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

Opening an Italian Restaurant in IlfordIntroductionI am planning to open an Italian eating place which will be located inIlford. The business will be owned and operated by me. My goals are tocombine my skills in developing an up market, price competitiverestaurant catering for 18 35 year old males and females. Therestaurant will be focused on meeting customers needs, which will construe steady repeat and referral of the business.In my first year of business, I will work on a rented building. Thereare many reasons why I am opening my own business. Starting with thefundamentals, I have a strong belief that to be in business you needto have a passion and interest, which can be translated intocommitment and dedication to the success of the business.My primary reasons for starting my own business are To be my own boss and go for full responsibilities for my decisions To support my lifestyle financially To be challenged in the work place and build a successful business I can hold back pride in To provide a quality service to my existing and new clientele in a relaxing environment fix principalSole trader is a person who ensnares up a business by themselves. As aSole trader the owner himself is responsible for all(prenominal) action made andalso keeps all of the profit. This could be a newsagents shop, forexample. Individuals, who provide a specialist service likehairdressers, plumbers or photographers, are also fillet of sole traders. Soletraders do not have a separate legal existence. As a result, theowners are personally liable for the firms debts, and may have to deportthem out of their own pocket.Advantages of Sole dealer=========================- The business is to be set up. Apart from any necessary licenses or planning permission, there are very(prenominal) few legal formality.- 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 explosive charge of the manage ment. Decisions can be made quickly- The owner gets all of the profit from the business- Being a small business can provide assist to the customersDisadvantages 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 itmedically justified. While many of the issues can be handled on the rump of give and take, there are times when clear policies anddecisive action are needed to resolve difficult situations.A1The great majority of new businesses set up each year in the UK chooseto do so as sole traders. This arrangement has the advantage of beingreasonably free of formalities and restrictions, unless you intend toregister for VAT, there are no rules about the records you have tokeep. Other than you do have to keep records.As a Sole Trader you take complete responsibility for the running ofthe bu siness. Your business is one of your assets just like your houseor car. An important consequence of this is that if your businessfails, your creditors have a claim not only on the assets of thebusiness, but also on your personal assets, subject only to theBankruptcy Act.Note that being a Sole Trader does not imply that the business onlyemploys one person, If your business grows you may employ extra staffhowever you will still be a Sole Trader, because it will be yourbusiness and your liability.