made easier as new partners can be introduced. They may put money into the partnership which could be used for buying new, or updating existing, machinery. Some financial details can be kept private from others, as you don't have to publish your accounts - many people do not like others to know how much they earn. Disadvantages of a Partnership The profits have to be shared among all the partners so there will be less money for you. ...read more.

Conclusion

The type of ownership Shakey's will be is a private limited company. It will be run be one person (a sole trader). I choose to be a sole trader as all the decisions in the business will be made by me, all the profits will go to me and it's easier and cheaper to set up. I would have chosen to be a partnership but I cannot risk relying on another/other person/people. I think being a sole trader is the best option for Shakey's as it is going to start up as a small business, I may consider becoming in a partnership as my business grows. Stakeholders Stakeholders are those groups and organizations having an interest or stake in a organization, Business, company etc. (e.g. regulators, shareholders, customers, suppliers, special interest groups, residents, competitors, investors, bankers, media, lawyers, geologists, insurance companies, trade groups, unions, ecosystems and cultural heritage). Stakeholders are important because everyone to do with the business is a stakeholder, so without a stakeholder there is no business. Each stakeholder has an important role in a business. Suppliers are important to a business as they supply a business with their goods or services, but say if a business upsets their suppliers (for instance if the business doesn't pay remaining debts) this would not be good for the business as they will need to get their supplies to run the business. ?? ?? ?? ?? Christopher Creech Unit 2; the school shop 1 ...read more.

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