Starting a Business: Mo's Mountain Bike Shop

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Starting a Business: Mo's Mountain Bike Shop

My Business is going to be a mountain bike shop. I have decided to

name the shop “Mo’s Mountain Bikes”

The shop logo is;

[IMAGE]

I am calling my business this as it is a catchy name, and the logo is

very eye-catching, and could potentially attract potential customers.

I have reached the decision that my business will be a sole-trader as

I would like to have total responsibility over the business and my

employers. I would be prepared to take the risks of full liability.

The advantages of a sole-trader are the following;

Total responsibilities over employers

· I would decide what stock etc that I would buy

· I decide where the profits go

· I decide my working hours

· I don’t have a boss

· I will decide on investment/expansion

The Disadvantages of a sole-trader are;

· Full liability over business

· Less capital to invest

· There would be more burden on one person

· I would have to pay out of my own money in order to start my

business

· If the businesses profits are minuscule, I would have to take money

from my own salary.

· I would have a lot of paperwork to fill out.

· I have to pay VAT on top of all products whereas primary and

secondary sector businesses can claim it back.

My Business would be in the tertiary sector as I will be selling the

complete product.

There will be various job roles within my business.

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