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If I was an entrepreneur, what type of business would I start in my local area.

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Introduction

GCSE Business Studies Portfolio Assignment 1 Introduction For my coursework, I have been asked that, if I was an entrepreneur, what type of business would I start in my local area. Below there is a list of the things I need to do: * Research the type of businesses in my area and the competition * What type of business I should start up * The location of my business * The services/products I want to provide * The type of ownership suitable for me * The type of customers which will come to my business * How I will raise the finance for my business * How to work out the profit The Type of Businesses in my Area Most of the businesses in my area are very similar. Like for example, there are at least over ten jewelers shop and about the same number if Indian suit shops, there are also a number of newsagents. Those are the common types of businesses in my area. There are other types of business, as Indian sweet shops, hairdressers, beautician's and small supermarkets. The types of business, which are missing, are really entertainment businesses, for example, video shops, cinema, youth clubs and other type of entertainment businesses. ...read more.

Middle

A deed of a partnership sets out the rights of each partner, such as the way in which profits are divided. All partners are equally responsible for the debts of a business. Private limited company is any company, which is not registered as a public company. The type of business must include Limited (Ltd) in its title name. Both private and public limited companies are sometimes referred to as joint stock companies. The private company is allowed two to an unlimited number of members (shareholders). The public limited company must indicate its public status by including the letters plc (public limited company) in its title name. It is allowed two to an unlimited number of shareholders, and can advertise shares and debentures for public sale. When an investor buys a share in a limited company they become a part owner. This not only entitles them to a share of the company's profits, but also gives them the rights to some say in the way the company is operated. Franchising is when a company allows someone to buy the right to se their products or techniques under their trade names. This is one of the fastest growing sectors of the company and over 20 per cent retail sales is accounted for by this for trading. ...read more.

Conclusion

How Profit is worked out Profit is the reward the business receives for taking the risk involved in business and for being able to combine all the factors required to produce and sell goods or services. The profitability of a business can be looked at from the point of view of gross profit and net profit. The gross profit of a firm is the net sales minus the cost of the goods sold. Gross profit can be expressed as a percentage of the cost or selling price. For example, Selling price �1.00 Cost price �0.75 Gross profit �0.25 Mark up (on cost price) = 25 ( 100 = 33 % 75 Profit margin (on selling price) = 25 ( 100 = 25% 100 Gross profit takes no account of the overheads; the business has to pay, for example, wages, advertising, etc. Gross profit can be put as a percentage figure, for comparison with previous trading period. The method for calculating the gross profit percentage is as follows: Gross profit percentage = Gross profit ( 100 Turnover Net profit is the residue of gross profit after allowing all expenses incurred on carrying on the business. Net profit = Gross profit - Expenses If expressed in percentage, net profit can be used to make comparisons - Net profit percentage = Net profit ( 100 Turnover Pavandeep Johal 10z Business Studies Coursework Ms Clarey ...read more.

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