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Detailed report on starting a new business

Extracts from this document...

Introduction

Introduction For this item of course work I have been asked to produce a comprehensive study into starting an imaginary business of my choice in the Ballymena district in which I live. To help me proceed through this I will develop an inclusive action plan which will allow me to see how well I'm progressing through the time that I have been given. The action plan will also help me with the points that I must cover to ensure this study is comprehensive. In order for this study to be comprehensive and not lacking in detail or facts I must research all aspects of starting a business. I will be using books, the internet and contacting similar business to aid me in my research; this type is all classified as desk research, all the results will be quantitative rather than qualitative. I will also use field research such as questionnaires which is more qualitative. I propose to start a large electrical superstore retail outlet; I have decided to make my business a LTD, as this lets me have full control and separates my company finances from my own. This wouldn't be the easiest to initially set up but the benefits will be on going. I also will have to publish my accounts yearly and will be available to the public to view. Aims The aim of my business would focus mainly on to competing with other similar businesses in the local area. Undoubtedly my business must at least make a profit, if not then break even. As with all small independent businesses the overall aim for the first six months is to survive. Survival and turnover are linked very closely, with good turnover the business will survive like wise if the business's turnover is poor chances are the business will fail. Therefore narrowing down my main objective as profit. Objectives To make my coursework inclusive I'll need to investigate the following objectives:- 1. ...read more.

Middle

Most of the businesses are well known to the public, as they own large chains or many factories. The advantages of this type are: * Opportunity to raise very large amounts of capital * All shareholders have limited liability * No restriction on the buying, selling or transfer of shares * Separate Legal Identity * Continuity * Easier to get investment The disadvantages are: * Legal Formalities * More regulations and controls * Selling shares is expensive * I may lose control * Public accounts * Co-operatives This is where a group of people who agree who work together and pool their resources. They can take several different forms, but co-operatives have certain common features. * All members have only one vote * All members help in the running of the company * All profits are shared equally Conclusion of Company Type After carefully studying all five types of business organisations I have decided that they best type for my business is a private limited company. I think this as the advantages far out weigh the disadvantages. There is one essential difference between a company and an unincorporated business, such as a sole trader or partnership. A company is a separate legal unit from its owners. This is great for me as it means that: * My company exists separately from me and will continue to exist if I die * My company can make contracts or legal agreements * Companies' accounts are separate from my own. This is perfect for my company as this is all the things I will need. Although there is a few disadvantages such as there is a lot of legal formalities that I will need to get sorted before I open my store. I will need to complete the Articles of Association, this contains the rules under which the company will be managed. It states the rights and duties of all of the directors, the rules concerning the election of directors and the holding of official meetings and the procedure to be followed for the issuing of shares. ...read more.

Conclusion

I think that the elderly on a pension will not be buying many large goods. I will be aiming my business broadly at all economic groups from A - E, but will concentrate more on the top from A - C. They generally have more money to spend on household appliances. Closing Conclusion For this item of coursework I was asked to produce a comprehensive study into starting a business of my own in the Ballymena District. For me to ensure that this study is comprehensive and not lacking in detail or facts I had to research all aspects of starting this business. I feel that I have completed this task and fulfilled all my predetermined objectives. These are listed and described below. * Find out if there is space in the market for my business. I researched the individual market share of each electrical business in the local area, to find that there was no monopoly going on, and that the markets shares were divided fairly evenly. * What additional services must I offer to attract customers I found that a large percentage of customers who buy large goods will pay for delivery and installation. I have calculated it out to find that, I can in fact offer free delivery on large goods and still obtain a reasonable profit margin * Find out my target market My target market realistically is both genders starting at the age of 17 to the age of around 60 primarily social economic groups A - C. * Decide on my company type I have decided that they best type for my business is a private limited company. I have decided this as the advantages far out weigh the disadvantages of any of the other company types. I used books, the internet, banks, insurance brokers, and similar businesses. John McLaughlin - john_mclaughlin@email.com Feel free to e-mail me on ways to improve this essay it would be a great help. John McLaughlin - john_mclaughlin@email.com Feel free to e-mail me on ways to improve this essay it would be a great help. ...read more.

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