unit 36 business P1 and P2

Topics: Business, Strategic management, Cooking Pages: 5 (1627 words) Published: April 29, 2015
The purpose of this assignment is to conclude that an initial business plan is necessary. As the business that I have chosen to the build is a comfort food restaurant and take away. My business idea is home cooked food away from home, for people who have moved far away from home, or just need a bit comfort from food. In that the food which will be made will be all home cooked and freshly prepared dishes. There will be a variety of different dishes that will be healthy and homely, as well as linking to a shop that will provide me with different types of comfort food hampers that will be made each day. All of the home dishes will be freshly made, with both daily menus and dishes that are on the menu all of the time. The business type I have chosen to do is a sole trader, which small business that is between 1 and 10 employees. The advantages of a sole trader are that all of the profits go to the owner, and that they don’t have to get anyone else’s permission to do what they want to the business, as they have full control of the business. The disadvantage of a sole trader is that they have unlimited liability, which means that is the business goes into financial difficulties, there is no limit in the amount they can take. The other type of business that I could have chosen is a partnership this where they is between 2 and 20 partners. The advantage is that there is shared work, as well as different skills and abilities and the ideas that they have can be consulted and developed. The disadvantage of this a partnership is that the profits are shared, as well as all ideas and decisions must be consulted and agreed by all of the partners. Another disadvantage is that there is unlimited liability that is to all of the partners. The other type of business that I could have chosen to do is a franchise which is a business that is already established and you just but the right to use their name and products, however you have to give a high percentage of the profits would go to the company. The advantage of buying a franchise is that there is limited liability, however you have to have a huge amount of capital to start up the business as well as you need to meet targets that the company makes otherwise they can close the business. The other disadvantage of buying a franchise is that you cannot change anything about the business. The other ways of starting a business is buy an existing business that has already got a name and a market but the business as either gone down or the owner just wants to sell. The advantage of this is that there is already a name for the business; however that could also be bad as the name might not be good. The other advantage is that the business already has a loyal client base meaning there will already be customers even before they start. But this could also be a disadvantage as the customers might be expecting something else and they could be disappointed. The reason I choose to start my own business from scratch is that being in a partnership can lead to lots of decisions being made that people don’t want. As well as being part of franchise is that you don’t have any say on what you want to change about the business. Aims are an import part of my business as it is my long term target in which I want to achieve with my business. My aim is “To expand the business within 5 years across in London” Objectives are an important part of building my business in that it helps me set goals in which will move my business forward. SMART objectives are types of objectives that are Specific, Measurable, Achievable, Realistic and Time related. For my business I have set up 5 smart objectives the first one is that “by September 2014 I would have at least 2 take away drivers.” The second one is that “by June 2015 as least 10% of profits are from the hampers” another objective is that “would link with other shops within 2months of starting” “create an advertising campaign within 6months” When starting my business...
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