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This project requires me to produce a imaginary business

Extracts from this document...

Introduction

Pacey's Electrical Shop This project requires me to produce a imaginary business. To do this I must research into all aspects of a business, using books, people, and computer resources. To help me do this I will create action plans, that I will evaluate and redesign as I proceed during the project. The reason for the action plan is to help keep track and organize what I am doing, it also shows points that I must cover for my business to be successful. In this project there are certain parts of the project that can be decided before I created a action plan these are: What will I sell- I will sell electrical goods like televisions, videos, and hi-fis ect... My shop name- I will call my shop "PES" (Paceys's Electrical Shop). From what I already know I have decided to make my business a sole trader operation as these are the easiest to set up. Also in a sole trader business I will get to keep all of the profits. Also as I am a sole trader business there are less regulations that I have to comply with. As a sole trader I do not have to make my business accounts available to any one except the inland revenue. This is useful as it saves me time, and it keeps my business dealings secret to the public. What is the aim of "PES" The aim of "PES" is primarily to be able to compete with other companies in the local area. Also to brake even, but provide a high quality service to the public. Then it is to make a profit. For the first year the aim of my business will also be to become a well established business, and to remain open (not be forced to close due to lack of business). Owner Mr. Pacey Action plan This is my first action plan, that I will later evaluate and then using my evaluation I will create a second action plan. ...read more.

Middle

The reason that I will not be offering interest free credit is that this would loose me a lot of money. Instead I will let the credit be taken of by a third party, but hopefully the opportunity of credit would bring in extra sales. A company can make more then in product this is called the product mix. Each and every product must have good strong brand that makes it recognizable to people. A very strong brand is Coke a Cola brand, as the colours, shape of cans, and lettering tell the buyer what the product is. The characteristics of the brand comes from the products physical features of the product. This means the taste and the shape of the product. These are created by the manufacture through adverts and packaging. People talk the products consistency this not only means the quality, but its design, and adverting campaign. Is image Important? The image of the product is the way that the public see you product. Your product could have a negative or positive image, this depends on how the product is advertised and presented. My Image- The image of my product will be taken care of by the manufacture, but I will make sure that my store is a sort of brand. This is would help people to remember my shop. I plan to create my image by a good advertising campaign, and by offering a good service. How packaging effects the product? Packaging is the way that the product is presented to the public, the packaging can give benefits: � Attractive � Strong for transport � Can be dismantled for storage � Or is easy to use There can be problems with packaging, it can cause the following problems: � Increase the production cost � Make the product bigger and heavier so it costs more to transport � The more packaging that you have, the more waste you will produce This means that firms have to think very hard about there packaging, as they must considered the advantages and disadvantages of there packaging. ...read more.

Conclusion

(Figures in red are estimates) This is a prediction of what a trading account for my business would like. The figures were taken from shop of similar type. Profits loss (Figures in red are estimates) It would be hard for me to create a break even point as I do not have enough information to make a good prediction. This is not a bad profit for a first year of a sole trader business, the costs are estimates based on a other shop. Evaluation + caparison The profits for my fits year of business are quite low but this is normally the case with most business. For a first year the estimated profits are not far of what a established shop would take in which is �25000. Conclusion form action plan From this final action plan I now know: A rough idea of my budget How I will hire and pay staff What laws I must comply with Which loan I would take out What insurance's I would take out This action plan covers all of the points that I missed in previous action plans. Conclusion My conclusion is that it would be possible to set up the area in the area that I choose. The only problem that I have seen is that my yearly profits for the first year would be quite low. To correct this I would hire seasonal staff. Evaluation My project I think project overall has achieved what I planned to do, that as to create a imaginary business. In the project I think that there are some areas in which I could improve the project. The first is the predict cash flow is that some of figures are rough estimates To of got better estimates I could have asked more then one business of a similar type. A other minor problem was that I has to estimate some of advertising cots, as I did not get a rate card when I sent off to the company. This meant that It was hard for me to evaluate all of methods, fairly. ...read more.

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