My Business Idea

My Business Idea

In my coursework I intend to start my own business. I will devise my

own business plan which outlines my business proposal and the key

aspects, during this I will need to seek good business advice on the

necessary steps I will have to make. As I go through the coursework I

will show evidence, examples and explain how businesses are set up,

what types of businesses there are and their similarities, the kind of

targets businesses set for themselves and also the different

objectives of different stakeholders. For my business I plan to sell

toys and other game products that educate young children under the age

of 11.

Starting up a business is difficult and risky. Anyone setting up needs

to consider:

· Whether they have the right experience and skills to make the

business a success.

· How they are going to produce and market their product or service.

· Where they are going to get finance for the business.

· How they can get help and advice that is available to them from

outside the business.

· What will happen if the business is not a success?

Identifying the opportunity

Identifying a business opportunity is the first thing a person wanting

to set up his or hers own business must do. The business opportunity

is most likely to come from what they are already doing in work and

the contacts they have. People with no experience are more likely to

find it difficult to set up a business and make it a success. This is

the reason why most people who set up their own business have already

had experience of working in an industry. They then have to find out

whether the idea will work.

Researching the market

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Businesses only survive if they can attract customers and at least

make enough money to cover their costs. So it is important to find out

whether there are likely to be enough customers. There are two ways of

researching 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 order 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...

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...ers in a business disagree, it can be very bad

for the business. This is the main reason why businesses in

partnerships draw up a Deed of Partnership. This is a legal contract

which sets out:

* Who are the partners;

* How much money or capital each partner has put into the

partnership;

* How profits should be shared out;

* How many votes each partner has in any partnership meeting;

* 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 partner

is equal. Each partner then gets an equal share of the profit and has

the same 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 customers

The targets for my business are:

- Growth in profits

- Growth in sales turnover

- Increase in market share

- Expansion of the product range

- Selling into more areas of the country or the world

- To become an even bigger business like a PLC