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The firm I am studying is a sole trader business. It is called Fantasia. Mrs Locum is the owner of the business. This business deals in hairdressing. Sole owners can employ to people to work

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SECTION A Businesses owned by one person only, are called sole trader businesses. The firm I am studying is a sole trader business. It is called Fantasia. Mrs Locum is the owner of the business. This business deals in hairdressing. Sole owners can employ to people to work for them and some can grow and expand and therefore be quite large. Mrs Locum has three employees, one male, one female and one junior. It being a small business the owner can pay personal attention to the customers and people who work for her. The owner is also her own boss and can make quick decisions without having to get someone else's agreement. The amount of money the owner can spend on equipment and materials when establishing the business is limited to how much she can borrow or save. Sole owners have unlimited liability to which Mrs Locum has to oblige. It means that they are liable for all the debts and activities of the business, meaning that if the business fails, they might have to sell their personal possessions to repay the debts. Fantasia was first started at St Auburns, by Mrs Locum. It was started ten years ago and has been operational ever since. Aims of fantasia It is important for a firm to understand its aims. Successful businesses know clearly what they want to do, simply meaning they have clear aims. ...read more.


Some of the new services she is providing are manicure, tanning and is also thinking about introducing therapy and Indian head massage. Offering new products and services will help Mrs Locum achieve most of her aims. These include; surviving as she will able to due to the new products and services that bring about customers which ensure her survival. To make profit, which is very possible as the more customers she gets with the wider range of activity she gets involved in the larger the profit will be. This will also lead to her increasing her sales and this makes it possible for Mrs Locum to expand her business which in a way is making her competitive and so she can achieve most of her aims. * Mrs Locum also wants to improve her services. In order to achieve this objective, she has done various things like purchasing new furniture for her shop, importing new products from Italy and she has also decided to redecorate her shop so that it can be attractive to the eye of customers and passer-bys and make them interested to pay it a visit. This also portrays a good image of the firm and attracts more customers. She has also thought of purchasing the latest machinery/equipment to use. All this helps Mrs Locum to improve her standards of service. ...read more.


They also provide good advice to customers who are on need of any and give good consultation as well. This is given on the wide range of services and goods that they provide. Mrs Locum also has to take into consideration that as her aims and objectives are changing, she also has to change her activities and what she offers the consumers e.g. she is currently thinking of opening up a new saloon in another town and if she succeeds in doing this then she will have achieved her aims in the long term * Expanding her business- as she would have now expanded her business to two saloons. * Increasing sales- another saloon will mean that more customers and therefore, she will increase her sales. * Increasing profit-when the sales increase then the profit will increase as well. Mrs Locum has had to change some of her activities in order to suit her changing objectives. She's had to change her styling, add colours and her perming has also changed. Mrs Locum has also recently started to do more marketing which has helped her business to be known. They have also started carrying out charity work and this is beneficial as well, together with the current marketing they are doing it helps them achieve their aims. It also helps their business to be recognised. Fantasia can also do weddings. ?? ?? ?? ?? ...read more.

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