My Business Idea Essay -- Business and Management Studies

My Business IdeaIn my coursework I call back to start my own byplay. I will devise myown short letter plan which bring outlines my trading proposal and the keyaspects, during this I will wish to seek good business advice on thenecessary steps I will suffer to wanton. As I go through the coursework Iwill show evidence, examples and explain how businesses atomic number 18 learn up,what types of businesses there are and their similarities, the kind oftar irritates businesses set for themselves and also the differentobjectives of different stakeholders. For my business I plan to selltoys and other game crossings that educate young children at a lower place the ageof 11.Starting up a business is difficult and risky. Anyone tantrum up needsto consider Whether they have the right experience and skills to make the business a success. How they are going to produce and market their crop or service. Where they are going to get finance for the business. How they scum bag get hel p and advice that is available to them from outside the business. What will happen if the business is not a success?Identifying the opportunityIdentifying a business opportunity is the firstly thing a person scattyto set up his or hers own business must do. The business opportunityis most apparent to come from what they are already doing in work andthe contacts they have. People with no experience are more possible to let on it difficult to set up a business and make it a success. This isthe reason why most people who set up their own business have alreadyhad experience of working in an industry. They then have to find outwhether the idea will work. researching the market======================Businesses only buy the farm if they throw out attract customers and at leastmake enough money to viewing their costs. So it is important to find outwhether there are likely to be enough customers. There are two meanss ofresearching the market.* Desk Research involves finding existing information about the market. For example, a person wanting to set up a beauty salon would look in the Yellow Pages to find the locations of other salons in the area in edict to assess the likely competition.* Field Research involves finding information that is not available in books etc. For instance, questionnaires and surveys are a good way of finding out whether there is a... ...ers in a business disagree, it can be very badfor the business. This is the main reason why businesses in attendantships draw up a Deed of Partnership. This is a legal get hold ofwhich sets out* Who are the partners* How much money or capital from each one partner has put into the partnership* How profits should be shared out* How many votes each partner has in any partnership confluence* What happens if any of the partners want to withdraw from the business or if new partners are brought in?If there is no deed of partnership, the law states that every partneris equal. Each partner then gets an equal share of the profit and hasthe very(prenominal) voting power as any other partner.The basic objectives for my business are- To make the largest possible profit- To grow and expand- To survive (break even)- To provide a service and quality products to ensure the satisfactory of our customersThe targets for my business are- Growth in profits- Growth in gross sales turnover- Increase in market share- Expansion of the product range- Selling into more areas of the country or the world- To develop an even bigger business like a PLC