Essay
Unit 36 Starting a Small Business P1 P2 P3 M1 M2
- Institution
- PEARSON (PEARSON)
All criteria achieved.
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By: jamiemurray • 4 year ago
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Lauren WhiteUnit 36: Assignment 1
Getting Started
P1 - Present the initial business idea using relevant criteria.
My business is called Fresh n’ Go. This the idea of my business is all around supplying fast
food to the public that is healthy and nutritious. My business has a seating area so
customers are able to eat their food within the premises or take their food away. For
customers in a rush my business also offers a drive through service. This would be a new
business that is being set up from scratch meaning I would need to plan and budget
effectively in order to cover all the start-up costs to ensure the business is a success.
My business will be in high demand due to a higher amount of people being aware of the
benefits of a healthy lifestyle. Many people avoid fast food in their daily life due to it being
unhealthy. This is not the case for Fresh n’ Go meaning it will have a high demand. This
business is unique due to the food it offers. Its main competitors would be other fast food
companies such as McDonalds and Burger King. These companies offer very similar foods to
each other. However, my business is unique as the fast food offered is very different to its
competitors meaning it would stand out in the market.
I am choosing to operate my business as a limited partnership. This is because I would be
able to be kept less separate to the business compared to if I was a sole trader. Sole traders
are liable for the business which could be a risk meaning I would not want to put myself in
that position. Being in a limited partnership would mean my taxes are kept lower. In the
limited partnership, I would be the general partner in order to gain more control over the
decisions made about the business. Therefore, I would be able to approve financial
decisions before they are made. This would put me in a good position within the business
and would make employees feel better in their role as they would have more job security.
Being in a limited partner also means I can gain advice from my partner, which would be
hugely beneficial since I am setting up a new business.
As I am going to be setting my business up as a limited partnership, I would need to register
my business’s name with the HMRC. When setting up the partnership, I would ensure the
partnership is of limited liability. Therefore, I would not be as effected if my partner was to
make a damaging decision for the business. In order to register the business I would need to
fill out a LP5 form. Once filled out it would need to be submitted to the registrar of
companies who will help with setting up the partnership. A self-assessment would need to
be carried out for me and my partner. This would need to be registered with the HRMC. As I
am starting up a new business I would also need to consider what the legal requirements
are. For example, I would need to ensure that I am paying tax, VAT and national insurance.
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