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BTEC Business Unit 36, Starting a Small Business M3 (Assess the implications of the legal and financial aspects that will affect the start up of the business)
BTEC Business Unit 36, Starting a Small Business M3
BTEC Business Extended Diploma
Unit 36, Starting a Small Business M3
This is the complete version of the coursework assignment, which has already been marked and approved by a teacher.
P1 P2 P3 P4 P5 P6 M1 M2 M3 D1 D2
(Assess the implications ...
Unit – 36 (Starting a Small
Business)
BTEC National Diploma In Business Level 3
The Date
Author: Your Name
Your Teacher
1
,Unit 36: Starting a Small Business M3
Unit 36 – Starting a Small Business
On completion of this unit I should:
1) Be able to present the initial business idea using relevant criteria.
2) Understand the skills and personal development needed to run the business successfully
3) Know the legal and financial aspects that will affect the start-up of the business
4) Be able to produce an outline business start-up proposal
Task 6:
a) Assess the implications of the legal and financial aspects that will affect the start-up of the
business.
2
, Unit 36: Starting a Small Business M3
Introduction
In this assignment I will explain how legal and financial aspects of my business will affect its
setting-up.
Additionally, I will explain where I have to be careful if my business has unlimited liability. What
will I have to take into account while opening up. The final consideration I will take is how all of
these factors will affect my business when it comes to achieving your aims and objectives set for the
business.
Financial aspects
Managing your company's finances is every bit as important as complying with the law. Poor
financial planning is likely to lead a business to failure. Paying good attention to those aspects early
on in your new business will give you a better chance of success.
I will need the services of a good accountant, but there are many aspects of finance that I will
inevitably end up doing myself, particularly when my business is new. This includes budgeting and
forecasting, basic bookkeeping including wages and VAT, managing debt and lines of credit, and
stock control. I may require training for these, or I can learn the basics online or through specialist
books. There are many inexpensive software packages that can help manage finances.
Source of finance
All new business require some form of finance in order to start up and survive for the first time,
whether you are starting a new factory and need billions of pounds or you are launching a cleaning
service and simply need to buy some buckets, cloths and sponges. So whatever you plan, money will
make it happen, but where can you raise money from? There are several sources that you can
consider. Some of them will represent a debt to the business and have to be repaid, while others will
not.
Personal survival budget
Personal survival budget – is an estimate of costs, revenues, and resources over a
specified period for a specific individual that is used to properly plan for known current
and future financial items.
By completing a survival budget honestly, I will be taking a good look at my personal finances and
may see ways to reduce my outgoings. I will find out just how much money I need a year to live; it
will also show you how much my new business will need to earn to make it a viable proposition for
me.
One of the biggest changes to your life when starting a new business is likely to be your income. You
will now need to ensure that your business brings in sufficient income to keep you personally
solvent. This requires some planning and is often done by means of a personal survival budget.
Cost of premises
Choosing appropriate premises is clearly crucial to the success of your business, so it is not a
decision to be taken lightly. I will need to investigate potential sites by visiting commercial estate
agents and picking up written details. These days, however, many estate agents are on the internet.
3
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