Opening an Italian Restaurant in Ilford Essay -- GCSE Business Managem

Opening an Italian Restaurant in Ilford Introduction I am planning to open an Italian restaurant which will be located in Ilford. The business will be owned and operated by me. My goals are to combine my skills in developing an up market, price competitive restaurant catering for 18 – 35 year old males and females. The restaurant will be focused on meeting customer’s needs, which will ensure steady repeat and referral of the business. In my first year of business, I will work on a rented building. There are many reasons why I am opening my own business. Starting with the fundamentals, I have a strong belief that to be in business you need to have a passion and interest, which can be translated into commitment and dedication to the success of the business. My primary reasons for starting my own business are:  · To be my own boss and take full responsibilities for my decisions  · To support my lifestyle financially  · To be challenged in the work place and build a successful business I can take pride in  · To provide a quality service to my existing and new clientele in a relaxing environment Sole Trader Sole trader is a person who sets up a business by themselves. As a Sole trader the owner himself is responsible for every action made and also keeps all of the profit. This could be a newsagent's shop, for example. Individuals, who provide a specialist service like hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a separate legal existence. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. Advantages of Sole Trader ========================= - The business is to be set up. Apart from any necessary licenses or planning permission, there are very few legal formalities. - Although accounts are seen by the Inland Revenue, they do not have to be made public. - The business is usually small, and the owner is in charge of the management. Decisions can be made quickly - The owner gets all of the profit from the business - Being a small business can provide attention to the customers Disadvantages of Sole Trader ============================ - Sole traders have to work very long hours particularly when setting up a business. - Difficult for the business to expand - No cont... ...usinesses lose a lot of money through sickness absence, not all of it medically justified. While many of the issues can be handled on the basis of give and take, there are times when clear policies and decisive action are needed to resolve difficult situations. A1 The great majority of new businesses set up each year in the UK choose to do so as sole traders. This arrangement has the advantage of being reasonably free of formalities and restrictions, unless you intend to register for VAT, there are no rules about the records you have to keep. Other than you do have to keep records. As a Sole Trader you take complete responsibility for the running of the business. Your business is one of your assets just like your house or car. An important consequence of this is that if your business fails, your creditors have a claim not only on the assets of the business, but also on your personal assets, subject only to the Bankruptcy Act. Note that being a Sole Trader does not imply that the business only employs one person, If your business grows you may employ extra staff however you will still be a Sole Trader, because it will be your business and your liability.