Franchise is when a large business hires its name to other businesses to produce and sell its goods or services. Advantages: 1. Franchisor must provide training; help with management equipment and materials 2. It is a safer way of starting a business Disadvantages: 1. Franchisee will never own the business 2. Franchisee cannot sell the business without permission 3. Franchisee has to pay a percentage of the profits to the franchisor 4. Franchisee must follow rules and regulations given when the contract was signed
It is legally possible to form a company with as few as two shareholders and one director, and there is no limitation on how big the company may become. Forming a limited company is a long legal procedure and the company must be registered with the registrar of companies. The following documents have to be completed before trading may begin: Memorandum of association Articles of association Certificate of incorporation Prospectus
Trading certificate There are two forms of a limited company, these are private and public companies. As I have listed several types of business I have decided to go with sole trading business as I think it would be appropriate for me as it is simple to set up, I am my own boss and make the decisions myself Market research is the collection of information from consumers and people who may become consumers, finding out whether they like or will buy the businesses products.
A lot of businesses spend a lot of time and money on market research the information ensures that consumers will be likely to buy the product. It also enables them to price the product at an acceptable level for consumers. The two different methods of research are primary and secondary research. Primary research is the collection of original information and is carried out by making direct contact with consumers and members of the public.
One advantage of primary research is that the business can be sure that the information is all up to date. One disadvantage is that collecting the information and analyzing it can be a slow process. Secondary research is done by using published statistics, data and other information which has been previously collected. This makes secondary research very suitable for the likes of smaller businesses.
One advantage of secondary research is that the information is cheap to obtain. One disadvantage is that the information may be out of date. For my primary information I have decided to make a questionnaire as I know what questions I need, and I can see if people agree, disagree or have anything else that they think is important. My name is Mark Hutton and I have typed up this questionnaire for my business studies coursework and I would greatly appreciate it if you would take a couple of minutes to fill in the answers to see if there is a need for my business in the local area.
1. How many people are in your household? 2 3 4 6+ 2. If a chip shop opened in Hamiltonsbawn would you make use of it? Yes No Maybe 3. How many times a week would you use the chip shop? 2 4 5 Daily 4. Which days would you like it to be open; Monday Tuesday Wednesday Thursday Friday Saturday Sunday 5. How much would you be willing to pay for fish and chips 6. Would you buy pizza or pizza subs if I started doing them? Yes No Maybe 7. Would you be interested in these if I started to do them? Hot Wraps Paninis Baguettes 8. If I started a phone ordering and delivery service would you benefit from this; Yes No Maybe I appreciate the time which you have spent to answer my questionnaire.