The aim of this report is to advise Laurie and Joe of how to establish a small business catering for all forms of hairstyling and to make recommendations for areas of suitable establishment options, financial decisions and components in establishing a successful business.
Personal Qualities: (CUT DOWN)
Motivation is the reason behind why a person decides to start a business. Before starting a business J and L must make sure they are motivated. Js and L motivations could come from the following:
- having a larger % of profits as the business owners
-Gaining personal satisfaction in starting up a business and watching it succeed
Previous experience is also recommended before Laurie and J establish a business. Both L and J have had prior experience in the field of hairdressing through past apprentices with other salons and through TAFE courses. Therefore starting a business is a good option for them with their previous experience and history.
Expectations are the goals that a business sets to achieve. L and J’s expectations for their business need to be realistic, measured and have a set time period for these goals to be achieved.
Laurie and Joe must expect:
* Financial rewards
* Role as the boss
* Security of future employment
* Opportunity to use skills
These are all aspects that L and J, as entrepreneurs, need to consider before establishing their business.
There are two establishment options for L and J to consider when starting a business. These include starting a new business or a taking over an existing business.
A) New business
A new business will provide L and J with the greatest amount of flexibility. They will be able to decide on every aspect of the business from the location, stock, equipment and the hiring of staff.
Another option L and J should take into account... [continues]
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