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UNIT 36 P4,M3 - Describe the legal and financial aspects that will affect the start-up of the business.Assess the implications of the legal and financ$5.15
UNIT 36 P4,M3 - Describe the legal and financial a
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For P4, learners should describe the procedures designed to identify, monitor and
prevent health and safety hazards in a selected workplace. This leads on to P5 where
learners will explain the procedures for carrying out a risk assessment in a selected
workplace situation.M2 requires analysing the ...
describe the legal and financial aspects that will affect the start up of the business
assess the implications of the legal and financial aspects
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Level 3 BTEC Business Extended Diploma
UNIT 36 P4,M3 - Describe the legal and financial a
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Unit 36 - P4/M3
FOR NOTES AND GUIDLINE PURPOSES ONLY, COPYING THE
WHOLE DOCUMENT WILL BE COPYWRITE.
USE SENSIBLE.
In this assignment I’m going to describe the legal and financial
aspects that will affect the start-up of the business I’m also
going to assess the implications of the legal and financial
aspects that will affect the start-up of the business
A business survivor fund is an amount of money in which a
business has in order to ensure that the owner has enough
money to live whilst building and growing the business. This
money is also in put aside in the case they encounter an
emergency.
The main cost that my business will face will be the running
cost and the start-up cost. Running costs are costs that a
business will always have to pay these are things such as rent,
stock and utility. On the other hand, a start-up cost is a cost
that the business will only have to pay once.
Products or services need to be priced correctly or my business
will not be successful. There are a number of different pricing
methods that are used, an example of these are skim pricing,
penetration pricing, premium pricing etc.
Cash flow forecast is an estimate of costs and income over a 12
month period. It is useful to set up regular review of forecast,
changing the figures in light of your sales. A cash flow forecast
will show if I would need to borrow more money, when I will
need to borrow it and how much I am going to need to borrow.
This is the prediction of how much profit a business will make or
how much loss the business may face. These forecasts may
vary due to economic conditions and other important data.
Some companies.
Break even analysis determines when a business income will be
able to cover/ meet the level of outcome a business has faced.
P4- What is a personal survival fund?
, Unit 36 - P4/M3
FOR NOTES AND GUIDLINE PURPOSES ONLY, COPYING THE
WHOLE DOCUMENT WILL BE COPYWRITE.
USE SENSIBLE.
A business survivor fund is an amount of money in which a
business has in order to ensure that the owner has enough
money to live whilst building and growing the business. This
money is also in put aside in the case they encounter an
emergency.
M3- why does your business need a personal survival
fund?
My business will need a personal survival fund as the business
is a new establishment. It will be important that my business is
able to finance itself if it was to come across any unexpected
expenditures. If I did not have a personal survival fund I would
need to try and find another source of finance such as another
bank loan if I was to encounter any unexpected big
expenditures which I may not be able to do.
P4- What costs might your business may face?
The main cost that my business will face will be the running
cost and the start-up cost. Running costs are costs that a
business will always have to pay these are things such as rent,
stock and utility. On the other hand, a start-up cost is a cost
that the business will only have to pay once.
M3- How will this affect your business?
A start-up cost such as decorating and fitting equipment may
affect my business. The implications that this may have on my
business is that it may have to pay out a large sum of money
which will make it harder for the business to break even early.
Furthermore, my business will need to make sure that it makes
enough money monthly in order to cover the running costs. For
the business to be successful it will need to ensure can cover
its monthly costs such as wages, rent and stock.
P4- What is pricing? Give examples of different
methods?
Products or services need to be priced correctly or my business
will not be successful. There are a number of different pricing
methods that are used, an example of these are skim pricing,
penetration pricing, premium pricing etc.
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