Starting Up a Small Business
Franchise: Franchise is a type of business organization in where is an already successful service/company. They then give person to a group of people to market their company/services. Examples of Franchises are McDonalds, Subway, Dominoes Pizza, Body Shop, Co Op etc.
Sole trader: A Sole Trader is a self employed person, who owns their business taking on all of the benefits and threats on being self-employed. Examples of sole traders our plumbers, Internet entrepreneurs, builders, market traders etc.
Limited company: Limited company means any debt that the company gets into has to be paid back by the company and not by the worker of the company. There are two types of Limited companies Private limited and Public limited. Private limited are companies that are owned by people who have a relatively good knowing of each other e.g. Friends or Family. Public limited are companies owned by shareholders.
Partnership: A partnership is where more than one person invests in a company. Sharing resources and both are combining their skills together to make their business.
SWOT ANALYSIS (Strengths, Weakness, Opportunities, Threats)
Strengths - You are in control, directing your business your way
Weakness – As people have not heard of me, business would not run as well as I have hoped. As am working on my own I will need to meet deadlines or I will have bad reputation.
Opportunities – As I will set up an online site it will get me more clients.
ADVANTAGES OF SETTING UP A SMALL BUSINESS
You're in control, directing your business your way
You can create your own working environment
You're the boss
Less stress (that is, once you're set up and in control)
You can manage your time better to suit your personal life
You have no real limit to how successful you'll be
You have no limit on the amount of income you earn
You can operate the business the way you want
You can hire people to take care...
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