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My Business Idea

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Introduction

In my coursework I intend to start my own business. I will devise my own business plan which outlines my business proposal and the key aspects, during this I will need to seek good business advice on the necessary steps I will have to make. As I go through the coursework I will show evidence, examples and explain how businesses are set up, what types of businesses there are and their similarities, the kind of targets businesses set for themselves and also the different objectives of different stakeholders. For my business I plan to sell toys and other game products that educate young children under the age of 11. Starting up a business is difficult and risky. Anyone setting up needs to consider: * Whether they have the right experience and skills to make the business a success. * How they are going to produce and market their product or service. * Where they are going to get finance for the business. * How they can get help and advice that is available to them from outside the business. * What will happen if the business is not a success? ...read more.

Middle

The business plan Drawing up a business plan is very important. The business plan sets out how the business is to be set up and run. It contains projections of the future sales, revenues and costs. It will include how the project is to be made or bought and how it is to be marketed. Drawing the business plan makes sure that all aspects of the business have been researched and considered. It helps people to be more realistic about the problems they are likely to face when the business starts trading. What is more, any applications for loans or grants will usually need to be supported by a business plan. So a business plan is crucial for financing the business. Operating the business The environment in which businesses work is constantly changing. Sometimes it has meant changing from being a sole trader to becoming a limited company. It has meant coping with disappointments like a great loss of money. Unless businesses change, they die. If, like other companies, the business is constantly adapting to changing conditions, then the business is more likely to survive and prosper. As part of setting up a business I will have to make very important decisions. ...read more.

Conclusion

This is the main reason why businesses in partnerships draw up a Deed of Partnership. This is a legal contract which sets out: * Who are the partners; * How much money or capital each partner has put into the partnership; * How profits should be shared out; * How many votes each partner has in any partnership meeting; * What happens if any of the partners want to withdraw from the business or if new partners are brought in? If there is no deed of partnership, the law states that every partner is equal. Each partner then gets an equal share of the profit and has the same voting power as any other partner. The basic objectives for my business are: * To make the largest possible profit * To grow and expand * To survive (break even) * To provide a service and quality products to ensure the satisfactory of our customers The targets for my business are: * Growth in profits * Growth in sales turnover * Increase in market share * Expansion of the product range * Selling into more areas of the country or the world * To become an even bigger business like a PLC ...read more.

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