Setting up an African restaurant on the Quayside in Newcastle.

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       Objective Date completed Resources Problems/Adjustments   Complete first draft and action plan 15/09/08 Teachers Notes Needed to readjust action plan because I was unable to meet dates Choose which business I will set up 19/09/08 Notes At first I was going to have a gym as a  business but decided against it because most business like that fail in the first year. Had to go on internet for further research.. Start and finish  Introduction 25//09/08 Wikipedia The Guardian Teachers notes     Design a questionnaire which gives an analysis on the market 31/09/08 Computer   Word process questionnaire, ask someone to proof read and improve and distribute them . 5/10/08 Printer Computer Photocopier In order to make sure that people received the questionnaire I distributed them myself       Get target market to fill in questionnaire 21/10/08     Analyse data from market research 22/10/08     Write a letter to request interview 23/10/08   Unfortunately I could not get an interview from someone from Tesco Carry out competitor scan Yell .com  23/10/08             Review and conclude market research Results from questionnaire   I found that I had made miscalculations when I was creating the graphs that showed some of the questions. I realised that it affected  my results and I had to go back and alter my results.         Evaluate sufficiency Of survey. 26/10/08     Write up methods of promotion my business can use mention legal constraints 28/10/09 Teachers notes Class notes Text book   Research suitable methods of promotion 31/10/08 Yell Yellow pages Internet           Decide what promotional methods my business will use 5/11/08     Finalise coursework e.g. bibliography 27/11/08     Make sure coursework is ready for the deadline   12/02/08     Introduction The business I will set up will be an African restaurant on the Quayside in Newcastle. The name of my restaurant will be Mawuya Restaurant. “Mawuya is a Shona  which means welcome, a symbol of African hospitality. I intend to open my business in June 2010.   Why I chose this business and location I decided to set up a restaurant business because I have worked in restaurants before and I have a passion for food. I have decided to situate my restaurant in Newcastle because Newcastle is capital of the north east where I live and recently has had one of the fastest growing tourism industries in the world. In the last five years it grown to be culturally diverse city and according to the BBC Newcastle has one of fastest growing metropolitan areas and is clearly a city which is completing the transition from being a major mining city to a  largely an administrative and cultural centre with two universities - Newcastle and Northumbria. I could have chosen to set up my business in a larger city such as London however the rental costs in there can be up to 3 times more the rent in Newcastle. In addition in a city like London there is much more competition. However in emerging cities like Newcastle there is a gap in the market and the chances of the business surviving are likely to be higher. Although there are many restaurants in Newcastle which will be competing with mine there are very few African restaurants and none located in the town centre. In order for this business to succeed many aspects of marketing will be involved.   Who will own, control and manage the business? I have decided to operate as a sole trader because it allows me to have total control of the business costs and profits. I was tempted to start it as a partnership as this would help the business in terms of capital but I prefer to control the whole of my business and gain all the profits (and losses). In order to make a correct decision about ownership I had to analyse the pros and cons of both. The main advantage of a partnership is that you work together with someone hence you start out with a more capital to invest in the business than when you are alone. This can be a huge advantage if you consider one of the external factors of the business which is the economy. It is well known that there is a credit crunch right now and it would probably not be the best time for me to borrow money of the banks if I can get it at all. I will also be involved in the general management of the business and I think my
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previous experience as a restaurant manager will be useful.   The advantage of being a sole trader is that I would command the business alone without the interference of anyone and the profits I make are for myself and no one else and there much less complicated paper work however if the business does fail of which 90% of businesses do in the first year I am fully responsible . Both of these choices have unlimited liability which means if they fail I lose everything including my own personal property. Other alternative forms of business  such as PLC and LTDs have ...

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