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

Opening an Italian Restaurant in Ilford groundworkI am planning to open an Italian restaurant which testament be located inIlford. The affair will be sustain and operated by me. My goals are tocombine my skills in developing an up market, determine competitiverestaurant catering for 18 35 year grey-haired males and females. Therestaurant will be focused on meeting clients needs, which willensure steady repeat and referral of the pipeline.In my early year of business, I will work on a rented building. thitherare many reasons why I am opening my give business. Starting with thefundamentals, I deed a strong belief that to be in business you needto have a passion and interest, which thunder mug be translated intocommitment and dedication to the success of the business.My primary reasons for starting my witness business are To be my own boss and comeback encompassing responsibilities for my decisions To support my lifestyle financially To be challenged in the work key and build a successful business I rear take pride in To provide a quality service to my lively and new clientele in a relaxing environment furbish up Trader doctor trader is a person who sets up a business by themselves. As a mend trader the owner himself is responsible for every 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 sole traders. Soletraders do not have a separate healthy existence. As a result, theowners are in person liable for the firms debts, and may have to paythem out of their own pocket.Advantages of Sole Trader=========================- The business is to be set up. Apart from any unavoidable licenses or planning permission, in that respect 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 financial aid to the customersDis favors of Sole Trader============================- Sole traders have to work very yen hours particularly when setting up a business.- Difficult for the business to thrive- No cont... ...usinesses lose a lot of money through malady absence, not all of itmedically justified. While many of the issues can be handled on thebasis of give and take, there are times when return policies anddecisive action are needed to resolve difficult situations.A1The huge 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 carry through responsibility for the running ofthe business. Your business is one of your assets just like your auguryor 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 in the flesh(predicate) 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 unagitated be a Sole Trader, because it will be yourbusiness and your liability.