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Unit 8: Business Planning

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Introduction

Task C To start my business, I loaned �60000 from the bank and �10000 that I inherited from my grandparents with the total of �70000 to set up my own restaurant. This amount of money was enough to cover all my equipments together with the fixtures and fittings of the premises. I leased a property in Stechford Retail Park as my business location operating as a sole trader. Being a sole trader is the simplest way to run this business. Keeping accounts and records is straightforward and I get to keep all the profits. Advantages of Sole Trader * Total control of the business by the owner. * Cheap and easy to start up - few forms to fill in and to start trading the sole trader does not need to employ any specialist services, other than setting up a bank account and informing the tax offices. * Keep all the profit - as the owner, all the profit belongs to the sole trader. ...read more.

Middle

Due to these start up costs, I started my cash flow with zero for the opening bank balance. The first month operation of the restaurant was fine and had �21,000 sales which means that the restaurant was earning more than �5000 every week on January. This figure is good because people easily recognised my restaurant and starting to get familiar with it. From February to April, the restaurant was continuing to have good sales and we had our highest sales of the year with �28,000 and started to gain profit. The sales for the month of June were also good with �27,000 worth of sales. However, from July to September, the sales of the restaurant started to decline due to the low number of customers coming in to the restaurant. Summer season is when people prefer going to pubs and bars rather than eating in restaurants. Most people of this season are on a holiday and out of the country or maybe at the beach. ...read more.

Conclusion

98 The break even point for this month is 766.98 which means that the restaurant must have 777 number of customers to break even. As you can see on my break even graph, there are 2200 customers that visited the restaurant for the month of May. For the first week of May, there are 100 customers that visited the restaurant. This means that the sales for that week is �3000 (100 x �30). For the second week, the number of customers started to go up with 400 customers visited the restaurant. The sales for this week is �12000 (400 x �30). The number of customers continued to rise for the third week of the month and there are 700 people that visited the restaurant with the total sales of �21000 (700 x �30). We got the highest number of customers for the month of May on the last week of this month. There are 1000 customers that visited the restaurant with the sales of �30000. To conclude, we reached the break even point at 777 out of 2200 customers. ?? ?? ?? ?? Daryl Llanes Business Examination Unit 8 ...read more.

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