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

Opening an Italian Restaurant in IlfordIntroductionI am planning to open an Italian eating house which will be located inIlford. The tune line will be owned and operated by me. My goals atomic number 18 tocombine my skills in developing an up market, price emulousrestaurant catering for 18 35 twelvemonth old males and females. Therestaurant will be focused on meeting customers needs, which willensure steady repeat and referral of the business.In my first year of business, I will work on a rented progress toing. Thereargon many reasons why I am opening my own business. kickoff 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 argon To be my own boss and take full responsibilities for my decisions To fend my lifestyle financially To be challenged in the work place and build a successful bu siness I can take congratulate in To provide a quality service to my existing and unfermented clientele in a relaxing environment fix dealerSole trader is a person who sets up a business by themselves. As aSole trader the owner himself is accountable for every action do andalso keep an eye ons 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 legal existence. As a result, theowners are personally probable for the firms debts, and whitethorn have to paythem out of their own pocket.Advantages of Sole principal=========================- 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 ma nagement. Decisions can be made quickly- The owner gets all of the profit from the business- macrocosmness a small business can provide attention 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 thebasis of give and take, there are times when clear policies and decisive action are needed to resolve difficult situations.A1The great volume of new businesses set up each year in the UK studyto 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 righteousness for th e running ofthe business. 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, reconcile 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.