A public limited company
Looking at my graphs I am told many things about the type of people that would shop at my store and information on where I should advertise. Question one tells me that more people from the twenty that I asked in Chester-le-street and elsewhere have been ski-ing or snowboarding before therefore I can immediately think that they are interested in buying products from my shop. Question one also tells me that more people are participating in snow sports such as snowboarding and ski-ing, so I could possibly advertise my store in dry ski slopes or resorts.
From question two I am told where people have been so from this I can determine the most popular places of winter sports and I could possibly advertise these places in my shop. I am told the most popular place has been Scotland and I am assuming that this is because it is closest and most convenient to get to, so therefore I could maybe expand my company and have some shops in Scotland that could then go onto hiring equipment out and eventually have a ski school to work in the mountains.
My next question is one of the main questions that I need to know in order to complete the products to have in my store, I am told whether or not people buy snow hardware and by looking at my graphs I think it would be an excellent idea if I was to sell products of this kind. Followed on from question three, question four then tells me what products people buy and each one of the products has a high percentage and therefore I would stock each thing to cater for peoples needs. Skis, snowboards and clothes are the largest most highest selling product that people buy so from this I would stock a lot of different types and ranges of products from different brands and different companies.
Question five is just a general question to find out a bit more about the people that I am interviewing and to ask if they like watching snow sports and as you can see there is a huge 90% of people who do watch snow sports and therefore I could sell videos in my store as more people like to watch ski-ing and snowboarding and could benefit a lot from me selling them. For my questionnaire I need to know what products I should sell, so for question six I conducted a question to ask just exactly people what people would like me to sell and what they wanted, so from this I was told everything that I needed to get the best out of my business.
For what I need to sell the main products for everyone’s satisfactory are snowblades, skis, snowboards, clothes and accessories. In order for my store to do well I think that I should stock a large range of these products for everyone to buy and to custom everyone’s needs. I think that I would sell a lot of these products as there is no winter sports shops in Chester-le-street and my questionnaire tells me that a lot of people would like to buy the products and are interested in these sports.
Although there is not much need to ask this question I feel that it was a need to know thing as it helped me to find out about whether or not people saw the point in me having build a snow shop, if more people said that I should not build a snow shop then it would be pointless and a waste of money on my behalf.
In order for me to specifically know what products people would like to buy and the range of products I should sell I carried out a question which asked people if they would rather my shop concentrated on hardware, such as skis or snowboards etc or for it to concentrate more on videos and more commercial products. The majority of people that I surveyed would rather that I sold hardware and not commercial products, I think this is because the uses of skis and other more physical products and more widely used and attract people a lot more.
I asked people where they live and where else they travel to buy there products so I know how far away the competition is to me being situated in Chester-le-street, if more people lived in Chester-le-street and close to here then I can assume that 90% of the people would rather come to my shop to buy products as oppose to travelling to Newcastle or Durham to shop, if I happened to not have a certain product that someone would like to buy I would have the service to order it in especially for them so that they would get what they wanted.
The majority of businesses are owned by sole proprietors. The owner has complete control of the business, and is completely responsible for the company success or failure. The risks of sole proprietors are highly immense, but the rewards are great in job satisfaction. The main advantages of this form of business are: Small start up costs. It is simple for me and very inexpensive to get set up as a sole proprietor. However I will have to tell the income tax authorities and I will be taxed under schedule D. I must also keep proper business accounts. All profits would be kept by me, the owner of the company, although I must save enough money to be able to pay tax, interest charges on loans and VAT.
If losses were made in the first year may be offset, or balanced, against tax paid earlier in the same financial year. The small business is very flexible, where if one kind of activity is not making any profit I could easily and quickly switch to something else, like if snowboarding was only a winter sport I could then sell roller blades or all terrain boards during the summer. The main disadvantages are: Unlimited liability. This means that I would be completely responsible for all the debts of my business. It is difficult to raise money capital, though government schemes have made it a bit easier. The firms growth is often slow as being only one person can do only a limited amount of work. The risks of failure are high as there is usually great competition. The business stops would stop with my death.
The law states that in an ordinary partnership there can be between two and twenty partners in a partnership. Partners are the joint owners of a business and work together to make the business run better and make more profits. The main advantages for partnerships are: They are very easy to set up. Profits belong to the partners, who usually work in the business. The affairs of the partnership can be kept private. Partnerships are small and most of the time with good relations between the partners. Two people have more chance to make a profit than one. Extra capital for the business. Two people can normally raise more money than one.
The main disadvantages are: Working together can cause disagreement. Me and my partner could provide different amounts of capital. Profits may be shared unevenly. Ne may not sure on who should control the business. The next thing to do in a business is to form a private limited company, (this gives the company the right to add abbreviation Ltd to its name). The share holders own the company and are usually family members of the persons who set up the business. Some of the shares my also be owned by friends, employees and business associates.
The main advantages are: I would be the founder of the business, I would usually be the main shareholder and director of the firm. I would have started the business and I would have a say in everything that happens. If the company was in debt the main shareholders would not have to pay out of their own money. If they invested ï¿½1000 in shares they may lose that but not a penny more. I would have Limited liability.
The main disadvantages are: For me it would be more expensive to start up then a sole trader. A big company’s accounts must be audited, (I must employ and auditor and an accountant). My company must hold an annual general meeting (AGM).My company would be less flexible in some ways than a sole trader. A public limited company (plc) is in its own way different from a private limited company as its shares can be bought and sold by the public. To become a plc a firm must have a minimum of 50,000 share capital, the money invested in its shares. Most plc’s have a much bigger share capital totalling millions of pounds.