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Business Plan Giving Advice About What To Do When Starting A Business

1055 words - 4 pages

Putting It All TogetherThe client has decided to open a gift shop but not just any gift shop, they have decided to open a gift shop that caters in the area of fruit and candy floral arrangements. These arrangements come in many different shapes and sizes and are designed and crafted to suit each consumer's individual tastes, budget and occasion and each season of the year.Skills and Personal CharacteristicsThere are many skills and characteristics that are required for this type of business. To run a business the person requires:* Excellent decision making skills* Must have some skill in the area of using a knife to sculpt and shape arrangements.* Shows enthusiasm* Customer service focused* Genuine commitment to creating a quality product* Previous food experience is a plus, but not requiredIdentifying Business OpportunitiesOperating a successful small business is largely dependant upon making the right choices from the very beginning of the enterprise. Research is therefore a crucial part of planning a new business venture.The Appropriate Business StructureThe client has chosen their legal structure to be a partnership for the sole reason that it would be able to provide them with better access to finance, each partner has a share in the tasks and responsibilities of the business and each partner would be able to bring new skills and ideas that would help to the business establish better products and services.Sole TraderA sole trader is an individual who runs the business without partners or a company structure. The sole trader has full control of the business, including ownership of all profits and responsibility for all debts and liabilities.Advantages* Easy to set up - less complex structure.* You are your business and make all decisions.* Inexpensive to establish and operate.* Least reporting requirements.* Your losses may be offset against any other income or future earning.Disadvantages* You are your business - often your business will operate only if you work.* You are personally liable for all business debt.* You continue to pay tax at personal income tax rates.* Fewer options to raise finance may limit your business.PartnershipA partnership involves two or more co-owners participating together in a business. A partner may be an individual or a company and each partner shares in the responsibility and profits of the business. It is always a good idea to have a partnership agreement to govern the rights of the partnership. In the absence of a formal written partnership agreement, the law will assume that each partner has an equal share in the business.Advantages* Inexpensive to establish and operate.* Ability to split income on level of ownership.* Responsibility for the operation of the business is shared.* Ability to raise finance for the business is enhanced.* Capital losses may be offset by other non-business capital gains derived by the individual owners.Disadvantages* Each partner is fully liable for the full debts of the...

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