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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.

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