...Double Business - staring a small Business Unit 36 By Greta Maneikaite (centre number 27102) Content page P1 Present the initial business idea using relevant criteria P2 Explain how to identify the target market P3 Describe the skills needed to run the business successfully and what areas require further personal development P4 Describe the legal and financial aspects that will affect the start-up of the business P5 Produce a proposal containing the essential information for the start-up of a business. M1 Explain methods used to identify the target market for the proposed business M2 Analyse the personal development needed to run the business successfully M3 Assess the implications of the legal and financial aspects that will affect the start-up of the business. D1 Present a comprehensive business proposal that addresses all relevant aspects of business start-up. Unit 36 – Setting up a Small Business P1 Present the initial business idea using relevant criteria Introduction to my business: Golden tanning Salon will open in my local town Corby within Northamptonshire. The reason for opening a tanning salon is because there aren’t many tanning salons within the Corby area. Today’s world trend is for people to look fit and have a natural tan complexion especially in a country like this where we don’t get a lot of sun to develop a tan. I am going to be introducing my business plan which I am intending to set up. In order for me to develop my business plan...
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...Starting a Small Business UNIT 36 M1 – Pheonix Jones In this document I will be making recommendations on how market research will help launch the business. Target Market Questionnaires The questionnaire included such questions like gender, age preference of food and occupation. Asking these sorts of questions will help us find data regarding if there is a demand for a business like this, which is vital to launch the business. The questionnaire will also help find out the target market which was 16-20 year old students and office workers. We can use this information to create a target market that can be designed to suit the campaign; this means we can also put through promotions to match because we already know the target market. Therefore we can do deals when the business is open, maybe where students get a percentage off goods or a meal deal with the student card. Analysis Defining the target market and its needs are essential, geographically the location is quite small in the area of Weston town, but with students coming from around North Somerset is a wider area. We are mainly looking for students aged 16-10, who is averagely on a lower income than others. Physiologically they want benefits, like good value food which is fast. With all these facts in mind, we can see that the target market want affordable and fast food that can fit in a social atmosphere and the lifestyle of the target market. Competition Check the competition around that area can give us an upper hand...
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...“Entrepreneurship and Starting a Small Business” Brian Thompson Everest College Phoenix Online MAN 1030 Introduction to Business Professor Mary Ritter 12/08/2012 Abstract In this paper I will be discussing what contributes it takes to become a successful business owner. I will be going over the characteristics of being a small business owner. I will also be discussing how to go about creating a business plan. In discussing the business plan, I will be giving the purpose of each component. “Entrepreneurship and Starting a Small Business” Eric has already created two successful businesses and is looking to start another. He already has the characteristics of a successful entrepreneur. He is self-directed, committed and willing to work hard. He already has experience in owning a small business and knows what it takes to make a small business successful. Eric seems to have beaten the odds already. What do you think Eric would tell you about success (or failure) and how to learn to be a successful small business owner? There are several characteristics to become an entrepreneur and start a small business and the one is being self-directed. You have to be comfortable being your own boss because you alone will be responsible for its success. Second, you have to believe in yourself when nobody else does, which is being self-nurturing. You also have to be committed and highly energetic by being able to emotionally, mentally and physically work hard, but mostly long...
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...For my restaurant its imperative for me to use primary research to conduct my research, therefore all my data I’ve collected is correct and accurate. I will have to this plan in place in order to know how I’m going to conduct. Objectives: -Find out whether people would want a Sicilian restaurant in Northamptonshire. -To find out whether the potential customers would want a classic Sicilian menu or a more modern menu. -I will use social media introduce and get people interested in my restaurant. -Attract new customers from a particular place. -Low food waste and maximize my resources. -Break down the sales in order to maximise the revenue. I am going to collect using a single survey, the reason im going to use a single survey rather than multiple surveys is that if I can include everything in single surveys then there is no need to use loads of different surveys, because it will save me time and money on printing keeping my costs low. I will set out my survey so that as the survey goes on it filters through so that it narrow down the answers. I can also incorporate a time frame for my data. My questionnaire has to narrow down in order to get the best possible responses out of the people I will ask. This means that there should be no questions left to be ask by the people that I questioned. So therefore my survey will be done by me meaning it will be primary data. I think my survey will consist of part qualitative and part quantitative. I am going to present my...
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...Re: Ethics in Business Communication There are so many companies out there that taking advantage of their employers because the employers do not know where to go, to get the help they need when they feel that they are being violated. Especially when it comes to being a waitress or waiter, I know that they have all these posters up on the wall, but who has time to read them. Most waiters or waitresses are doing this to get through school, and because of that they usually accept the treatment that they get. I agree with my fellow peers that this company Philadelphia sports bar and grill acted inappropriately with it employees, they violated their legal rights and probably made them feel discoursed because they started coming up with the “tip pool” not only that but they were being paid less, now their tips were being taken away from them. It is such a shame to see such a popular and established restaurant chose to act in the matter in which they treated their employers with such disregard and disgrace. Especially, because this restaurant was as popular as I read in so many articles, they stated that their food was good and the service was very good. I could not see myself working for such establishment, yet alone provide the service that made customers come back to the restaurant. I guess when industries or companies start making money they become selfish and do not consider their employees as part of their business. They become so selfish that all they see is money coming...
