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starting a small business

Extracts from this document...

Introduction

BTec 1st Diploma Business Zainab's Hair and Beauty Salon Contents Introduction 3 Pass criteria 1:Task 1(Business Idea) 4 Salon information 5 Pass criteria 2:task 2(questionnaire) 6-7 Analysis of questionnaire 8-13 Pass criteria 3:task 3(skills) 14 Pass Criteria 4: task 4 15 Loans 16-17 Pass criteria 5:task 5(proposal ,card and logo) 18 Advertisement 19 Letter head 20 Conclusion 21 Bibliography 22 Introduction In this assignment I have been asked to produce a report on the development of a business idea that I have. The report should convince a provider of finance that you have business idea, in task 1 I have to describe my business idea giving the business information such as a name, the location i.e. a map, and I have to describe each service that I will be providing to my customers at the end of this task I will have to state the business ownership. In task 2 I have to carry out a research which will be suitable for the target customers I am aiming at and for this to be accurate I am going to make a questionnaire which will provide me with the information about the prices and what prices will be suitable to sell my products at. In task 3 I have been asked to describe my skills and what areas I need to develop in order for me to become a successful business woman .I have to state what type of staff I will like to employ and the skills needed for them to enter my business if help needed Pass criteria 1 Task 1 My business idea involves me running a hair and beauty salon called Zainab's hair and beauty in Ilford on Belgrave Road. ...read more.

Middle

is how much I would have to pay back and the rate is as follows: Monthly repayment: 525.30 Total amount payable: �31,518.00 Number of monthly repayments: 60 At the rate of APR: 9.9% Analysis from information above From these 2 results I can see that the best place to borrow money from would be Lloyds TSB. Task 5 Pass criteria 5 Proposal for starting up a new business I want to open up my business because I want to experience what it would be like to run my own business also I would like to learn new skills to build up my knowledge on being a manager of a business and to be able to understand how to work my way up to being a successful businesswoman. The new skills I would like to learn are learning how to run a business on my own, to be independent, and to become the most successful business woman. I would want to raise a lot of money for me to make the business more better for example make other branches in other towns, experiment new things, giving idea towards the business as well as getting ideas, also I want people to like the salon and come more often. As a manager I would like my business to become the most popular salon in the UK and if my business is successful I would bring it forward and make it a international business but first I would like to go through the 1st stages. This is the Logo for my company This is my business card This is my advertisement that would go into a newspaper. ...read more.

Conclusion

Merit 3 Insurance There are many different types of insurance available when starting your business. In general, damage caused intentionally and contractual liability is not covered under liability insurance policies. It is good if you have insurance because if something's happens you can get compensation. The types of business insurance you will need will depend on what activities you will engage in. One type of business insurance is product business liability insurance. If you will sell products, you will want to purchase this type of insurance to protect you and your business against any business liability resulting from non-performance of any of the products you will sell. Likewise, if you will provide services to other people, you will also want business liability insurance to protect both you and the clients receiving your services. That way, if a customer claims to have suffered damages through your own qualified procedures, this type of insurance will protect personal possessions and pay for your protection against the claim. It also insures that a client who has suffered damages will be sufficiently rewarded. Another type of business insurance is replacement. This protects you against theft, and insures replacement of the stolen items. When purchasing replacement insurance, it is important to check whether or not it is partial or full replacement. Full is always preferable, since replacing items can become quite expensive. If you don't have liablitlty insurance your company its not illegal but the Health and Safety Executive will ask to see your certificate of insurance and any other relevant policies, when they inspect your premises. You can be fined up to �2500 for any day. Failure to display the certificate to inspectors can lead to a �1000 fine. ...read more.

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