• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17
  18. 18
    18
  19. 19
    19
  20. 20
    20
  21. 21
    21
  22. 22
    22
  23. 23
    23
  24. 24
    24
  25. 25
    25
  26. 26
    26
  27. 27
    27
  28. 28
    28
  29. 29
    29
  30. 30
    30
  31. 31
    31
  32. 32
    32
  33. 33
    33
  34. 34
    34
  35. 35
    35
  36. 36
    36
  37. 37
    37
  38. 38
    38
  39. 39
    39
  40. 40
    40
  41. 41
    41
  42. 42
    42
  43. 43
    43
  44. 44
    44
  45. 45
    45
  46. 46
    46
  47. 47
    47
  48. 48
    48
  49. 49
    49
  50. 50
    50
  51. 51
    51
  52. 52
    52
  53. 53
    53
  54. 54
    54
  55. 55
    55
  56. 56
    56
  57. 57
    57
  58. 58
    58
  59. 59
    59
  60. 60
    60
  61. 61
    61
  62. 62
    62
  63. 63
    63
  64. 64
    64
  65. 65
    65
  66. 66
    66
  67. 67
    67
  68. 68
    68
  69. 69
    69
  70. 70
    70
  71. 71
    71
  72. 72
    72
  73. 73
    73
  74. 74
    74
  75. 75
    75
  76. 76
    76
  77. 77
    77

Applied Business Studies

Extracts from this document...

Introduction

In this section of my work, I will be investigating how to start up a business, and looking at flaws in the process of setting it up. As well as looking at the range of problem that may occur along the way, I will be looking at how to keep up with the maintenance of the business, along with its finance and reputation. I will now go on to the process of choosing my business name, and talking about the pro's and con's, and if it would be suitable for the business that I am doing. First off, I need to decide what type of business I am doing, whether it is a hair salon, a football store, or even a caf�. Initially, I looked at what businesses are already set up in my local area, which is Flintshire. I researched and found out that there are many caf�'s, sport shops, hair salons, and many other retail stores. I need to pick a business where it would be 'unique' and stand out. The business that I have decided to do is a theatre based business, and in the store, it would sell a range of items, which can be props, costumes, different lighting equipment, sound boards and many other items. The reason why I have chosen to do a theatre based business is because I understand a lot about the way theatres work, and I know what a lot of theatres need to do productions. In my business, a customer can either buy or rent certain props, buy different lighting or sound boards, costumes for certain characters in that era, and scripts that customers can buy and use. In the big cities, there are many large theatre stores, which provide different items for them, but from the research that I have carried out, there is no business like mine in North Wales, but there is a store in Chester, which could be one of my competitors. ...read more.

Middle

and it will be big enough to fit everything in and accommodate lighting boards, sound decks, props, scripts, costumes and other items. Some of these resources will be start up costs and some of these resources will be running costs. Start-up costs are payments which are made before, or soon after, the start of a project. This type of cost only occurs once, and the price may be pretty high, for example, the building cost. A few other examples of start-up costs are new machines, which include installation, office equipment, which includes ICT, market research and advertising, the initial stocks of materials, installation of gas, electricity and telephone lines and new vehicles. Some people get confused with stock being in both categories, but the initial cost would be in the start-up category, and the stock afterwards would be in the running cost category. If the bill is paid once, then it is a start-up cost. Running costs begin once the project or business has started. This type of cost will arise on a regular basis and it must be paid for as long as the project lasts. A few examples of running costs are wages and salaries, heating and electricity, repairs and maintenance, business rent and rates, materials and stationary equipment, telephone, advertising and vehicle running costs, for example, fuel. If the bill is paid regularly, then it is a running cost. There are different physical resources that relate to my business, these are premises, equipment and machinery and stock. I will now go into detail about each one, and how some of them may affect my business. Premises I understand that this type of physical resource will set me back the most, as it will cost the most. I am not going to buy the largest store, as I am a small business and I do need space, but not too much. The reasons for this is that I may not be able to purchase a large store, as I am a sole trader, starting up a business and having to use my money wisely. ...read more.

