Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13

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.

Extracts from this document...

Introduction

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. ...read more.

Middle

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. ...read more.

Conclusion

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 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Business, Companies and Organisation, Activity essays

  1. Marked by a teacher

    NVQ level 2 unit 2 Business Administration. Worksheet on Principles of providing administrative services

    5 star(s)

    between business and customer and behave in a clear and accurate manner so the customer knows exactly what is what and the facts and figures are all easy to understand. 4. How do customers demonstrate their own needs and expectations?

  2. Business Studies

    assets > Cash flow statement summaries how the business will pay for short term liabilities from sales of inventory > By creating a cash flow statement managers can avoid a cash shortage by planning ahead > If the business does expect to need more debt owing to a cash shortage

  1. Tesco Research

    Discontinued operations 145 158 150 153 139 Interest payable -60 -60 -49 -76 -72 Group underlying profit before tax3 675 695 627 549 580 (Decrease)/increase on previous year -2.90% 10.80% 14.20% -5.30% -23.20% Earnings per share4 Basic 20.7p 23.7p 19.1p 14.5p 18.3p (Decrease)/increase on previous year -12.70% 24.10% 31.70% -20.80%

  2. English for business

    I work in the banking system/accountancy/management/trade/ I operate with consumer/ market/ current/ overhead/ top/ bottom/ ceiling(maximal) flat(unic)/floor(minimal)/closing(la inchiderea bursei de valori)/fair(convenabil)/ force account rate(de regie)/knock out(derizoriu)/ upset(initial, de pornire))/ price I operate in a Stock Exchange with securities: marketable(usor realizabile/quoted/unquoted I operate with : bearer bond-(obligatiune la purtator)/irredeemable bond (neamortizabila)./registered bond-(nominativa)/junk bond-(riscanta, cu evaluare de credit scazut).

  1. Functional Areas Report

    Finally the organisation and union at Tesco will always support their staff, if they have any problems. Health and safety They are also responsible for the health and safety of their staff. They regularly check the equipment to make sure they are safe to use or be around.

  2. Starting a Small Business

    * They are time consuming as well * You have less control of the group and what is being produced * If a small number of people attend one meeting it means that the next time it will b smaller because there is a less chance of people hearing about

  1. Business Studies Edexcel Coursework

    Making open questions moderately short and to the point allows Errol to collect the data and opinions and group them accordingly into allocated groups in tables. All the data from each questionnaire can be recorded in tables (most are

  2. NVQ BUSINESS AND ADMINISTRATION LEVEL 2: MODULE 201

    * To check that you understand whatever is being communicated weather it is in person or on the telephone. * As Address, names and telephone numbers are important information, so it is important to make sure the name/s of the person/s that you are speaking to are correctly taken down to contact them again if it is necessary.

  • Over 180,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work

Marked by a teacher

This essay has been marked by one of our great teachers. You can read the full teachers notes when you download the essay.

Peer reviewed

This essay has been reviewed by one of our specialist student essay reviewing squad. Read the full review on the essay page.

Peer reviewed

This essay has been reviewed by one of our specialist student essay reviewing squad. Read the full review under the essay preview on this page.