My Business Idea Essay -- Business and Management Studies

My Business IdeaIn my coursework I intend to start my own melody. I go out devise myown business plan which outlines my business proposal and the keyaspects, during this I will need to seek practiced business advice on thenecessary steps I will have to make. As I go through the coursework Iwill show evidence, examples and explain how businesses are effectuate up,what types of businesses there are and their similarities, the kind oftargets businesses set for themselves and also the differentobjectives of different stakeholders. For my business I plan to selltoys and other game products that educate young children under the ageof 11.Starting up a business is difficult and risky. Anyone setting up needsto consider Whether they have the right experience and skills to make the business a success. How they are handout 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 o utside the business. What will fall out if the business is not a success?Identifying the opportunityIdentifying a business opportunity is the first thing a person askingto set up his or hers own business must do. The business opportunityis most likely to come from what they are already doing in work andthe contacts they have. People with no experience are more likely to watch 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 thus have to find outwhether the theme will work.Researching the market======================Businesses only survive if they can attract customers and at leastmake enough money to cover their costs. So it is important to find outwhether there are likely to be enough customers. There are two ways ofresearching the market.* Desk Research involves finding existing information or so 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 compass 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... ...ers in a business disagree, it can be very badfor the business. This is the main reason why businesses in collaboratorships draw up a Deed of Partnership. This is a legal contractwhich sets out* Who are the partners* How much money or capital each partner has put into the partnership* How net 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 partneris equal. Each partner then gets an equal share of the profit and hasthe same voting power as any other par tner.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- festering in profits- Growth in sales turnover- Increase in market share- Expansion of the product range- Selling into more areas of the country or the initiation- To become an even bigger business like a PLC