Investigating business ideas

Here are a few reasons I didn’t choose the others:

• They need a lot of staff
• Its too much money
• For things like the arcade you need to pay for the electricity.
• You need a lot of security for most of the other ideas
• Too much money goes into the other businesses at once but with the corner shop you can gradually expand it.
• I would need a big building for the clothes shop and swimming arena

Aims of my business:

• To be successful
• To earn profit
• To be comfortable with the business I have set up
• To be able to provide the needs of the costumers

The meaning of partnership

Here are a few definitions of a partnership:

• In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested.
• A business organization in which two or more persons agree to do business together.
• A business owned by two or more individuals each of whom is legally responsible for the total liabilities of the business, unless the partnership is limited.
• A legal relationship existing between two or more persons contractually associated as joint principals in a business
• Two or more people, who are personally liable for all business debts and obligations, own a partnership. A general partnership can come into existence without the need to file any formal papers with any state official.

Advantages of partnerships:

• Partnerships are relatively easy to establish; however time should be invested in developing the partnership agreement.
• With more than one owner, the ability to  may be increased.
• The profits from the business flow directly through to the partners'  returns.
• Prospective employees may be attracted to the business if given the incentive to become a partner.
• The business usually will benefit from partners who have complementary skills.

Disadvantages of partnerships:

• Business Partners are jointly and individually liable for the actions of the other partners.
• Profits must be shared with others.
• Since decisions are shared, disagreements can occur.
• Some employee benefits are not deductible from business income on tax returns.
• The partnership may have a limited life; it may end upon the withdrawal or death of a partner.

Possible business contacts

• Warehouse

• Accountants
• Banks
• Local
• Estate agents
• Trading standard office
• Insurance company

Why we need business contacts

        

Trading standard office- they make you aware of the laws.

Estate agents- You need this because you need a place to rent and to stay and to hold your business.

Banks- In case you need a loan

Warehouse- To get stock and those things

Accountants- You need accountants to calculate your losses and profits and to pay wages to staff.

Insurance company- So you can get insured.

Local council offices- They give you license if you need it.

Citizen Advice Bordeaux-To give you advice to help your business succeed.

In order to succeed I would need to carry out research of:

• What the customers would like in the shop
• How I would attract the customers to my shop
• What would make the customers attracted to my shop