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Unit 36 - Starting a Small Business P1 P2
- Institution
- PEARSON (PEARSON)
Unit 36 - Starting a Small Business P1 P2 P1 Present the initial business idea using relevant criteria P2 Explain How to identify the target market
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By: rkaalexavarju • 4 year ago
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Abdulalah Al-JoboreUnit 36 – Startnn a Small Business
Task 1: P1 P2
P1 Present the initia business idei using reaevint criterii
In this assinnment, I will be presentnn my inital business idea usinn the relevant criteria.
Type of Business
My business idea is to set up my own new business, which is a bakery shop in my local area. My
bakery shop will ofer the customers with the freshly made bread, cakes and sandwiches our, and
our shop will provide hinh quality products and service to customers, which will make them feel the
happy and satssed. .e will try to make our shop the best bakery shop in our local area, which
located on Fallowseld, Manchester. I feel I have the rinht skills, passions and the knowledne to make
my business successful as I have been workinn in a bakery shop for about three years.
My business type is a sole trader ownership, which will allow me to have the full ownership of my
business. Choosinn to beinn a sole trader have many advantanes such; beinn able to have the full
control of my business which means I can run my business as I wish to do, I will be able to control all
the business aspect such as what product or service to ofer ,locatons and stafnn. I will be able to
keep all the income/prost made from the business to myself and snally, all the informaton within
the business such the bakery recipes will be kept private and secure.
Also, I have considers the potental disadvantane of beinn a new business and sole trade such; the
snancial resources needed to start and nrow a business be ettensive and ,if it was unsuccessful, it
would be more likely to have snancial losses. Sometme you as sole trader minht have to work
independently and for lonn hours, and lastly there is no nuarantee to me a prost. I believe that all
those factors are ettremely important at for me to make sure that the decisions I make will be
efectvely and efciently which then will help me to meet the needs and wants of the customers
which therefore will lead to increase the business’s prost.
There will be some difculty beinn a sole trader, however, I know it will support my consdence and
self-estmate as I will have a feelinn of freedom and it will allow me to control my business and love
more . As a sole trade, I will have the capacity to respond to any com or market channe efectvely to
nuarantee that I am statnn aware of the trend, compettors and the market.
As I mentoned previously we will sell our own bakery products such the freshly made bread, cakes
and sandwiches. The product we sell will be made in our own style and recipes. I will be liable for
each staf I employ and all the accounts’ records within my business. I will have some responsibilites
and dutes such payinn the money need to be paid or the service need to be performed. As a sole
trader, I will have unlimited liability over my bakery shop. This because I am a sole trade, which allow
me to control my business and all the prost made by my business will kept to myself only, however ,
there will be some disadvantanes as I mentoned above previously , and that is because I will be
personally responsible for everythinn noes wronn
There are two more types of business, which I do not choses them and they are:
Purchase an existnn usiness – this is where you buyinn pre-etistnn business instead of
startnn a new one. nowever there is many advantanes of purchasinn an etistnn business, I
did not chose this type of business as I feel that it is much risky for me control the business,
as I will be a new mananer for staf who I do not know. There is too many factors in the
types of business which need to be considers such, the control of the business, the customer
base, and the work force.
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