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Greenway's Estate Agents

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Introduction

Greenway's Estate Agents- Coursework 1 Tom greenway is 52 and runs a small estate agency on the outskirts of Hornchurch near Romford in Essex. Tom has owned the business for the past 25 years as a sole trader. He lives with his wife, Sally who teaches in a local primary school. She has no involvement with the business at all. Tom is a sole trader and is therefore part of the private sector where individuals wanting to make a profit privately own all businesses. Greenways estate agency is an unincorporated business so if anything goes wrong within the business, Tom will be held responsible. Tom and the business have the same legal identity. Toms business has unlimited liability which lays a lot of pressure and responsibility on him. This means the owner of the business is liable for all of its debts i.e. if the business goes bankrupt then the owner would have to pay all of the debts. Usually sole traders and partnerships have unlimited liability. Being a sole trader means there are no shareholders in the business and he doesn't have to sign any real legal documents. Advantages of Tom being a sole trader are that he can make all decisions by himself and he receives all the profits made within the company. ...read more.

Middle

In the early 1980's he was successful with this and earned a good ideal profit, but as most businesses do he lost a lot of money, which threatened the survival, and expansion of the business. Each of the objectives affects one another. For example if competitors, which are in the survival aim, threaten the company then the company cannot possibly make a profit or expand. Greenway's is part of the tertiary industry because they are providing a service to the public and local community. The people want to buy and sell homes because they have a disposable income and the numbers of people being able to do this is increasing, providing business and profit for the company. To ensure his service is of the highest standard and to ensure his customers are totally satisfied, Tom visits every potential seller personally and shows clients around properties himself. His job involves giving potential customers a quote based on the value of their home. He will receive a commission on each sale he makes. In the U.K there are other sectors that are not as popular as the tertiary industry. These are secondary and primary industries. In the primary industry people work extracting natural resources and raw materials. These are jobs such as mining and farming. ...read more.

Conclusion

Having easy access requires it to be located on a main road, near a train station and it need to have a privately owned car park or a car park nearby for staff and customers. The estate agency would need a road that at least links to a main road so they can receive deliveries from suppliers and send out important documents potential customers. The business need to be located where people can walk past and can see properties in the shop window, somewhere like a shopping mall or a high street. The property will need to be away from competition of well-known estate agents. The company will need to advertise in local newspapers, with bright, eye-catching advertisements. All businesses have two types of stakeholders. A stakeholder is and individual or a group who affects or is affected by the business activity. Internal stakeholders are people or groups involved with the business, whereas external stakeholders are people or groups outside of the business. The internal stakeholders of Greenway's are the business employees, and the business owner. The external stakeholders are the local community, business suppliers (stationary/computer supplies), competitors (Bairstow Eves/ Glenny's) and the customers. Between the stakeholders there is a conflict of the fact that each of them all expect different things from the business. For example the customers expect a high quality service and the business owners expect profit, survival and expansion. Michelle Lee Greenways Estate Agents 1 ...read more.

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