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...HELP Ask a Question Give Feedback 1-800-FED-INFO Browse Knowledgebase TOOLS Start a Business Learn About New Health Care Changes Find Opportunities Browse resource for Veterans SBA Tools Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue....
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...school I would like to start my business out with a booth rental. My goal for a work establishment would be a nice spa. I do not want to work in a hair salon; I would like to be in a massage only center. Starting out I would like to be commission based, but after building a cliental I would want to start basing a flat, base rental fee bi-weekly. This would be the most economically friendly situation when trying to build your own small business. Starting out with a commission based salary would help me save money by not having the overhead of starting my own business. It would also help me build a cliental for in the future if I ever decide to proceed out on my own and start my own sole-proprietorship. From my research, starting your own personal business in the beginning is very expensive, so it would take a large amount of time and saving to start your own. Many banks will not finance such large loans seeing how you have no proof that you will pay them back. So, if you rent a booth or space then that will give you a means of a job with the benefit of being able to save money to put back. If you contract a business you have to pay large amounts of taxes also, but if you are an employee your employer pays them for you. This is just a small amount of the overhead that will be out of the picture for me by starting out being a commission based employee and then transitioning to renting a booth when starting my massage therapy business rather than starting my own sole proprietorship...
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...Anyone can decide to start a business but there is much more to the process than just coming up with the initial capital. There are three main points to starting a business. The first one is to decide whether if it is in the best interest of the aspiring entrepreneur to start the business. The second is to choose every detail of how this business is going to run. The third is to find ways to maintain and improve the business efficiently. There is no shortcut to a successful business, but with this list of guidelines and lots of hard work anyone can be headed in the right direction. What is an entrepreneur and how does a person become one? According to Vincent Ryan in his article, “Anatomy of an Entrepreneur,” an entrepreneur is “one who organizes, manages and assumes the risks of a business or enterprise” (36-44). That is exactly what starting a business is, a risk. To avoid this risk, the first thing to think of when starting a business is whether it is in the best interest to run this business. Barbara Weltman said in her book, The Complete Idiot’s Guide to Starting a Home-Based Business, when choosing a business there is nothing better than to “turn a passion into a product or service.” From there she claimed one should play to their strengths and weaknesses to decide what kind of business to run (17-21). When a business is chosen it is best to know all the ins and outs of that business. According to Mark Warda, knowing the business at hand “might be the most valuable preparation...
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...Business <iframe src="//www.googletagmanager.com/ns.html?id=GTM-5H2V9S" height="0" width="0" style="display:none;visibility:hidden"></iframe> ------------------------------------------------- Top of Form Bottom of Form Toggle navigation * * About us * News * Events * Contacts * Industry & business * Industry & business Integrating and promoting innovation to drive growth across the economy. More * Industry & business news * Manufacturing * Automotive Transformation Taskforce * Small business * High Performing Workplace Index * Innovation * Clusters * Digital technology * Investment & trade * Investment & trade Building South Australia's competitive advantage and supporting new investment and export capability. More * Investment & trade news * Investment Attraction Agency * Business Missions * South Australia - China Engagement * South Australia - India Engagement * South Australia - North Atlantic Engagement * South Australia - South East Asia Engagement * Case management * Immigration * Major Developments Directory * Why South Australia * Industry Capability Network SA * Export Partnership Program * Trade * Tradestart assistance * Exporting...
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...Small-Business Idea Acc 561 Nov. 7, 2012 Wayne Moore Small-Business Idea In today’s economy there are numerous people searching for ways to establish their own business. When an entrepreneur has the aspiration to endeavor and create a clothing company they should first think out a plan and how the business can grow in the end. Knowing the startup cost, having policies, projecting the employee ratio, and choosing the location for product launch, all play a key role into starting up a clothing company. However, the most important decision when starting up a company is deciding what business structure would best fit the company. In business and entrepreneurship there are four main forms that one can choose from to best fit the type of business that they want to create. The four forms of business are as follows; sole proprietorship, partnership, limited liability company (LLC), and a corporation. These forms have their own pros and cons, tax implications, as well as reports to the financial accounting standards board (FASB) or have established laws set by the Sarbanes-Oxley Act (SOX). Sole Proprietorship Sole proprietorship refers to someone that owns a business that is not incorporated and manages the business independently ("Entrepreneur", 2012). One example of sole proprietorship, are small companies. Small companies are registered with the state, liable for all debt from the business, and do not pay separate income taxes (University of Phoenix, 2012). The income...
