Sole Trader – Tony’s Newsagent
A sole trader is the smallest type of business ran by one person but they might have several employees. A sole trader is personally responsible for all aspects of business like money, For my business I have chosen a Local newsagent called Tony’s which is located opposite Uxbridge High School. The business has 2 employees who both serve in the shop. Tony’s sell their products to the local community. These products include food, sweets and newspapers. The purpose of Tony’s newsagent is to provide goods to the local area at a resizable price (at profit) The advantages of being a sole trader are that there is only one boss who makes all the decisions and all the profit goes to the boss. The disadvantages of being a sole trader are that there is unlimited liability, one person does all the work and they usually work long hours. The newsagent is a small business because it doesn’t sell enough products to make it a medium business and it’s also a local business because it doesn’t have any other shops. Franchise - Subway
A Franchise is a business where someone has bought a business from someone else that has an established name. For example you can buy a McDonalds for lots of money from McDonalds and you are then responsible says for the one in Uxbridge and you get the profit from the business. As an alternative you can open your own burger bar in Uxbridge for less money and call it Ben’s Burger Bar. For my Franchise I have chosen Subway which sells a range of salad baguettes to the public. This is a successful Franchise and as such you would pay lots of money to buy this sort of Franchise. The purpose of subway is to
The advantages of being a Franchise is that it has more chance of succeeding than failing because it is a known brand, if you didn’t buy a Franchise and just opened a sandwich bar it would have less chance of succeeding and...