Legislation: A partnership must also follow the same procedure and the partners must notify HMRC of their existence. It is advisable for a Partnership Agreement to be drawn up by a solicitor. The profit legally should be divided equally between how many partners there are in the business. Duties and responsibilities should be done fairly. Also business name and the names of the partners, the type of business and business address, the deed will usually set out:
- the amount of capital that each partner is to contribute to the business
- the way in which profits or losses are shared between partners, and whether any of the partners should be paid a salary
- working arrangements, such as how much time each partner should contribute to the business, who does what management tasks and what type of decisions need collective agreement between the partners
Marketing Mix: Marketing is important in building customer relationships as well as creating product awareness. Without an effective marketing strategy you are to not gain customers or lose customers which then turn out to you losing revenue and growth.
Price: the product has to be the right price and seen as value for money. I will be selling tubs only not any cones. Firstly I will be charging competitive prices which will be suited to my customers. Small Tubs for £1.50, Medium Tubs for £2.00 and Large Tubs for £3.00. The prices above will be same for all types of flavours.
Product: relates to both goods and services. Branding awareness, brand leader and brand loyalty. My company offers a wide range of different flavoured ice creams sold in a tub for example chocolate, strawberry, mint chocolate chip, vanilla, banana, toffee, cookies & cream, chocolate & nut and raspberry ripple.
We offer a fantastic customer service and ice cream. The USP of my business is that I offer a high quality product to my customers and offer lower prices than any other parlour shops.
No I only have one ice cream parlour which is located in Princes Risborough. However I do offer a range of different products which are different types of flavoured ice creams chocolate, strawberry, mint chocolate chip, vanilla, banana, toffee, cookies & cream, chocolate & nut and raspberry ripple. I am going to package my ice cream by using use the following for example ice cream tubs, handheld multipacks and handheld single. There will be colourful packaging to appeal the customers.
Place: the location and availability of a product or service and the method by which it is distributed to customers. The internet sales make place less important.
An image of my located business:
I firmly believe that this would be an appropriate location because it is a popular place and it is quite busy which will bring lots of customers into my business.
Promotion: these are the activities used to communicate with existing and potential customers. I will need to encourage customers to use a product or service.
How will you advertise your products or services? I am advertising my products on the local free newspaper. This is because I believe that a newspaper is a good way to bring in more customers into someone’s business.
Primary research: Primary research (also called field research) involves the collection of data that does not already exist, which is research to collect original data. Primary Research is often undertaken after the researcher has gained some insight into the issue by collecting secondary data.
Secondary research: Secondary research also known as desk research. This is where somebody else has carried out the research for you. Secondary data is less time consuming. An advantage is that somebody else has done the work for you and then you can use it for yourself and apply to what you want to use it for. Also secondary data is easy to access and suggests methods for data collection.
Start-up costs: The start-up costs of my business would be that when business purchases a building to set up. Also essential equipment needed for the business would be office equipment, cash till, and any vehicles required for my business. It is important that I monitor my start up costs because I would have a clear idea of how much money I have spent when starting up my business.
Operating costs: The operating costs of my business would be to give staff wages, utility bills e.g. gas, water, electricity rent and business rates and insurance. Also to pay an interest on a loan that I have borrowed from a bank. Every month I will be paying £1,817.70 wages to my staff. In addition the utility bills for all months are £250. Other running costs remain same for the first 3 months which is £30 and then for the next three months it was reduced to £25. The loan that I have borrowed is £2000 and I have to pay an interest rate which goes up to £2,361.49
Sources of advice: I have identified appropriate sources of information and advice which is from professional advisers such as accountants and a financial adviser they can help my business with the financial side of it. Also I have chosen lawyers and solicitors who can help me with the legal implications of setting up the business and as well as the legal requirements.
Business plan: This should include the following:
Front cover:
Introduction including the name and location of your company
Business ownership
Mission statement of my business
Aims and objectives of the company
Outline of my product or service and how I will operate
Marketing and sales- to see how I am going to promote my product
Style of the of company is also essential for any business which is most definitely required.