Produce a business report
My business will be a cupcake shop situated at Hampstead High Street in the borough of Camden. For my business I have chosen the name ‘Des petits Gateaux’ for numerous reasons; Firstly, I have decided to locate my business in a well-known wealthy area in the borough of Camden, so I wanted a name that sounded sophisticated. Secondly, the name of my business is comparable to all the other businesses situated in this area. Finally, this area is bi-lingual which means that my target market/residents around the area speak more than one language and will be able familiarise the name.
The name ‘Des petits Gateaux’ has not been used by any other businesses according to startbiz. com. Here is a screenshot of the evidence from the website: Although the website yell. com have found some results from my chosen name, none of them are actually linked to the name from my business and they have all given me separate businesses, which are in no relation to mine. Here is the evidence from the website: Types of ownerships available for my business Partnerships Small businesses may choose to operate as partnerships.
Partnerships are often formed by professionals who have specific skills. In an accountancy partnership each partner may specialise in a different sphere of accountancy, such as tax, trusts, insolvency or investments. The partners share the profits and the costs. However, they must share the work and the remuneration fairly as disagreement may lead to failure. Public liability A successful limited company may decide to sell or float shares on the stock exchange. This will mean the business changes its ownership to a public limited company or plc.
An example of a PLC is Marks and Spencer. The money generated from the sale of shares on the stock market can help to finance the growth of a business much more quickly than if the business had to rely on the profits from normal trading. However, the business must perform well in order to attract investors. Franchising Sometimes business sell their idea their corporate image to other interested partner, who run the business to a documented formula and give the original owners a percentage of the profits.
This kind of business is known as a franchise. Sole trader A sole trader is one person that runs a business; all financial risks are taken by that person and all that person’s assets are taken as risks. A sole trader is a person who trades by himself/herself without the use of a company structure or partners and bears alone full responsibility for the actions of the business. I have personally decided to become a Sole trader due to the limited number of other options that being a partnership, a limited company and being self-employed.
However becoming a sole trader minimizes decisions being made; only I will make them and there will be no disputes between other owners or other stakeholders in the business. I can also have complete control of the business and accounting affairs. However I do understand that I have to take full responsibilities for any liabilities should anything go wrong. Business Aim A business aim is a long term goal that a business wants to achieve in the near future.
Business objectives are short term targets that businesses meet to achieve their long term aim. Marketing objectives develop from the overall Business aims/objectives and states what the business wishes to achieve through its marketing activities. It is important that for my product I set out suitable marketing objectives to help market my product as best to my ability. My marketing objectives will help me to recognise where it is my product is heading, where I want it to go. Business Objectives:
* Maximize profitability in order to breakeven – The business needs to be profitable to succeed long term. I would be able to then consider expansion, as well as be able to make the company more efficient. I will also be able to be more lenient with my money. * To maintain the quality of products – It is vital that my customers are happy with the quality of their products. I would run regular checks to make sure customers are happy and an analysing of faulty products would be recorded.
Any staff would always be trained so that health and safety requirements are met. Also the business has to go by certain regulations such as the food safety act, this ensuring the cupcakes are served safely and hygienically. Breaking these rules could result in the business being closed down. * To expand the business and open up at least 2 more in other boroughs of London in the next 3 years to improve brand awareness – Expanding the business will improve profitability and create more brand awareness to more people across the local area.
I believe that my business objectives, if met, will result in my business being successful. The objectives cover the financial status of what the business should reach when breaking even however this may take longer than a year depending on the amount of sales received but it is a major fact I need to cover otherwise the consequences of debt will result. The objectives take into consideration the health of the customer by offering quality cupcakes and also set a target of enlarging the company to create more profit and make the brand more aware.