Implementation of Labour Laws within Firms

The given assignment involves implementing labour laws within firms before launching a new venture. This requires understanding the abilities and capabilities of entrepreneurs while launching a business. The assignment also involves referencing books and journals, such as Ghimire et al.'s work on optical properties of single-crystal Gd3Ga5O12 and Ke et al.'s study on efficient perovskite solar cells. It includes identifying the technological innovation process and synthesising information to provide a comprehensive answer.

Launching a new venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Identifying particular target market and specify competitive analysis..................................1
P2 Intangible and tangible resources needed within the company.............................................2
TASK 2............................................................................................................................................3
P3 Proposal to launch a new enterprise venture..........................................................................3
P4 Capabilities and skills need for new business venture...........................................................4
TASK 3............................................................................................................................................5
P5 Promotional activities for support of launching a new business............................................5
P6 Promotional activities for pre-launching and launching of start up of My Tummy fast food
.....................................................................................................................................................6
TASK 4............................................................................................................................................7
P7 Itemised cash budget for company.......................................................................................7
P8 Legal form for the business....................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In today's scenario, there are various units of small scale are being introducing in daily
routine which gives higher growth within economic situation of nation. Additionally,
globalisation make the process easy of applying SME within country. With this, these kind of
new business are emphasizing on increasing enterprise by using proper techniques and tools
(Ghimire and et. al., 2015). Latest technology help in small enterprise improve their areas of
functional and get higher growth within market. For accomplishing of this report, My Tummy fast
food is an chosen company, this organisation gives services of food to local persons of United
Kingdom. These small managing enterprises affect various factors like as pricing strategy of
venture, financial capital, promotional techniques, allocation of resources, knowledge and skill.
Hence, before introducing a new enterprise management they have to satisfy all legal needs and
laws of government for properly performing within capital market.
TASK 1
P1 Identifying particular target market and specify competitive analysis
In this, entrepreneurship play a very vital role in success as well as growth of an
economy, it provide opportunity of job to peoples which outcomes in improving standards of
living. Along with this it also involve with starting a new venture by having unique or
innovative ideas. In present times, globalisation has given the opportunity to several small
enterprise units, as person is willing in investing money within market for gaining higher profits
as well as viability (Ke and et. al., 2015). My Tummy fast food is a new enterprise starting up of
company which gives qualitative as well as adding up the value in the services of fast food to
their customers. It is located within local streets of United Kingdom along with that its cost are
affordable by buyers.
Identifying of target market
While introducing a new enterprise business, management is needed to analyse a
particular target market for which it can be manufactured. Almost whole urban population began
from college and kids going children which are non vegetarian and vegetarian. Hence, My
Tummy fast food targeting market is children as well as youngster who prefer fast food most.
While analysing a target market can aid small enterprise for gaining a higher competitive edge
by giving services and products to buyers according to their wants and needs. It raise the
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efficiencies of cost by concentrating on efforts of marketing on potential buyers. With this, My
Tummy fast food services preferred to choose a targetted market according to buyers profile as
well as requirements also. Starting a new venture in a area will support in enhancing profitability
and sales of the business.
Competitive analysis
After evaluating competitive market, supervisors are needed to analysis their rivals for
identifying external competitors of an company which affect the position of market within future.
In this changing environment, everyone have to increase their enterprise along with that they are
trying to apply innovative and new strategies for gaining higher competitive edge in a best way.
At a time of evaluating a market various aspects have to considered and measured like as
companies competitors, identify of weaknesses and strength of rivals for developing an proper
techniques of marketing, evaluating rivals policies and strategies, management structure and
outlook of target market, location of establishing a new business and rivals goods.
For performing a better market targetting within business should find out aspects for
evaluating present market condition as well as acquire techniques.
P2 Intangible and tangible resources needed within the company
Each enterprise entity required various assets and sources for performing best within
marketplace, in which some of them are properly shown to them as well as some are little
obvious. The main purpose of resources is to evaluate decisions of enterprise and determine the
unit worth. Allocation of resources allow enterprise company to get cutting edge. Intangible as
well as tangible are two main resources of organisation which are as follows:
 Tangible resources: It is presented as companies opportunity by which it can gain
higher profits, for example: producing of products, selling of items etc. Such asset and
resources cannot distribute to buyers, as they are using enterprise operations for
manufacturing services and goods. With this, entity of small enterprise also utilize these
resources for acquire credits for improving their flows of cash and tangible assets which
increase the value of company within markets (Khan and et. al., 2015). For example:
land is tangible resource for company and the cost of this is around £104595 . On the
other hand the cost of building is approximately £313785.00.
Apart from this, this new venture will also require other tangible resources like human resources
that is manpower who will perform business activities for company in order to make it
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successful. This venture of restaurant named as “My tummy fast food” also requires specific
equipments and financial resources as well for establishing this business in effective manner. It
can be said that human resources and equipment(Machinery) will cost around £15K and £5K.
This estimation would be sufficient for this venture.
 Intangible resources: It consists cultural, company image, buyers relationship, patents,
trademarks, proprietary technology etc. Therefore, these assets are not utilised in the
process of manufacturing but it is having an role of indispensable in success as well as
growth of an company. i.e. strong brand loyalty outcomes to increase the level of buyers
satisfaction.
