My Business Idea Essay -- Business and Management Studies

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: Â · Whether they have the right experience and skills to make the business a success. Â · How they are going to produce and market their product or service. Â · Where they are going to get finance for the business. Â · How they can get help and advice that is available to them from outside the business. Â · 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 ====================== 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... ...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