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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.

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