Conclusion

For a manufacturer, it could include the direct costs of labour, materials and other costs such as the machinery maintenance. The gross profit is the basic raw measure of a profit. It is the total sales value minus the cost of producing the goods or actually providing the service. The gross profit would not take into account other overheads and operating costs, for example, tax, distribution, administration or marketing expenditures. The gross profit is the actual money left from sales to cover the costs of marketing the product, operating the business and retaining some money in the business. A net profit is the money which is left after all of the costs have been added up and the total cost is deducted from the money that is coming into the business from the sales. The net profit does not take into account all the expenses or operating cost of running the business. These would include the following: overheads and operating costs, such as tax, distribution, administration and marketing costs. Once my business has produced the profit and loss account, I would then be able to determine whether I am paying too much for the cost of sales, paying too much on the expenses or providing my customers with a price for products that are too low. As always, the first of my financial business year is the most important, and I really need to aim high to make sure I make as much profit as a possibly can. By using this account, I would be able to determine which areas need to be improved, whether it is to change my prices, therefore increasing the chance of a higher profit for my business and increase my profitability. By using a profit and loss account I would be able to determine in which area I am paying too much or whether I need to change my prices, therefore increasing the chance of a higher profit for my business and increasing my profitability. ?? ?? ?? ?? Unit 1 1 Tarek Hijazi ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Jollibee Foods Coporation case study. there are some alternative strategies that JFC can ...

    In addition, related diversification makes creation of barriers to entry; it helps the company to seize opportunities. However, this strategy may lead the firm into failure to benefit from any economies of scale or technical advantages, so the company may face to many risks, and JFC will fail in accepting level of risk.

  2. Strategic Analysis of Woolworths

    2005, p. 144). As discussed earlier, customers in the retail industry take into account the convenience and the price of goods before deciding to purchase goods in Safeway Supermarket (Miranda, Konya & Havrila, 2005, p. 220). Moreover, Safeway Supermarket is a business in the retail industry, which means that Safeway

  1. Marketing Research. Explain how different marketing research methods have been used to make a ...

    the interviewer is told how many people to interview but is not told how to locate the respondents. This approach is often used in shopping centres. It is quick and uncomplicated. This method is not random though because the interviewer is only interviewing people that are at the shopping centre

  2. Explain the points of view of different stakeholders seeking to influence the aims and ...

    British Red Cross The British Red Cross are a charitable organisation and their main aim is also to make money and help people in need by providing essentials such as food, water and shelter. There aims are: * Provide a range of Community Services to assist vulnerable people in crisis

  1. Assignment 1, Starting a small business

    claims, as a customer may fall or trip within ASL premises and decide to claim and/or sue which can be costly if ASL don't consider having this insurance. Below is an insurance quote from www.insurance-for-business.co.uk. Source: http://insurance-for-business.co.uk/dorfq/imp_shop/2.htm Employer - Legal liabilities If ASL decides to employ staff then there are

  2. From a marketing point of view, what were the main objectives or the Hovis ...

    This allowed the development and implementation of the automated process and other problem solving, implementing solutions to take place much quicker than would have happened without the close involvement of the shop floor operators. Even the debrief review meetings were attended by all of the key personnel members and chaired by the Bakery Manager.

  1. P4 - Describe the legal and financial aspects that will affect the start up ...

    more money into the business our other potion was to become a corporation such as a (LTD) but we chose not to because we would have to pay allot of corporation tax as well as we would have to do allot of paperwork and get permeation for allot of things.

  2. Unit 11 M1 Analyse the ways in which relationship marketing activities can be used ...

    of its sales form a loyal customer, return customers have so many benefit economically where they contribute to the sales that have been made, but still if somebody does still continue to think that have a larger number of new customer then return customer, they then must be unaware that

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work