Multi-nationals would be able to cope with demand and supply more readily and far more quickly that a small sole trader, as greater investment would allow them to buy equipment, increase production, adopt new technology and develop new ideas. The pressure put upon the sole trader must not be ignored, and if you are thinking of becoming self-employed as a sole trader you must address this issue as it could ultimately threaten the survival of your business.
Apart from the pressures placed on the sole trader by the larger organisations, you are also fully liable financially, and the need for your business to examine the implications and consequences of bankruptcy or loss of personal possessions due to the sole trader accepting unlimited liability must also be considered. The larger you business becomes, the great risk will be.
Business Objectives:
- Profit
- Global power
- Brand Recognition
- Reputation and Image
- Share Price
- Efficiency
- Personal Satisfaction
- Long Term Survival
- Market Share
- Turnover
- Customer Satisfaction
Why set up in business?
- Fed up with working for someone else
- Quality of life
- Buzz of success
- Feel in control
- Financial reward
- “I could do better than that!”
Premises
Human Resources
My company will be sole traders employing other workers to work for then. Many though work on their own. Because sole traders are not employed by a business they are also called self-employed. omes for paying debts. For instance, a sole trader might borrow £20,000 to set up in business. She might not earn enough from the business to repay the loan. But the sole trader is still liable for the repayments. She would have to use her private money to meet the debts. If necessary, she might be forced to sell her own car or house to raise money. So that means that if my company is in debts I will have to pay both my business money and my private money to pay off my debts. This is known as having unlimited liability for when paying the debts of business also I would not have to share my profits with anyone as I am a sole trader
The aims of this business are: -
To expand and grow
To make profits
The way I am going to achieve these aims is that I am going to use the profits of the first year to buy more land so I can expand my business
Job roles
I am the owner of the restaurant I will be in charge of the amount of money coming in and out I will make all the decisions that is involving money. He will not always be inside of the shop. He has his manager to take care of things inside of the business
Jungle aziz will be the manager he will be in charge of the amount of hours that the workers will work and will look after the business. He will work in the business full time.
Tabrez akhtar will be a part time worker and he will be taking orders from the customers. He will work when the business opens 10 and then at 5 o’clock he will leave the restaurant.
Dammar dammar will also be a part time worker who takes orders but he will work 10’clock to 5o’clock
Ifran yousaf will also be a part time worker who take orders and will work between 5 pm till 3 am
Asim Ali will also be a part time worker who takes orders and will work between 5pm and 3 am.
When we first open the business me the owner and the manager who is jehangir aziz will work full time until people start applying for jobs in our businesses. We will put the word out to people that we need workers and will be taking applications from them the way we are going to do this is word of mouth and job notices outside the window of our restaurant. We are hoping we will get applications within a few days as the owner will be busy doing other things such as ordering stock and making sure the business runs smoothly.
Marketing Plan:
Promotion: the way that I will promote my restaurant will be word of mouth and advertisement near the area.
Place: the location of our business is 17 Cannon St City Centre Birmingham B2
This is my reasturants menu
Marketing Plan
Financial Plan
My Initial expenses are at £2000. Which will include:
Legal: £300
Food Supplies: £200
Equipment: £800
Design: £50
Advertising: £200
Other: £650
The amount of money I have got in my band ass reserve incase of losses, is £16,500.
This will include estimated monthly payroll during my start up period which is £2000, estimated monthly rent for my start up period £500, and estimated other regular monthly expenses you need to allow for during start up £250. This puts my total monthly running spending at £2,750. The amount of months of spending that I will keep this money in reserve is 6 months.
Other short term Assets: (leasehold improvements, fixtures, signage, etc.) £700
Total Start-up Requirements £19,400
In the first month my budget will be £1000 and I will be hoping that my profit will; be at least 50% f my first months budget.
My Fixed Monthly cost is £2000.
My starting cash is £2000, my first Months Sales Will is a predicted £2500, My Profitability of sales will be 10%, and my starting Payables will be £200.
My Predicted Sales Is in the first year:
These are my predicted figures in the first year.
Evaluation
I structured my business plan because I had to know what my chances of starting the business were and if I will succeed in starting a business or fail. From the predictions on the cash flow and start up calculators I think that my company if I decided to start it up will have a good chance at running the business.
The person who would likely be the audience of that plan is people who are interested in starting there own take away / restaurant business themselves and have the money to start of structuring and building it.
I would not have changed anything on the plan if the questionnaire would be slightly altered because on my plan I have built like a 1 fits all structure so there wouldn’t be any need for altering the plan.
I think that my business would have been a success pm the basis of my business plan because I have calculated the expenses and through and professional website that helps businesses start up and the have gave me evidence that yes my business will start and it will grow in time. I think that my business will succeed in opening and getting higher profits from the starting the business in the first month, the evidence of this is that I can estimate my profits using a profit calculator from a professional website and then enter the amount of money I will spend in my first month then I will enter the amount of money I am
If I had more time on this project I could have got more done then what I intended to do and also I applied to a professional website about my cash flow and start up calculator and asked for their opinions but they didn’t have time to reply back and tell me a professional opinion.