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Section 1 - Setting up a Small Business

Extracts from this document...

Introduction

Table of Contents Business Idea 3 Business Name 5 Logo 8 Sectors of Industry 12 Factors of Production 13 Definition of Markets 14 Business Ownership 16 Business Cards 18 Business Types (Ideas) Tally Chart Type Of Business Yes No Indian Restaurant 9 11 Electronics Store 7 15 Pharmacy 14 7 Off License 14 7 Kebab Shop 14 6 Total 58 46 Bar Graph Final Decision Business Names Comments Family Care Pharmacy: Simple, shows you care using the word 'family care'. HA Pharmacy: Short People know it's a pharmacy. Leyton H Pharmacy: Shows where it is, people know it's a pharmacy, includes initials. London CC Pharmacy: Tells you the city it's in, includes initials and tells you it's a pharmacy. Lundy Pharmacy: Short, snappy, tells you it's a pharmacy. H Care Pharmacy: Short, catchy, includes initials and tells you it's a pharmacy. On this section I have commented on my business names that I have chosen and given advantages for each name. Business names Tally Chart Name Yes No Family care Pharmacy 5 10 HA Pharmacy 5 10 Leyton H Pharmacy 5 10 London CC Pharmacy 5 10 Lundy Pharmacy H Care Pharmacy 4 5 11 10 Total 29 61 This tally shows that all business names apart from Lundy Pharmacy are equally popular in my class. Bar Graph Final Decision Logos Tally Chart Name Yes No Logo 1 6 8 Logo 2 5 7 Logo 3 4 8 Logo 4 3 9 Logo 5 Logo ...read more.

Middle

We will promote our business with posters and advertisements to try and get as much profit as possible. Definition of Markets 1. Consumer Non-Durable Market * Sells Products that are not long-lasting and they are used up after a short amount of time. * Foods, drinks, magazines, newspapers, medicines, soap, chocolate, make-up... 2. Consumer Durable Market * Sells products that last long until they eventually deteriorate from user or age or are replaced with a new version/model. * Electrical goods, appliances, cars, clothes, books, furniture... 3. Industrial/Organisational Market * Sells products that assist other manufacturers or organisations. * Equipment, computer software, office supplies, furniture, customised clothing/ items, raw materials... 4. Services Market * Sells any non-physical products * Tertiary sector * Biggest market * Hairdressing, banks, security, repairs, transportation, cleaning, cooking, serving, teaching, arranging... Q1. Which market(s) does my business fall in? A1. My business falls into three markets. The first one is consumer non-durable because we will sell shampoos, hair creams, hair dye, medicine, tablets, sweets, chewing gum, make-up... These products do not last long that's why they fall into this market. The second market is consumer durable because we will sell products like hair accessories; manicure sets (nail clippers...)... these products are long lasting because you can use them again and again until they deteriorate from use or age. The third market falls into services because we will give advice on health problems (e.g. ...read more.

Conclusion

You have limited liability People may be unwilling to buy shares It can be hard for investors to get their money back when they want to You can only sell shares privately Not very flexible if expansion becomes possible More legal formalities than sole traders Public Limited Company You have limited liability Easier access to finance More funds available for investment Public awareness gives status Public companies are very strictly controlled by law and regulated by the debt for trade and industry. You have to publish results Others, e.g. auditors have to look at your books Greater need to conform to legal procedures Owners might lose control Franchise You can start up and run your own business with a lower risk than normal New franchisees get help, advice and support on how to run and develop their business. Not very flexible Fixed share of turn over has to be paid to the franchisee My Business Card's Designs 1. 2. 3. They have been designed this way so that we can get customers. These cards will do this with their appropriate images, good colour themes and our company's logo (persuading people to buy from us). They also include information so that customers can call us, send letters to us, email us or check our website. Business Cards Tally Chart Card Yes No Card 1 9 4 Card 2 7 7 Card 3 8 9 Total 24 20 Bar Graph Final Decision ?? ?? ?? ?? 20 1 ...read more.

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