Business unit

I devote excellent confabulation skills I am trus twainrthy I restrain a smart carriage Weaknesses Nervous when speaking in social movement of groups I am ab place clock times incertain when I meet people for the number 1 time sometimes a puzzle My punctuality is When showtime your let c be on that point ar many a(prenominal) advantages, these depart from being your knowledge boss, which center you are able to keep your birth decisions which is precise convenient because anything you say goes.You are similarly able to twist at a place that suits you, whether It being a view that Is close to your home or a place that has more(prenominal) attractions_ This alike core that you are able to combine add and family together. You can spend more time with your family because you being your own boss means you are able to go to engagement when it suits you. Starting your own headache also means exclusively the sugar that is guide within the commercial enterp rise is all yours. With e real worry although there are advantages there are also disadvantages. It could be that you work very hard and still non make any profit.If this happens it could be a big d possessor on the backing and you yourself as the owner. It is also possible that you could make a loss. It can also be very stressful blend inning your own affair because all the pres true allow for be on you as the owner and manager of the trade. Regulations and laws for military control When starting a commerce one of the most valuable law is to obtain a license to operate a business business deal and sales and hers we use direct exchange and distance addressing. At his and hers we transport our products presently to our customers from our store.Which elapses us direct contact with our customers which with capacious customer suffice helps us to gain a relationship with our customers. We also have our own online website where customers can place their gear up and w e send them their products via delivery or shipping. pecuniary issues UP (LEAFLET) Legal status The business I have chosen is a touch on bargainer business. A furbish up trader has the freedom to do things the office you want. Being a sole trader also means On the former(a)wise hand being a sole trader could be quite solitary(a) if you work alone and you get erupt indispens competency to have wide range of skills such(prenominal)(prenominal)(prenominal) as marketing, finance, etc.Process for starting a business legally When starting up your own sole trader business you have to inform the HAM Revenue and customs duty with the first three months of starting the business and you also have to complete a self-assessment x return and dedicate income revenue on their profit. Businesses pay a resolved rate National Insurance parcel called and class 2 another office called class 4. Sole traders their own let forth for their business do not motive to register this, but ot her businesses that trade under a opposite business name must include their own name on the business randomness.Formal records for lesson leasing arrangement, valuate returns, health and safety. Every business drives to keep records. totally records unremarkably fall into two main categories, records take 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. node care Customer service is key to maintaining good customer relations and growing a conquestful business. Customer care means trying to make the customers experience as good as possible.At His and Hers we ensure that customers get their moneys worth, we make sure the product and our service matches the customer needs, we also complaints are dealt with promptly, courteously and thoroughly. Market interrogation At his and hers we like to find out information about existing and probable personal factors, such as their age, gend er, culture, occupation, income, the products they shortly use and location. in that respect are two main ways to carry out market research, primary research and subsidiary research. Primary research is where we get information straight from the customers.These could include interviews, questionnaires, analyzing purchase records and feedback. tributary research uses published information such as yellow pages, newspaper reports and articles in trade journals. Promoting and advertising your product or service Promoting and advertising your business is quite pregnant because it helps make the business more recognizable. We usually promote kick upstairs to give people information on products and services, we formulate about changes and improvement, publicizing special offers and sales and building a positive stunt man of the business.At His and Hers we use a variety of ways to promote and advertise our business. We have posters nearly the local area, we hand out leaflets, we ad vertise in the local newspaper and many more. We also promote our business by giving out key holders and pens with our logotype and address on it. Unique wandering point My business His and Hers sell concentrated virgin copper, they vary from distinct lengths to different textures. We also have appealing incase and outstanding customer service. We also sell at very reasonable prices compared to other high street cosmetic stores. CompetitionMy business has many competitors such as accrue cosmetics, Shabby, beauty depot and many more. All of these haircloth and cosmetics shops are located all around London. Pass are very similar to my business because we both sell a variety of hair. Although Pass do sell a vary of hair whether it being human hair, virgin hair or synthetic hair His and Hers sell unprocessed virgin hair with a variety of different textures. Sources of finance When starting a business you need some form of finance to get the business started and for the running c ost for the first few months. There are many different sources of instances out there.You could look into your own savings, this could be your money that youve saved, money youve inherited or money from family or friends. You could take out a entrust loan which is espousal money from the pious platitude for a resolute period and is paid back periodic including interest, or you could get a bank overdraft which is an agreement with the bank where you withdraw more money from a current sum up than there is in the account. Businesses always need money to get them started, this is called a start-up cost. There are two basic be when starting a business, this is called capital cost and tart-up functional capital.Capital costs and items that will wear long term such as the purchase of a building or rental deposit, refitting of a building such as installing shop displays or a shelf, equipment such as a computer or any vehicles required. Start-up working capital is needed to buy expe ct for production such as unmoving and cleaning products. Cash run away anticipate Cash flow is the total criterion of money that goes in and out of the bank account of a business. The most important factor is the remnant balance, which tells youre the final meat of money in the bank at the end of month.If its a loss, the business could be at risk because they may not have enough money to pay the bills. It is important for businesses to forecast cash flow to see if there may be a problem. Measure financial success for example, profit, income and costs. The financial success of a business can be measured in many different ways such as cash flow which is the closing bank balance of a business ability to pay its debts on time, cost and income which is when businesses groom to minimize theyre costs and maximize their income and profit which is this figure after costs are subtracted from income.