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Business Report

Extracts from this document...

Introduction

Report To: Donald Powell Title: What business should Donald set up? Introduction: I am a student from Hazelwick School currently studying GCSE Business Studies. A family friend, Donald Powell, has decided to set up a local retail business using his redundancy payment of �10 000. I have been asked to advise Donald on: - What type of store should he open - What products he should sell in his retail outlet - In which town should he locate his store - Where in the chosen town should he locate his store - What factors he should consider in locating his retail outlet - How should he promote the store - What type of business ownership would be most suitable for the new business - What sources of help are available beyond what I can offer Action Taken: In order to complete my report I will be asking 20 local residents of Crawley to fill out a questionnaire. I will be using Microsoft Excel to produce a spreadsheet to make graphs and charts. Also, I will use Microsoft Word in order to produce the report. I will also be asking the teacher for advice, using internet research and using text books to complete my report too. Findings: Q1. What gender are you? Table1 GENDER Female Female Male Male Male Female Male Male Female Male Female Female Female Male Male Female Male Male Female Male Q2. What age are you? Table1 AGE Under 16 41-50 21-30 41-50 16-20 21-30 16-20 21-30 21-30 31-40 Under 16 16-20 Under 16 31-40 16-20 Under 16 16-20 Under 16 51-60 Under 16 Q3. Where do you live? Table1 WHERE DO YOU LIVE? Crawley Crawley Crawley Crawley Horsham Crawley Crawley Crawley Crawley Crawley Crawley Crawley Crawley London Crawley Crawley Horsham Crawley Crawley Horsham Q4. What shop do you think Crawley needs? Table1 SHOPS CRAWLEY NEEDS? Books Groceries Sports Equipment Electrical Electrical Clothes Sports DIY Books DIY Groceries Electrical Books Groceries Games Clothes Sports Equipment Sports Equipment Florist Toys Q5. ...read more.

Middle

Donald will need a Deed of Partnership if he wants to set up this type of business organisation. A Deed of Partnership is a legal document that states the rules of the business. It should state who the partners are, how much money each partner has invested into the business, how profits should be shared out, how many votes each partner has in any of the meetings, the procedures for partners leaving or joining the business. However if the partners do not get on well on certain things, then he may be putting his business at stake. Although, the more partners in a business, the more specialists, with unique skills, there are. However, if Donald opened up a sole trader business, he would have a limited amount of skills and won't feel completely lonely. 7/10 * Private Limited Company (Ltd.) A Private limited company is owned by at least 2 shareholders. Shares are sold privately to friends and family who invest money into the business. The people who invest money into this type of business organisation receive a dividend in return. The shareholders in a business vote for the board of directors, who run the business. The advantages to setting up a Private Limited Business include the fact that shareholders have limited liability, which will mean that the shareholders will not have to put their personal possessions at stake when investing capital. The firm tends to be bigger if Donald sets up as a Ltd. compared to if he sets up as a partnership or sole trader. The business can also employ specialists to make the best out of the product or service the business supplies to the public. Also, death or illness will not affect the business. However, there are also certain disadvantages to setting up a Private Limited Company. Shares cannot be sold or bought over the stock market since they can only be sold to friends and family members. ...read more.

Conclusion

If more people are in Donald's business, there will be people who specialise, which will be cost-effective since they will become more efficient in certain aspects of the clothing business. Also, more people in a business is better than having one (i.e. a sole trader business) because there will be thoughtful decisions, contacts and skills. I would not recommend Donald setting up a sole trader because he will have to much pressure put on him as well as unlimited liability. Also, a Ltd. or a Plc. business will be too expensive for Donald to set up since he has a limited budget of �10, 000. * What are the best sources of help for Donald Powell in setting up his business? I think that Donald should use the various sources of help for his business' success. Donald should use the help the bank, which is from the private sector. Although taking bank loans will be expensive to repay, Donald could also get the help of the Loan Guarantee Scheme since this is free and the Government are able to pay up to 85% of the loan for Donald. The bank will also provide Donald with helpful advice for his business since they have specialist advisors and services to support small businesses like Donald's retail outlet. Also, I think Donald should consider taking the help of the Department of Trade and Industry. This source of help will be free to use and will make sure that Donald's business will be a success in the UK. Donald will also find the Training and Enterprise Councils useful because they will provide training sessions and a grant for Donald since he is going to be setting up a small business for the first time. The EU will also be helpful because they will provide grants for research and development, job creation and training schemes, improving infrastructure and developing energy supplies. ?? ?? ?? ?? Nirali Patel 10A/BS1 - 1 - ...read more.

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