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Evaluate the issues that need to be considered when starting a business

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Introduction

D1 Unit 16: Business Enterprise Red Group 11A/Eb1 Asid Ashraf 11L Assignment 7 (D1) Scenario: Although I am still at school I have had a really good business idea. I now need to investigate all aspects of setting up a small business. All the tasks in this module relate to this same scenario. Task 9: Evaluate the issues that need to be considered when starting a business. You should assume that you are advising other members of the group about setting up a business. You should present an objective evaluation of all the aspects that you have learned about that should be considered if they were to start up and run a business. You should ensure that you include the strengths and weaknesses of all relevant aspects and explain these- for example the benefits of using one source of finance over another of the suitability of using a particular method of promotion in a certain circumstance. Ownership: I have decided that the ownership for my business A?s Ice Cream Parlour Shop is partnership. This is because I will need specialist staff to be working in the shop, they will need to be specialised in certain aspects such as manufacturing, finance and production. ...read more.

Middle

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. ...read more.

Conclusion

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. ...read more.

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