• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14

Starting a Small Business

Extracts from this document...

Introduction

Unit 10 STARTING A SMALL BUSINESS Daniel Shahrezaey Date Issued: 23rd September 2008 Date Submitted: 4th November 2008 0703123 Contents Unit 10 STARTING A SMALL BUSINESS 1 Contents 2 Business Proposal 3 Task 1 (P1) 4 Task 2 (P2) 5 Task 3 (M1)................................................................................................................................. 6 Task 4 (P4)...................................................................................................................................7 Task 5 (M3)..................................................................................................................................8 Task 6 (P5) ..................................................................................................................................9 Task 1 (P1) My business idea is to create a hardware store that is a partnership run company. The reason I chose to create a partnership business is because I thought that it would be easier to work together with someone close that I know of and so it would be better so that we can make joint decisions on important things such as what we need to buy to make the shop look presentable amongst other aspects. There is higher capital contributed by both me and my partner. The name of the company is called "D.S & J.E Hardware Store". It will be located in Onslow Village, Guildford, Surrey. There are a few other businesses nearby, for instance, a hairdressers, butchers and newsagents. This is a major factor as the area has a lot of popular places to choose from. There are no other hardware stores available at the moment. It will sell different equipment that is used for DIY purposes. It would need to be in a suitable area where there are different shops around to feel included as well. The start up resources that I need for my business is desks, a computer, a counter and till, shelves, alarm system, trolleys and baskets. I will need a computer to keep the details of the deliveries. The shelves will be needed for storage what is available on the shop floor. I will need a store room to store all the deliveries and spare stock that I would need later in the future. I will need tills to store the money in but in the store room I would need to keep a safe to put the monthly takings in for security measures. ...read more.

Middle

I will need to rent the premises where my business will be and possibly will want to purchase the site for further extension in the future when we have enough profit made. I have chosen to rent the vacant building because there are a number of advantages to take into hand: It frees up cash that could be used for different things, there will be less responsibility for the building although I would have to come up with the rent regularly. I would have to pay for the repairs and maintenance within the building, also there are no unexpected shocks such as loss of income and other things that could occur. * Fire We would need to register with the local fire service so that they know that our business was newly opened and then they would know where it is so if there were vandals attempting to vandalise our business it would be stopped in good time. * Police My business would need to be informed of by the police so that they know if there is any trouble when the business is open then there would be a solution to it. * Planning It is important to have business planning because it gives you a greater ability to make improvements and look at problems that are occurring. They give you more confidence in what you are deciding on * Trading Standards I would need trading standard's help because I would need to prevent underage sales going on for instance if there was a young child attempting to purchase a tool that was too dangerous for them to use it would cause trouble if they kept insisting that they wanted the item despite them breaching the age limit. My partner and I would have to explain that we would get in trouble if we allowed the customer to purchase this particular item The things that will be critical to the financial success of my business will be that the customers will have to ...read more.

Conclusion

* We could release equity from a different asset such as selling a motor vehicle that was expensive to run for a cheaper vehicle * My partner and I could sell unwanted assets to create income - as we may have things that we do not use or want any more they can be sold at auctions, on-line or private sales. Brief revenue I will need to rent the building that my business is being located at the rent for the building will probably cost me and my partner �1000 a month. There will be costs for needs such as telephone, gas, electricity, insurance. I would need to choose an insurance advisor and set up regular meetings to discuss the insurance regulations and the aspects & precautions. I would need to be paying the rent regularly for the uses of gas and electricity respectively. Expenditure My partner and I would have to keep the copies of receipts and the supplier invoices that are issued to me. I also need to have proof of the expenditure, things like cheque book stubs, bank statements and the credit card statements/receipts. Profit forecast In my first year me and my partner aim to pay back all the debts and loans because we will have made nearly �100,000 in our first year that means so that would be enough to cover the debts and loans to pay back to the people that we had asked. In the second year my partner and I will make the business expand more with advertisements on a website to make people seem interested in our store because we took baby steps in the first year considering it was the start of the business I think that I will make about a quarter of a million pounds in the next three years if I maintain the good quality work that I produce in my business. ...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. tesco aims and objectives

    the greatest market share in Slough and their success has helped them to build a superstore. What problems has Tesco caused for Slough? Tesco has caused numerous problems for Slough such as traffic and congestion in the town centre, the traffic delays for people going to work everyday this happens

  2. In this section I will explain every one the different types of business ownership. ...

    Chester Zoo is a registered Charity Limited by Guaranteed. Charity Limited by Guarantee means type of organisation normally formed for nonprofit purposes, in which each member pf the company agrees to be liable for a specific sum in the event of Liquidation.

  1. NVQ BUSINESS AND ADMINISTRATION LEVEL 2: MODULE 201

    Non-verbal communications can help convey the emotion of your message, i.e. non-verbal communications can communicate fear, panic, nervousness, happiness, calmness, etc. * If you are talking to a customer or fellow member of staff, if you speak clearly, confidently and face to face.

  2. Tesco Research

    The reason why we need to communicate with people with the above methods is because to protect our self - esteem. In case of any pressure for example. Communication is also a business and occurs in formal and informal. Types of communication: There is internal and external communication that tends to happen in business communication.

  1. Importance of Human Resources Management

    It is important to give a new employee a good impression on the first day of work. As well as dealing with initial knowledge it also involves own skills to do the job and also to adapt the culture and the management of the business.

  2. Business plan for a new shop.The business idea I am going to be presenting ...

    Criminal law is the first one that is enforced by the government. All individuals and businesses can be prosecuted. The second one is Civil law which allows an individual or business to sue another individual or business to gain compensation.

  1. English for business

    Are you in control of your life? I am keen on my job, enthusiastic, bursting with energy, confident with myself. I love new challenges, I analyze problems methodically, I am an objective thinker, I am friendly, highly trained, well informed, generous, easy going, polite, Sometimes I am boastful, uncertain, embarrassed,

  2. Evaluate the issues that need to be considered when starting a business

    the way in which profits or losses are shared between partners, and whether any of the partners should be paid a salary 3. working arrangements, such as how much time each partner should contribute to the business, who does what management tasks and what type of decisions need collective agreement

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