• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Sole Trading. Laws and regulations affecting my business

Extracts from this document...


BUSINESS COURSEWORK: ENTERPRISE 2 1a) The business I have decided to set up is as a sole trader: Advantages Disadvantages You get all profit made, as you don't need to share it out among partners. You are on your own if something goes wrong e.g. Business goes into debt. You get to make all decisions as you don't need to consult partners. You might make a bad decision because nobody could deflect it. Easy to set up, with little paperwork or red tape. It can be hard to raise capital to start-up or expand business. You can work in an area that interests you. May have long work hours and risk losing money if go on holiday. Legal Process of setting up this business: As a sole trader, you will not need to notify Companies House, nor deal with any administrative or accounting requirements which are required of limited companies. If you start working for yourself, you must register with HMRC as self-employed, even if you already send in a tax return. There are some exceptions for particular industries, like the construction industry. You should register the moment you start out as a sole trader; otherwise you could incur a financial penalty. 1b) Laws and regulations affecting my business: Health & Safety at Work: This describes the rights and responsibilities of employees and employers with regard to safety in the work place. EXAMPLE: John split his coffee on the floor and said it was responsibility of the cleaner to clean it up. ...read more.


How you will build customer relationships so that they make repeat purchases I will start a Deluxe group customers can join so that the more they spend in store the bigger discount they will receive on their next buy. Like Tesco's club card system. Ideas for customer care Hiring people to offer professional advice on the equipment to buy and to point them in the right direction. The costing of your products or services I will look at a variety of different suppliers and find a balance between quality and price. I want cheap but good quality products/services. The proposed selling price I will look at how much the product/service cost me from the supplier and then look at competitors to find how much everything should cost. 2c) Implementation Stage How you will promote your products or services I will advertise with posters, leaflets, at the local sports clubs and on the council's notice board, community notice boards. At the local youth clubs and around the village. Your unique selling points I will offer unique prices and specific things that no other sports shops nearby can offer. I will have specialised people giving advice that you can't get from other shops. Your selling technique I will be persuasive and offer my own opinions from experiences. I will give them advice that staff at stores such as Sports World can't give. How you will deal with environmental issues I will use bio degradable bags and have recycling bins for boxes, packaging. ...read more.


Financial success is measured by using the company's profits for the year. Future growth and profits are also used sometimes to help create a better result. g) The financial risks you would face by starting your own business: Some risks you may encounter when starting a business are; Losing Money - Businesses require an investment. If the business fails this and more can be lost. Security of Income - Employed people have the security of a wage every month. Running your own business means that you don't have this safety. Your income is based of how good the business is going and profits. It is unlikely you'll get a holiday or time off without losing money. Other Financial Charges - Starting a business means that personal planning becomes difficult. For example; banks often like proof of a safe, guaranteed income when applying for a mortgage. Survey What sports shops do you shop in? * Sports World (5) * JJB (2) * JD (3) * Other (0) How often do you shop there? * More than once a week (0) * Once a month (3) * Once every few months (1) * Less than once a year (6) What sports do you do? * Football (6) * Tennis (1) * Dance (1) * Cricket (2) * Other (0) How often do you do these sports? * More than once a week (7) * Once a month (1) * Once every few months (0) * Less than once a year (2) What brand do you buy? * Nike (7) * Addidas (2) * Other (1) (-) is the total people. ?? ?? ?? ?? By Amy Heath ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Business, Companies and Organisation, Activity essays

  1. Business Studies Edexcel Coursework

    Consumer Panels/ Focus Group This is where groups of consumers give their views about a product or service over a period of time. Most TV and radio stations use this method of research to monitor the popularity of their programmes.

  2. Boots Coursework

    By greeting them and answering any enquires they may have. But for the other departments there services include: > Word processing letters > Making phone calls > Sorting and delivering incoming mail and posting outgoing mail. > Organising meetings and keeping records of what is said and agreed at these meetings for example, annual general meeting for a company's shareholders.

  1. Tesco Research

    To do the job advertisement, the HR department will have to collect information about the job role and the person specifications required for the particular job. This will help in the delivering of accurate information to the applicant. Show the different sources for which such information may be obtained *

  2. Business Studies

    revenue used for employees wages this must be recorded on the financial statement. - No company is to record a transaction for one year on the statement for a different year, businesses may be tempted to do this, to show they make less profit then they actually do and therefore pay less tax.

  1. Business Studies(Setting up your own business)

    More customers Could lose money because of the offers McDonalds (Coffee) (Source - GCSE Business Studies, Chris J. Nuttall, pg 267) In my business I would consider using two of these pricing strategies: 1) Cost- Plus - I would use cost-plus pricing because I will cover my costs meaning that

  2. company law problem

    This can either be by a partner who, under section 38 PA 1890101, must complete all unfinished transactions102, or by a receiver appointed by a court to manage and supervise the process103. If a receiver is appointed they are the only person authorised to act and commence proceedings on behalf of the firm104.

  1. Job roles and contracts at Alton Towers

    of 4 weeks, in any 12-month period where a doctor's certificate is produced after 7 consecutive days sickness. Payments will be less Statutory Sick Pay and any Social Security benefits due to the Employee. Importance: states the days of sickness in which you can be paid for.

  2. How the Equality Act, Employment Act and Health and Safety at Work Act ...

    Primark will need to ensure access for the candidates or move the interviews to the ground floor . . If a candidate is deaf they cannot be excluded , a sign language interpreter needs to be brought in . Primark cannot ask questions such if the candidate is planning on having kids in the future .

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work