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My business idea is to open a fish and chip shop.

Extracts from this document...

Introduction

Unit 6 Business Planning Task 1(E2 ) My business idea is to open a fish and chip shop. At this shop people will able to buy hot food such as fish and chips and many other things such as drinks. I have chosen to open a fish and chip shop in Queensbury Parade that is in the London Borough of Harrow. I am providing this service as people have to eat, the food I will sell will be tasteful and above all my services will be convenient. There are many different retail shops at Queensbury Parade supplying various services and goods such as a, *newsagent shop *Pub *A bar *Factories and warehouses *Safeway supermarket But there are no hot food services available. I have chosen to open a fish and chip shop as simply because there is no hot food services available at Queensbury and as there is station (Jubilee line) so there would be a lot of passing trade. My business will be called Usman' Fish and Chip shop, located at 7 Queensbury Parade. My business will be a sole trader operator as this is the easiest set up. Being a sole trader there are less regulations that I would have to comply with but with serving hot food I will have to obtain permission from the local authority. As with preparing hot food I will have to obtain planning permission for the local authority, as there are certain laws that have to be abided. I have to obtain the A3 planning permission that basically states the laws and regulation on serving and preparing hot food. I will also have to require insurance for the business as you must have this by law. By law any business that employees people even part time must have insurance. This will provide protection against accidents etc. Starting up formalities for a sole trader are fairly simple as only need to register as self employed, I am responsible for all the costs of the business and the debt. ...read more.

Middle

In order for the business to run successfully I will also need consider the following listed below, * Manpower/ cost *Production *Premises *Machinery/equipment *Vehicle *Raw materials *licensing or planning permission *environmental restrictions Manpower For my shop to run effectively I will need a hard working employee, I will need a single person to help me prepare the food and also carry out various duties such as cleaning. As I am just setting up my business I will not be able to pay a high wage so I am considering employing an individual who is looking for an extra income. I am going to comply with the minimum wage Act as I will value my workers and by them working effectively my business will be a success. Below is a job description that the person I will employee will have to comply with and also it states the qualifications, requirements the wage that will be paid and the number of hours that will have to be worked. The individual will be trained on the job by my self so the method will save training costs. This is appropriate as my aim is to keep the costs to a minimum. I will display the wage notice on my shop window to attract the worker before the shop opens. Key personnel Name Age Qualifications Position Wage ........... 17-60 none needed serving customers �4.50 ph Preparing hot food Responsible individual needs Total pay for month = 4.50ph x 77hr = �346.50 aweek The above is a rough indication of the labour costs and hours that might be needed. There will be times where only one individual will be needed to operate the shop, so my assistant will mostly come in near the busiest periods. I would consider employing two part-time employees this would incur extra costs and shift schedules to be maintained. Resulting in extra time being consumed. ...read more.

Conclusion

The business plan that I have produced evaluates and takes into account the market size, the population the prices that are being charged by the competitors. In my business plan I have set my self a budget and also produces a sales forecast that I hope to follow. The budget is designed to keep the costs on track, I have allocated funds towards advertising and other commitments. The financial plan gives a clear indication on how the money should be spent. I have also produced a break-even analysis which indicates the number of sales needed to break- even. The advantage of this is substantial the break-even indicated that the business will be running successfully. The only major difficulty I found was the market size once achieved all the other aspects were imminent. The above are the advantages of myself producing a business plan I feel it will enable me to keep track of my business. The plan clearly sets out the objectives that I will constantly look at and compare the performance to in order to find out if the business is doing as it was predicted. I believe benefits of IT have not been considered by the plan. Computers could have been used to produce the accounts resulting in saving time. Also online tax payments and the overall payments of bills by using the net. If computing had been used this would have saved me valuable time and even money. By not using this method I feel the business is at a disadvantage. But I was unable to afford a computer as I had very little capital. In order to overcome this I will most probably purchase a computer in the second or third year of trading. Overall I feel the business plan is produced accordingly taking into account the interest rates and needs of the market. The various methods used to test the viability of the business such as ratios have proved the business has potential. *** Bhavin Shah/ Unit 6/ Business Planning ...read more.

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