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Sole Trading. Laws and regulations affecting my business

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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.

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