business unit 16 p1 p2 p3 p4 m1

Topics: Customer service, Customer, Sales Pages: 5 (1349 words) Published: October 22, 2014

I am enthusiastic
I have a positive attitude
I am self-motivated
I have excellent communication skills
I am trustworthy
I have a smart appearance

Nervous when speaking in front of groups
I am sometimes shy when I meet people for the first time •My punctuality is sometimes a problem


When starting your own business there are many advantages, these vary from being your own boss, which means you are able to make your own decisions which is very convenient because everything you say goes.

You are also able to work at a place that suits you, whether it being a location that is close to your home or a place that has more attractions. This also means that you are able to combine work and family together. You can spend more time with your family because you being your own boss means you are able to go to work when it suits you.

Starting your own business also means all the profit that is made within the business is all yours.

With every business although there are advantages there are also disadvantages. It could be that you work very hard and still not make any profit. If this happens it could be a big downer on the business and you yourself as the owner. It is also possible that you could make a loss. It can also be very stressful running your own business because all the pressure will be on you as the owner and manager of the business.


Regulations and laws for business
When starting a business one of the most important law is to obtain a license to operate a business

Marketing and sales
With business there are various ways of getting the product to the customer. At his and hers we use direct selling and distance selling. At his and hers we sell our products directly to our customers from our store. Which gives us direct contact with our customers which with great customer service helps us to build a relationship with our customers. We also have our own online website where customers can place their order and we send them their products via delivery or shipping.

Financial issues

Legal status
The business I have chosen is a sole trader business. A sole trader has the freedom to do things the way you want. Being a sole trader also means On the other hand being a sole trader could be quite lonely if you work alone and you will need to have a wide range of skills such as marketing, finance, etc.

Process for starting a business legally
When starting up your own sole trader business you have to inform the HM Revenue and Customs with the first three months of starting the business and you also have to complete a self-assessment x return and pay income tax on their profit. Businesses pay a fixed rate National Insurance contribution called and class 2 another contribution called class 4. Sole traders their own name for their business do not need to register this, but other businesses that trade under a diffe4ent business name must include their own name on the business information.

Formal records for example leasing arrangement, tax returns, health and safety. Every business needs to keep records. All records usually fall into two main categories, records required by the law and records to help run the business. Being that my chosen business is a sole trader I will not need to register with the tax office.

Customer care
Customer service is key to maintaining good customer relations and growing a successful business. Customer care means trying to make the customers experience as good as possible. At His and Hers we ensure that customers get their money’s worth, we make sure the product and our service matches the customer needs, we also complaints are dealt with promptly, courteously and thoroughly.

Market research
At his and hers we like to find out information about existing and potential customers. Our aim is to build up a profile of key customers. This usually may include personal factors,...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Unit 16
  • unit 36 business P1 and P2 Essay
  • Essay about BTEC BUSINESS UNIT 16 P4
  • Essay on Unit 5 – Business Accounting – P1 and P2
  • Btec Unit 26 P1,P2,P3,P4 Essay
  • business unit 19 p2 Essay
  • business unit 5 m1 Essay

Become a StudyMode Member

Sign Up - It's Free