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Business start up with the help of the Prince's Trust.

Extracts from this document...

Introduction

HSBC Key features and benefits for Flexi Loan > Borrow money up to your fixed borrowing limit at any time > You can borrow from �500 to �5,000, with flexible repayment periods. > Choose how much to pay back each month - from 4% to 10% of your limit. > You can make lump sum reductions at any time with no penalties. > Good interest rates. > If you don't use your Flexi Loan, you don't pay anything. > Our affordable Flexi Loan Protection Plan covers your repayments if you are unable to work in the event of accident, sickness or involuntary unemployment. > If you were to die during the loan term, the outstanding amount would be repaid in full (less any arrears). Flexi Loan APR 14.8% Prince's trust With start-up support from The Prince's Trust, you could get:- > a low interest loan of up to �4,000 for a sole trader, or up to �5,000 for a partnership (the average loan is between �2,000 and �3,000 but varies regionally) > a grant of up to �1,500 in special circumstances > a test marketing grant of up to �250 > Ongoing business support and specialist advice such as our free Legal Helpline. > Ongoing advice from a volunteer business mentor > Access to a wide range of products and services, free or at discounts Family and Friends These people can help me with buy borrowing money and not charging any interest, if they like my idea we could form a partnership. Own Savings I could put most of my money into the business which I have saved up. Which finance would help my business? The choice of finance I would choose would be is prince's trust and friends, family, and the money I have saved up. The loan from HSBC bank but I would try not to pick up a large amount I would rely on family because I have to pay interest and if I don't pay the bank back they will take the business off me. ...read more.

Middle

in Argos they are selling for �230 so I am saving a lot of money I need 2 of these, sponges for a pack of ten cost �5, car shampoo is �1.29 and on the bottle it says you can wash up to 300 car washes. As you can see the figures are giving are accurate so therefore my business results (outcome) is likely to be true and that I make a profit, survive etc so therefore I reached my aims and objectives. I could of have made mistakes if I had just entered the figures so I used formulas to make sure that I entered in correct data (look below) January February March April Opening balance 5500 =SUM(B20) =SUM(C20) =SUM(D20) Receipts Sales 2000 2800 3500 3750 Payments Rent 735 735 735 735 Electricity & Gas 50 60 75 75 Wages 250 250 250 250 Advertising 1000 1500 1000 200 Insurance 92 92 92 92 Loan/family 750 750 500 250 Equipment 750 100 150 100 Sub total =SUM(B10:B16) =SUM(C10:C16) =SUM(D10:D16) =SUM(E10:E16) Closing balance =SUM(B4+B7-B18) =SUM(C4+C7-C18) =SUM(D4+D7-D18) =SUM(E4+E7-E18) May June July August September =SUM(E20) =SUM(F20) =SUM(G20) =SUM(H20) =SUM(I20) 4000 4500 4750 4700 3000 735 735 735 735 735 200 200 200 200 150 250 500 500 500 500 750 1000 1000 250 250 100 100 100 100 100 750 750 750 750 750 250 500 200 100 125 =SUM(F10:F16) =SUM(G10:G16) =SUM(H10:H16) =SUM(I10:I16) =SUM(J10:J16) =SUM(F4+F7-F18) =SUM(G4+G7-G18) =SUM(H4+H7-H18) =SUM(I4+I7-I18) =SUM(J4+J7-J18) October November December =SUM(J20) =SUM(K20) =SUM(L20) 2500 2250 1750 735 735 735 120 100 100 500 250 250 250 0 0 100 100 100 400 400 400 100 100 100 =SUM(K10:K16) =SUM(L10:L16) =SUM(M10:M16) =SUM(K4+K7-K18) =SUM(L4+L7-L18) =SUM(M4+M7-M18) As you can see the formulas look complicated put it helps me because now the cash flow is correct. If I didn't use formulas then one mistake would make the cash flow no good to me. Balance sheet A balance sheet is a clear statement of the business assets, liabilities and capital of a business. ...read more.

Conclusion

Insurance All these prices add up to �1,685.00 Variable costs I worked out at 0.75p per wash these were pay for the equipment etc. I believe all the data is accurate. Weaknesses The number one weakness is that this is quite a lot of cars to wash for a business that is just opening 667 cars a month that is a lot of work that has to be done I mean that around nearly 30 a day car washes but if a few cars come in for Gill's A1 valet service then the number will drop must people won't have the full valet service because it is expensive most people will have the normal �3.50 car wash. Another major is weakness what happens if no turns up into the business? I mean if 667 people don't turn up to the business what will I do will the business become shut, if I can't give with expenses money going out what will I do. I hope that this wouldn't happen but if it did I would try and get the local newspaper to the a report on my business this way I could have a good public relation with the press, this will increase customer awareness so new potential customers. I could also cut costs i.e. lose a employee to save money buy less equipment etc. Evaluation One of the things I could do is I could ask someone who currently owns a car wash maybe someone with experience in this sector or maybe a business advisor to talk to and ask what a realistic target would be to opening a new business (car wash) from each discussion if I find out that my cost are to high then I could cut back on equipment an employee or potential I could move location and find cheaper rent etc. Now I will move onto section D and give detail analysis of how software could help my business. ?? ?? ?? ?? Unit 2 Investigating Business 60 ...read more.

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