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My new business - Serious sound.

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My new business shall be located around Norwich area (looking for a higher area of unemployment). My business will be in the private sector. The shop will be selling speakers and accessories. I am deciding whether to start my business as a sole trader or in a partnership. Im going to way out the advantages and the disadvantages and I am going to judge what it is to be. Sole trader: Advantages Disadvantages * You are your own boss * Run the business how you like * All profit goes to you * Easy to set up * Working long hours * Unlimited liability * You and your business would be unincorporated Partnership: Advantages Disadvantages * More capital input * More ideas * Less responsibility * Disagreements * Unlimited liability * ...read more.


My shop will be called Serious Sound and hopefully we should be able position the new shop near a record store like HMV (as to hear CDs you need speakers!). Product Principally I will be selling speakers and as profit comes in we shall introduce new products like hi-fi separates building the business. My speakers will range from sharp surround sound kits to large 250+Watt speakers allowing my customers to buy speakers of any sort, cheap to expensive (quality). Price The price on my products will be equivalent to the price of production(+VAT) plus 20% and most of the time to attract customers I shall have a sale reducing the prices of my speakers and also offering some 3 for 2 deals as well as cheaper bundle deals to encourage loads of stock at once. ...read more.


This gives the shop a sign or something to be recognised by. For business I need to obey the voluntary codes: standards of business behaviour, which are established freely by trade associations for all their members to follow. Health and safety at work act 1974 * securing the health, safety and welfare of persons at work; * protecting persons other than persons at work against risks to health or safety arising out of or in connection with the activities of persons at work; * controlling the keeping and use of explosive or highly flammable or otherwise dangerous substances, and generally preventing the unlawful acquisition, possession and use of such substances; and * controlling the emission into the atmosphere of noxious or offensive substances from premises of any class prescribed for the purposes of this paragraph. I will have to follow these legal requirements to run my business fairly and rightly. ...read more.

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