Business Unit 1

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  • Created by: mrarthurO
  • Created on: 15-05-15 18:53
What is a franchise
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.
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Business plan contents
summary, description, service/products, market analysis, strategy, team, finance plan
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Sole trader
A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers. They have unlimited liability
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Partnership
Partnerships are businesses owned by two or more people. ( Up to 20.) Examples of partnerships are dentists. Unlimited liability
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Private limited company, Ltd
A limited company has special status in the eyes of the law. These types of company are incorporated, which means they have their own legal identity and can sue or own assets in their own right. They have Limited liability.
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Marketing mix
4 p's - price, product, placement, promotion. If all 4 things are done well, the business should be successful
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Sources of finance
There can be short and long term internal sources, and short and long term external sources.
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Internal sources
profits, revenue, selling shares
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External sources
Loans, grants ( money from government to help business,) leasing, mortgage, overdrafts.
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Cash flow forecast equations
opening balance = last months closing balance..... closing balance = inflows - outflows
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Internal recruitment
Recruiting a person already in the business workforce.
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External recruitment
Hiring staff from outside the business
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Recruitment method
Free job, advertisement, collection of CV's, analyse CV'S, short-list, interviews, pick applicant, training.
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Non monetary benefits
Flexible hours, lunch breaks, free parking, good equipment, nice other staff
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Batch production
when a small quantity of identical products are made. Batch production may also be labour intensive, but jigs and templates are used to aid production. Batches of the product can be made as often as required. The machines can be easily changed to pro
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Mass production
when hundreds of identical products are made, usually on a production line. Mass production often involves the assembly of a number of sub-assemblies of individual components. Parts may be bought from other companies.
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Other cards in this set

Card 2

Front

summary, description, service/products, market analysis, strategy, team, finance plan

Back

Business plan contents

Card 3

Front

A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers. They have unlimited liability

Back

Preview of the back of card 3

Card 4

Front

Partnerships are businesses owned by two or more people. ( Up to 20.) Examples of partnerships are dentists. Unlimited liability

Back

Preview of the back of card 4

Card 5

Front

A limited company has special status in the eyes of the law. These types of company are incorporated, which means they have their own legal identity and can sue or own assets in their own right. They have Limited liability.

Back

Preview of the back of card 5
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