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...BTEC NATIONAL IN BUSINESS (MANAGEMENT) Unit 37 – Starting a Small Business Assignment 1 – Present your business idea This task assesses P1 Present the initial business idea using relevant criteria Signed (IV) _________________________________ Print Name__________________________________ This unit is all about starting your own small business. The assignments will take you through the planning process in order to complete your own small business plan. This may be a business you are thinking of starting in the future. To complete this assignment you should think of a business idea that you will be able to research and plan for. It should be realistic. You will present your idea to an assessor and some of your class mates. |P1 |Task 1 | | | | | |You should consider whether your business will be new, a franchise or whether you are going to buy an existing | | |business. Your bank manager has asked for your thoughts on this before he/she makes an appointment to discuss your | | |plan. | | | ...
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...Starting a small business can be very rewarding. A small business can provide flexibility to make time for family or other commitments and interests. It also gives a sense of independence both personally and professionally. A person’s success or failure is of their own merits. But it does not come without its challenges. For starters, you are your own motivator, IT department and finance department. No overtime pay for the countless long hours or in many cases zero benefits. Betty has some tough decisions to make. She needs to decide what form of business would be best for her business, then she needs to determine who, if anyone, will help her run the business and lastly decide if the name she has chosen is suitable. Betty must first decide what business form would be suitable for the coffee house. There are many forms of business entities to choose. Since this is a small business a Public Corporation, Subchapter S Corporation, Closely Held Corporation, Multinational Corporation, Limited Partnership, General Partnership, and Professional Corporation can all be eliminated. Some possibilities for Betty’s business might be. A sole proprietorship is the easiest and least expensive way to create a business organization (Kubasek, Brennan, & Browne, 2012). The LLC or Limited Liability Company provides the advantages of a corporation with the tax efficiencies and flexibility of a partnership (Starting & Managing a Business, 2012). Franchises are relationships based on...
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...Choosing a Method of Financing a Business By Derek Dowell, eHow Contributor Banks may want to lend you money if you present a well-prepared business plan. Whether you're starting a new business from scratch or operating a successful business already, securing financing first requires you to think about the best method to go about it. There are many factors to take into account, though some may vary according to an entrepreneur's personal situation. Poor management is the most frequent cause of small-business failure, according to the Small Business Notes website, but it is closely followed by insufficient financing. Other People Are Reading * The Disadvantages of External Equity * Financing Methods for Capital Purchases 1. Funding Availability * The first thing to do when choosing a method of financing your business is to determine what your range of options are. Small Business Notes lists the most common sources of finding money to start a business: personal savings (72 percent), banks (45 percent), friends/relatives (28 percent), individual investors (10 percent), government-guaranteed loans (7 percent) and venture capital firms (1 percent). Most people will not be able to rely on a single source, since banks expect the business owner to put some of his own money at risk in the venture. Spend some time thinking about what sources you can access. Personal Savings * Choosing to risk personal savings on a business venture requires serious thought...
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...challenges when setting up a business. Explain why they are challenges: Lack of Capital is probably the biggest challenge when starting a new business. Most small businesses are dependent on personal savings as they do not generally get funds from investors when starting up. And since most entrepreneurs are young and they do not have much funding to invest, their business will kick off much slower than an entrepreneur with age and savings. This lack of funds also limits business plans. Entrepreneurs will not be able to put together a substantial marketing plan or hire employees with a lack of capital, and without a marketing plan it will be extremely difficult and frustrating for the business to grow at the rate the entrepreneur might be expecting. Time management is another key challenge in starting a business. With everything and everyone depending on the entrepreneur, it is hard for most to distinguish between low-priority tasks and high-priority tasks. They can get caught up in advertising the business and forget about following up with customers or vice versa. Both ultimately being a high-priority task, but not having good time management skills, it’s hard to get customers without advertising and it is also hard to keep customers if you are not following up with them. Lack of experience in running a business is another challenge in starting a business. Most entrepreneurs have little to no experience in marketing, running a business, customer service, and financial...
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...Law 531/ Business Law Legal Forms of Business As an entrepreneur one of the most important decision to make, when starting a business is the legal form of the business. In making this decision many factors are taken into consideration, such as financial resource for business, government rules and regulation, and personal liability. In this paper a discussion regarding the different forms of business including scenarios of these form and explanation on why this corresponding business form is preferred. Sole Proprietorship According to Cheeseman (2010), a sole proprieship is the simplest form of business organization and there is no separate legal entity. (p. 530). Under sole proprietorship the business is owned and executed by a single person. The proprietor makes all the management decisions and has authority to receive profits. Sole proprietorship business could easily be sold or transferred if the owner choose, no other approval is necessary. Scenario: A small neighborhood businesses, sometimes called, neighborhood store, are an example of sole proprietorship. Creating a sole proprietorship is easy and low cost with no government approval is required at the federal and state level. A license to do business within the city is required at the state level. This form of business is excellent for a person with limited amount of money to start a small business, Sole proprietorship is responsible for business’s contract and torts committed, The sole proprietorship has...
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