The business that I have decided to set up is a chip shop. There is no food places in Hamiltonsbawn so I think my business would be appreciated. Thing needed from the business:SurviveIncrease turnover

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By Mark Hutton

INVESTIGATE AND EVALUATE THE POSSIBILITY OF SETTING UP A BUSINESS OF MY OWN CHOICE IN MY LOCAL AREA.

Computer Store

Computer Programmer

Website Designer

Music Shop

Chip Shop

Car wash

Electrician

Plumber

Joiner

Phone shop

Sports shop

  Estate agent

Shop/Service Station

The business that I have decided to set up is a chip shop. There is no food places in Hamiltonsbawn so I think my business would be appreciated.

Thing needed from the business:

Survive

Increase turnover

Grow

Make a profit

Gain a good reputation

Break Even

  • Firstly I must choose and identify my business. I must identify what type of business mine will be. Then I will have to do research and find out if my business will be successful; I will do this by primary investigation information.
  • Secondary sources will be a way of finding out my competitors, including the yellow pages, the phone book and the internet.
  • When my surveys are completed I will evaluate the results and find out what the local people want from my business.
  • I must find out the type of business I want mine to be e.g. sole trader, partnership….
  • To be successful I need to investigate Finance i.e. banking needs, legal obligations, market, capital, other resources and most important equipment.
  • I would also need to find out where premises are and, if I can get sources of assistance etc…
  • To get suppliers I will go onto the internet and search for ideal and recommended suppliers.
  • When I have received all my information I will compile it together, evaluate and make a conclusion on my completed booklet.  
  • I will need to know what my overall costs will be, if I will make a profit, including premises, equipment and sources of assistance.
  • If there is a need for my business in the market area.  

  1. Friends or family – I have friends and families which have set up their own businesses this has been a help to me as I have helped her do accounts and this helps me as I will know what to do.
  2. Yellow pages – the yellow pages has a list of all the chip shops, restaurants and cafés in my area it also has a large range of manufactures of equipment for my chip shop.
  3. Internet – the internet has a search engine called “google” I type in what I want and it brings up loads of different related websites. Also over the internet you can do banking and pay of debts etc.
  4. Someone with a business relating to mine – I could go and ask for a list of suppliers and equipment details from them and any information that they think is beneficial.
  5. Invest Northern Ireland – I can go and get information when it gets round to opening my business.
  6. Local business people – as I am going to be opening a chip shop near them I think I could go and ask them if they have any questions to ask me, also I could ask them how they started up and what trade was like when they started.
  7. Textbooks – the notes from my textbooks and also notes from my teachers can give me advice of what possibilities I have in my business e.g. legal documents etc...
  8. Surveys/ questionnaires – the questionnaires can give me all the information I need about what people want from my chip shop and this is also my primary source of information.

I am going to use 4 pieces of information they are:

1.        Yellow Pages

2.        Internet

3.        Questionnaires

4.        Someone with a business relating to mine

I have chosen these because they are both primary and secondary information and also can give me loads of ideas of how I want my business to be like.

SOLE TRADER

Sole trader is:

  1. There is only one owner
  2. The owner has unlimited liability
  3. The owner has to make all the decisions

Advantages:

  1. Small amount of capital needed
  2. Can make all the decisions
  3. Can keep all the profits
  4. Can provide a more personal service
  5. You are your own boss  
  6. Easy to set up

Disadvantages:

  1. Difficult to raise capital
  2. Business cannot be run if owner is on holiday or ill
  3. Unlimited Liability
  4. Difficult to compete with large companies in terms of price.

PARTNERSHIP:

Partnership is:

  1. When partners have unlimited liability
  2. That more than one person owns the business

Advantages:

  1. It can have a range of abilities
  2. It is easier to raise capital
  3. It is easy to set up
  4. Can keep all the profits
  5. Very small amount of capital is needed

Disadvantages:

  1. It is likely to cause possible disagreement between partners
  2. The partnership is dissolved if partner becomes bankrupt or dies
  3. Unlimited Liability
Join now!

FRANCHISE:

Franchise is when a large business hires its name to other businesses to produce and sell its goods or services.

Advantages:

  1. Franchisor must provide training; help with management equipment and materials
  2. It is a safer way of starting a business

Disadvantages:

  1. Franchisee will never own the business
  2. Franchisee cannot sell the business without permission
  3. Franchisee has to pay a percentage of the profits to the franchisor
  4. Franchisee must follow rules and regulations given when the contract was signed

LIMITED COMPANY:

It is legally possible to form ...

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