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There are two types of ownership which a small business can be, sole trader or partnership.

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Introduction

Business Studies Ownership There are two types of ownership which a small business can be, sole trader or partnership. Sole Trader A business which is run by a sole trader is controlled by one person only. The main advantages of this are that the business is extremely to set up once you have thought of the idea. You can work the hours you wish, you make all the decisions as you are your own boss. Also you decide what happens to any profit. With the advantages come along the disadvantages for example you have to work long as you have no help. You have unlimited liability which means if the business becomes bankrupt you risk losing more than you invested in the business e.g. your house. You will have fewer ideas as there is only one person and also sole traders are unincorporated. It will be difficult to raise capital on your own, however you can get a loan from the bank, but you may have to pay back with interest. Other Types Of Ownership The other types of ownerships are partnership, limited liability companies and franchises. ...read more.

Middle

I do not want to be part of a partnership as I want to avoid arguments within the business, especially if it is a new business. I will have to share the profits equally. Because it will be a large business I will need around twenty partners instead I can employ twenty workers. It will be cheaper for me to employ staff rather than to work with my partners and share the profits with them. I cannot be a limited liability company because this is extremely difficult to set up when you have no business experience. Also it will be expensive to start up and then run. I do not want my business to be owned jointly by numerous shareholders. On top of these disadvantages there will also be a lot of paperwork to do. I do not want to be a franchise because I would like to expand my own company. Whereas if I was a franchise I would be expanding another restaurant e.g Shere Khan. What Are Aims and Objectives Aims are what your business wants to achieve. ...read more.

Conclusion

This will lead to expansion) Repeat Trade (This is where the success of a business is measured by the number of times customers return) Business objectives fall into two categories those that can be measured and maximised and those that cannot. Targets that are difficult to measure include customer satisfaction, reliability and reputation. Measurable objectives include profit, efficiency, turnover, market share and returns on capital. Which Ones I will Use and Why My aims and objectives will change as I meet them. For the first year my target will be to survive (breakeven) and also create awareness of my business. I will hopefully achieve this by doing relevant research and using it to my advantage. Once this target is met I will aim to expand my business by satisfying customers. I will achieve this by offering excellent customer service example preparing food fast and always putting the customer first. In doing so hopefully the reputation of my business will increase. A very important aim of my business will be repeat trade. I will achieve this by being loyal to my customers and providing them with appetizing food. If they enjoy my food they will return again and again ?? ?? ?? ?? GCSE Business Studies Coursework ...read more.

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