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Setting Up In Business.

Extracts from this document...

Introduction

Subject: Setting Up In Business Introduction The purpose of this report is to provide an essential source of ongoing reference on the aspects of setting up in business. The report provides a comprehensive, but clear and concise review of the key issues that will be faced when setting up in business, and help reduce the perceived barriers. Reasons For Setting Up In Business Many people set up in business simply because they prefer to be their own boss and work at their own pace. Other reasons are a reaction to circumstances. A common one is frustration at work. This may be due to a failure to obtain promotion. It may be a dislike of the way the company is run or the people who run it. Or it may be an inability to get ideas, or inventions, adopted. In short, individuals believe either that they are not being given credit for their ability or that they can do it better than their employers. Unfortunately, redundancy is frequently the reason to get started. It does have the advantage that a career is not at stake - it having already been lost - and that some finance may be available from a redundancy payment. Other reasons come from a desire for independence or the wish to make money. Certainly such people expect to make money but the fun of independent decisions and achievements are more important to many. Indeed, planning for expansion and the achievement of a steadily growing profit record is often wanted as much for the excitement of the game as the additional financial rewards that may result. The following are the main reasons why people set up in business: * Independence. Some people prefer to make their own decisions and take responsibility rather than being told what to do. * To increase rewards. People setting up their own business often believe that they will earn more than if they were working for an employer. ...read more.

Middle

Our core group: * Seeks strong value. * Wants variety and flavour in its food. * Looks for speed of service. * Wants an entertaining dining experience. Insists upon a clean, friendly, and attractive dining environment. Business Analysis The restaurant industry in the U.K. has experienced rapid growth in the last 10 years and is now moving into the mature stage of its life cycle. Many factors contributed to the large demand for good restaurants in the UK today. People want more leisure time. There are more two-wage earner families today, and more discretionary income. The competition is strong, with many formidable chains competing for the consumer pound. It is almost impossible today to strike off into a new, unique, untried venue. Only the strong will survive and prosper. Due to intense competition, restaurateurs must look for ways to differentiate their place of business in order to achieve and maintain a competitive advantage. The founders of John's realise the need for differentiation and strongly believe that combining the popularity of steak with the buffet concept is the key to success. The fact that no other national chain has entered this arena as yet presents us with a window of opportunity and an entrance into a profitable niche in the market. Business Participants In the United Kingdom today, there are 3,349 chain restaurants that compete for the U.K. restaurant pound. This number does not take into account the thousands of sole proprietor restaurants that dot the England landscape. These chain restaurants accounted for �108,238,150,121 pounds of business in 2000. In the segments that competed against us there were: * 40 chains in the cafeteria segment * 1421 chains in the casual dining segment * 274 chains in the family dining segment * 1676 chains in the quick service segment Restaurant Industry Overview: 2000 2000 was a prosperous year for the restaurant industry. While not every chain was as successful as it could be, consumers stepped up and continued to increase their use of restaurants. ...read more.

Conclusion

Long-term Finance: Long-term finance is given for 10 years or more and can be in the form of: � Term loans: the same as for medium-term loans but may be for as long as 20 years. Any lender would make sure that the borrower had sufficient security in case the loan could not be repaid. � Syndicated loans: for very large loans, a group of banks or other financial institutions might jointly provide the money. This would spread out the risk of non-repayment. � Mortgage loans: these are loans for the purchase of land and buildings. These may involve very large sums of money and so may be for between 20 and 35 years. � Sale and leaseback: an asset, particularly land and buildings, may be sold to a company specialising in leasing. The seller then leases the property back from the buyer. This gives the selling business a large sum of money, but it no longer owns the property and it will have to pay out a regular sum of money for its use. Conclusion When setting up in business, the entrepreneur will be faced with many problems and challenges. The way in which the entrepreneur works will probably be different to that of an employee. The responsibilities of the business would fall onto the owner. Great personal commitment is needed. The entrepreneur must be able to come up with new ideas and 'keep going' even if things get tough. This means that the entrepreneur must be single minded and self-sufficient. Organisation of time is very important. The entrepreneur must decide what is to be done and place tasks in order of priority. Working long hours will place great stress on their personal and social life and their family and friends. The entrepreneur must also consider the skills they have and whether they are enough. When the business is set up there are legal and operational tasks that must be carried out. Most importantly, the owner will need to sell themselves and the company in order to survive. 1 1 ...read more.

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