Starting a Business

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  • Created by: Adam__
  • Created on: 11-07-16 10:11
Profit
Revenue - Total Costs
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Aim
A stated target for the future
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Objectives
A clearly defined target for a business to achieve over a certain period of time
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Sales
The amount sold or the value sold
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Growth
An increase in turnover, market share or profit
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Market share
The proportion of total market sales sold by one business
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Customer satisfaction
How happy the customer is with the product or service
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Name 7 Stakeholders
Shareholders, Customers, Supplier, Employee, Manager, Bank manager and Community
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Business failure
Complete closure or even bankruptcy
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Loss of earnings
For the owner and/or employees
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Benefits of being a sole trader
Simple and quick to set up, Inexpensive, Profit kept by owner, Owner has complete control and Hours can be tailored
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Drawbacks of being a sole trader
Unlimeted liability, Hard to raise any other finance, Decisions all made b yowner who may not have specific expertise and Reliant on health and wellbeing of the owner
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Benefits of being in a partnership
Very few precedures to set up, Expertise of a number of people combined and More sources of finance as more people are involved.
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Drawbacks of being in a partnership
Unlimited liability, Profit is split, Decisions of other partners must be honoured, Maximum of 20 people can join the partnership and Partnership ends when one partner leaves
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Why start a business?
To pursue and interest or a hobby, To escape an uninterseting job, To use new techonology or ideas for making a product, To work from home, To provide a service or product that benefits others, To be their own boss, To have a big business one day
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Forecasts
How much money the business expects to earn
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Funding
How much all this is going to cost
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Market environment
Considers what is happening around the business that will affect it
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Marketing
How the business plans to let potential customers know about its product/service
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Other cards in this set

Card 2

Front

Aim

Back

A stated target for the future

Card 3

Front

Objectives

Back

Preview of the front of card 3

Card 4

Front

Sales

Back

Preview of the front of card 4

Card 5

Front

Growth

Back

Preview of the front of card 5
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