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

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

Extracts from this document...

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.

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

    To avoid this they carry out market research. This helps businesses to find out what their consumers want, how much they would be willing to pay for products, who their customers are likely to be, what would make consumers buy one product rather than another, how their promotion techniques stand

  2. tesco aims and objectives

    today �3 will be spent in Tesco this is a remarkable figure and superb customer service is one the reason for this. Tesco have know set themselves even higher targets and the only way that they are going to meet them is for one to make sure that they continue providing the same if not better customer service.

  1. Type of Business Ownership, sectors, types of bysiness and size of business

    2.1f Sole Trader A sole trader is a business owned and run by the same person, although others may be employed to assist in the day to day running of the business. The sole trader provides personal capital to set up the business, in addition to extra funds that may be borrowed from the bank or other sources.

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

    - Can formally represent and help to meet the needs of the community. - Plus increased public support as the organization is more likely to be viewed as legitimate and worthy. Disadvantages of being a Charity limited by guarantee: - Setting up costs can be quite expensive.

  1. Can sole traders survive?

    The curse of the sole trader must of got to the owner of the business. Conclusion: My results are basically what I predicted and expected because I expected that a sole trader wouldn't be able to pay the amount of money needed to rent out a shop in Bexleyheath.

  2. Tesco Research

    Operational level At the operational level managers deal with short-term planning and the day-to-day control of the organisations activities. The decisions taken at this level direct the organisations efforts towards meeting the medium term goals, abiding by the budget policies and procedures set at tactical level.

  1. Aim and Objectives of different types of business.

    This can help the growth of the business. * To increase sales by 10% from 2009 to 2010.This objective can help to achieve the aim of growth. It is important to set objectives because it focuses the company on specific aims for a long time.

  2. Business Studies

    technology have resulted in increased efficiency and productivity > Therefore consumers achieve greater satisfaction for their needs and wants > Technological changes in communication and transport have made Australia a part of the world economy > Awareness of what other countries and societies develop has resulted in changes in consumer

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