Essay
Financial Services to Support Business level 3 M1 UNIT 3
- Institution
- PEARSON (PEARSON)
Analyse the guidance, advice and support available to a potential business to ensure a successful start up and financial support.
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2 reviews
By: huzzisaid • 5 year ago
By: sidrit1998 • 6 year ago
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I will be analysing the guidance, advice and support available to a potential business to a ensure asuccessful start-up and financial support and I will be reviewing what went wrong , what went right
and suggesting steps which Dave and his brother could have taken to ensure a successful start-up for
their business venture “The Tin Drum”.
David is one of the owners of the “The Tin Drum” restaurant; David and his brothers are planning to
start their own business, the started by looking for a good location; however the brothers argued
about the chosen location as it was not in a busy nor popular area, they decided that they could
make the location work as the area has potential as people sometimes come in the area of the
business. The brothers and sisters as she will be one of the managers spoke about a name for the
business; they did not want a name that people did not remember, they also did not want a boring
name, which is why they came up with “The Tin Drum” which is catchy and comes from the novel
and they believe it matches with the area the business will be in and they wanted the name to
attract and stand out to customers.
In terms of the location they found a location they wanted however they believed it was a risk as it
was not in a busy area, not in the town which is popular and not in an established area. Then one of
the brothers had a drawing plan of the shop and they contacted and kept in touch with the council
about the location of their business. They also needed planning permission which is a license from a
council which will allow them to start their business in the location and they needed to convince the
council and the council did give them permission.
They also decided on their menu which has morning and evening options and they wanted to
provide cheap food for the right price in order for their restaurant to be the place for everything.
David and his brothers also decided on a design for their restaurant, they had a drawing plan of the
restaurant, they were going for cheap furniture, different type of tables and the scheme of the shop
was not too modern, not too rough and they wanted it to be colourful. In terms of employment they
wanted to employ people to run the business.
For the opening on “The Tin Drum” there were many people, people were excited and the customers
were saying that the owners are good. Customers were delighted claiming that restaurant has a
relaxed atmosphere, people felt welcome, the restaurant was trendy, customers were happy, staff
were friendly, good menu and they were running business well and adapting. However things
changed after 9 months they only made £3000 and no profit; the owners lost control and they did
not really know what was going on in terms of their finances and their staff which is why no profit
was made and staff were also wasting products.
12 months later; staff stopped working there such as managers and chefs due to non-payment.
However they got advice and figured where they need to improve which they did and they are now
making profit. They also changed their computer system and stock system so stock can be controlled
and they now have good publicity.
In terms of what went right for the brothers; they chose a good business name, had a good drawing
plan which enhanced their meeting with the council, they chose a risky location in terms of location
as It was not a popular area, they provided cheap quality food which customers will like, they used
cheap quality furniture which saved them money and customers were happy. Even though they did
not make profit in the 9 months; 12 months later they started making profit and had good stock
control. Also they were constantly changing the menu to provide variety for customers, staff was
friendly, the owners were adapting and the restaurant was relaxing and welcoming. They also
realised what they were doing wrong which is why they went to get advice which will benefit them.
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