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Investigating Businesses

Extracts from this document...

Introduction

AS Unit 2: Investigating Business Subject Teacher: Mr. Bond By: Bernadette Walsh Section 1: Business Planning Introduction Business Concept This project is going to investigate the feasibility of setting up and opening a Restaurant/Pub on the Bristol Road in Selly Oak, Birmingham. The concept is a Restaurant containing approximately 20 tables, which would offer a variety of food and drink and provide live music on Friday nights. It is to be set up as a partnership. The main target market for the restaurant will be students and young adults. There is a possibility, that if this business is successful, and becomes well established, it may diversify and expand into a bar or nightclub. There are several reasons why I believe this restaurant may be a successful investment possibility: * According to www.yell.com, there are 10 restaurants situated in Selly Oak, however none of them provide live music or any type of evening entertainment. There is therefore a niche in the market, which may be filled by the type of restaurant proposed. * Selly Oak is largely populated with students, who enjoy evening entertainment, and will be interested in new venues opening. Legal Form The business will be set up as a partnership, as they are relatively informal and easy to begin in comparison to limited companies. There is also less money involved in setting up a partnership, which means that more time and money may be dedicated to the set up of the venue rather than spending on legal aspects of the business. This may prove to be an advantage, as the business may potentially start with greater current capital, which may be used to benefit the business. This may mean that the launch of the business is more successful than if a limited company was started. There is however greater risk involved in a partnership, as there is unlimited liability, should financial problems arise; this means that personal belongings of the people involved in the running of the business are at risk, should the company go into liquidation. ...read more.

Middle

Another thing that needs to be thought about is the legal restrictions of the area. Disabled access would need to be planned and toilet facilities for disabled and non-disabled customers. Equipment and stock: Approximate start-up costs of equipment: Kitchen equipment work table �200 fridge �300 dishwasher �300 general equipment �300 oven �300 storage units / sink �750 griddle �1,000 total �3,150 Restaurant equipment till �150 storage / servery �350 tables x10 �750 crockery and cutlery �750 chairs x30 �1,050 total �3,050 Premises shop sign �150 deposit on building �1,458 decorating and fitting �1,500 total �3,108 Food and Beverage food for the store �250 food for the kitchen �250 deserts �100 alcoholic drinks �200 soft drinks �150 Financial Resources: Credit Cards - this gives only a limited amount of capital as it relies on the bank that would not be likely to give an overdraft to a new company who had collected the figures in this report. Also there would be a lot of interest. Friends and Family - a good source of limited capital, the upside of this is that there is no real interest to pay. However it is a very limited source of finance and depends on relatives. Personal Savings - depending how much there is in personal savings. Using these creates great risk. It may mean that if you go bust, even if it is a limited company, then those personal savings are gone. Bank Loan - it may be difficult to secure a loan for this business given the figures. Also there would be interest to pay. Venture Capital - A good source but relies on there being enough interest in the business to secure the venture capital. In all we can see that it would be difficult to secure enough money to actually start up the business. More research would need to be done to confirm the research figures and also as to where to get the finances from, considering that they would be a large amount due to the area being expensive and the nature of the business. ...read more.

Conclusion

The data protection act (1998) is an act to provide a legal basis and allow the privacy and protection of data of individuals. The act places restrictions on organisations which collect data which can identify a person. The data Protection Act must be followed at all times by my business when handling data. Health and safety at work act (1974) is an act to set basic principles which must be followed by both employees and employers to help ensure a safe working environment. A healthy and safe environment will improve job satisfaction and also customer satisfaction. The health and safety issues I must cover will be restricting the use of computers in a business. Here I will make sure employees have at least a 15-minute break, for every 45 minutes on a computer. The user of the computer must also have a comfortable, upright chair and have the screen at the correct distance away. The mouse and keyboard will also have to be a suitable height. Going through these precautions will prevent any injuries that may occur, such as back, eye or wrist problems. Safety issues would include having well-ventilated rooms, regular electrical checks and ensuring wires are out of the way of all users, to prevent them from tripping over. These simple processes can easily be put into action, and have an immediate effect on the business and as a result, my employees will be safe from these easily avoided accidents. In conclusion, when getting an ICT system, I must consider how useful will be in my business, whether or not I will need to upgrade/replace the software and how much training will be required for employees to use the software. I feel that by using these ICT applications, my business will be more in order. However, problems with these applications must also be thought through, such as the loss of data or computer failure/errors, and how easily they can be sorted out. ?? ?? ?? ?? 26 ...read more.

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