Business plan for a new shop.The business idea I am going to be presenting is a clothes shop called Raiinbow. My shop will be aimed at clothes for 13-25 year olds.
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Unit 10 - Starting a small business Pass 1 - Present the initial business idea using relevant criteria The business idea I am going to be presenting is a clothes shop called "Raiinbow". My shop will be aimed at clothes for 13-25 year olds. My shop will also sell accessories and shoes. It will a classy, bright, fashionable shop, that will range in all sizes and lengths for people who have trouble finding clothes they like or clothes that can't fit. Everything will range from high street brands to well-known name brands that will be sold there as well. We will also personally design t-shirts and other garments for a small price. We also have a small discussion box to talk to young people to ask what they like and would like to see inside the shop to develop it and bring in more customers. I want to start this business because I want to reach out to all young people and be able to offer them something that they can wear and enjoy. I want to be able to see the smiles and happiness on people's faces as they find something they like without worrying about high prices and having to put it back. It would make them more confident in themselves and me because that I can make them happy. This enjoyment and passion for my business should also enable me to live a reasonable quality life. In terms of income I will be making. BUSINESS ENVIROMENT> COMPETITORS: The competitors in the market place will likely to be: Primark, Topshop, H&M, Next, New Look. These shops also appeal to young ages as my shop does. My shop would be on the corner of the high street but easy to find and easy access for all customers. It will be small and easy to manage to begin with as I will be running it by myself to start with.
This will draw in my customers and make them want to buy a product. Sources of Finance Finance is considered to be either short-term, medium-term or long-term. Short-term is usually between 1-3 years, medium-term is between 3-10 years and long term is 10 or more years. Any of these terms can be internal or external. Internal sources of finance can involve: * Retained Profits * Sale of stocks * Debt collection * Sale of Fixed assets * Owners owning capital External sources of finance can involve: * Bank Loans * Shared issues * Overdrafts * Factoring * Additional Partners * Leasing Assets * Trade Credits * Mortgage * Hire Purchase Trade Credit, Overdrafts and Bank loans are all external sources of finance that are short-term. Trade Credit is common for businesses as it is to buy raw materials, components and fuel and pay for them at a later date, usually between 30-90 days. Paying for these goods and services using trade credit seems to be an interest free way of raising finance. Overdrafts are the most frequently used form of short term bank finance. The bank allows the business to overdraw up to an agreed level of money. Bank Loans are taken out for fixed period, repayments either being in instalments or in full at the end of the term. Banks generally provide loans on a short, medium or a long term basis. This will be the main way I will start my business Leasing, Hire Purchase are all external sources of finance that are medium-term. Leasing is when a business organisation may decide that they will lease an asset such as a computer or apiece of machinery instead of purchasing it. This means that the business pays a rental or lease payment for the asset on a regular basis. The business does not own the asset; however they have the use of the asset without the capital expenditure.
I will be investigating a business I have created called Raiinbow's Clothes. Legal aspects are aspects a business may need to think about depending on the size and how they are used properly. Some legal aspects are within the laws that people have to work by. For example the Health and Safety Legislation 1974 must be followed to all extents within my business e.g. keeping the shop cleaning, as it is under Criminal Law and if not followed can result in a prison sentence. This also goes for the Data Protection Act 1998 that protects employees' information and allows the employer to access the information, the Equal Pay act which states all workers are entitled to the same pay rates and conditions and others doing the same/similar work, and the Sex Discrimination act that states it unlawful to discriminate on the grounds of gender or marital status. Other laws like this are the Race Relations act 1976, the Disability Discrimination act 1995, and the Minimum Wage act 1998. The Race Relations act 1976 is to prevent discrimination on the grounds of race, these of which include discrimination on the grounds of race, color, nationality, ethnic and national origin in the fields of employment, the provision of goods and services, education and public functions. The Disability Discrimination act is to make it unlawful to discriminate against people in respect of their disabilities in relation to employment, the provision of goods and services, education and transport. The Minimum Wage act 1998 is a minimum wage across the United Kingdom, currently £5.80 per hour for workers aged 22 years and older, £4.83 per hour for workers aged 18-21. Other legal aspects could include the legal status of your business, legal liabilities e.g. Tax and insurance and fire regulations. Financial aspects are worked on the most on any business, because the whole purpose of the business is all around finance and how to deal with it. This could include costs of premises, equipment and supplies, running costs and employing staff. Channi Dorset Unit 10 1
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