TASK 2
P3 Proposal to launch a new enterprise venture
When new business has introduced within market, it gives different advantages to
company by ensuring its success properly. It is important for enterprise to plan the activities of
marketing for increasing their business within marketplace. With this, organisation plan a new
business for earning higher viability as well as market growth at a time of targetting a market.
Additionally, My Tummy fast food services began its new business in Chelsea which is a very
popular location within United Kingdom. It is a location of sporting, as various visitors come
each day for visiting. Hence, doing a business is more benefits for entrepreneurs. A new venture
by having a innovation and creative idea will give better opportunities to firms for achieving
specific objectives and goals.
Proposal of new venture: Executive summary: In this initial stage, proposal of enterprise consists entrepreneurs
introduction. Which describes companies policies, standards, vision, mission, companies
culture etc. Statement of mission of My Tummy fast food restaurant is to give qualitative
services of food to their buyers for retaining and attaining them for a long period of time. Discuss services and products: After above stage, management have to discuss their own
services as well as goods for meeting its desires and needs which are not met. They have
to use latest techniques for making important improvements within quality of goods. In
this step, it also have to analysed that services as well as goods are able to full fill buyers
wants and needs in a very best way.
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 Develop a marketing strategy: Describing a companies target market as well as represent
its techniques help organisation to achieve its objectives and goals (Khan and et. al.,
2015). It consists different testimonials which describe pre-marketing interviews and
testing for encouraging enterprise within marketplace.
 Set up financial plan: There is a need for setting a financial capability of company,
which denotes that how much money will spend on accomplishing of working functions
as well as work. Setting plan of financial also defines how to enhance margin of profit
within a limited period of time.
P4 Capabilities and skills need for new business venture
Starting a new venture need effectual competencies as well as skills that help in running
effectively. After the period of Brixit, government of United Kingdom has decided to support
small enterprise in the context of declining the rates of interest, it provide chances to convert
their innovative ideas into reality. Some of knowledge and skills are involved for starting a new
enterprise are as follows: Financial management: At a time of starting a new business owner should know how to
calculate resources as well as assets. People must have a proper knowledge to regulate
techniques of finance by analysing various aspects like as investors, liabilities, assets,
budget and market size for taking a better decisions of financial. Leadership abilities: Entrepreneur is a best leader, she or he is having capabilities to
direct as well as control subordinates in a continuous way. Management should know that
how to utilise leadership methods within enterprise functions are valued as well as their
respected suggestions (Koirala and et. al., 2016). In this, leaders should know how to
manage a whole work of organisation by dividing work among all the workers
effectively. Negotiation and communication: For proper applying of new enterprise, entrepreneur
require to handle daily enterprise issues and negotiations which are raised within a
working environment. Effective communication within managers and workers have to
support imperative decisions of enterprise for attaining opportunities of future. Their
should have skills of negotiating to their customers for tasting their new products for
making goodwill within the firms (Paudel, Xiao and Yan, 2015).
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 Project and time management: Department of managerial schedule all activities as well
as tasks within a limited period of time. It allow organisation to get a efficient planning as
well as methods accordingly. On other side, coping of assignment functions as well as
operations also decline the chances of getting failed to provide services to customers by
My Tummy fast food restaurants.
 Problem solving: Enterprise owners as well as entrepreneurs should know how to solve
enterprise issues as well as barriers raised while performing all working functions as well
as activities too. Their should have skills of solving all issues in a effective way so that
proper coordination should maintain within company.
TASK 3
P5 Promotional activities for support of launching a new business
Promoting services as well as goods for a enterprise is important to sale a goods. Without
any type of these activities a goods will always unknown to public and enterprise will suffer. It is
not able to cover manufacturing cost. In order to make their brand popular it is important for
large or small business to use some activities of promotional for launching a new services and
goods (Paradkar, Knight and Hansen, 2015). A organisation name as My Tummy fast food
restaurant is initiating for customisation of new product. Hence, it have to involve perfect group
of actual buyers, that analysing a new goods is difficult for them or not. They tell people about
new products, that will impact on customers buying. These activities help in effective use of
resources which will assist in making a demand of goods within a marketplace. It require to
interact with actual buyers. Their are various channels for communicating are as follows:
 Advertising: It is an non-personal activities of promotion due to it is not connected
directly with actual buyers. It is an paid form of any media communication like as
internet, TV, trade journals, newspaper, radio and magazines. It is an activity help in
attracting lots of buyers towards their product launched by new organisation. It help in
knowing customers about the product.
 Publicity: It encourage a enterprise reputation by media coverage, sponsorship
campaigns and events. It leave a positive image of goods in the mind of buyers which
aid in enhancing sales. i.e. if organisation is going to introduce a juice, they can
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encourage through events of juice or by sponsorship of any charitable company which
help in making a reputation of firms (Koirala and et. al., 2016).
 Sales promotion: It consists demo in-store, by displaying a latest products, price
incentives, prizes such as they prefer discounts, buy one get one free etc. these are the
tactics of selling a product within a market. By using these function will help in
bringing a product in demand by providing them various offers to their customers for
maximising sales within the organisation.
 Direct marketing: It leads to direct reach with buyers, which can involve promotion
of door to door selling as well as insist them in for trying their goods through ordering
them. It is ordered by store visiting or coupon code, toll free number, by mails and
apps promotion.
 Personal selling: It is activities where they interact face to face for selling their
products within market. When buyer visit My Tummy fast food, they will tell about
their new item so that they can give order as well as suggest them as well. Their are
having a promotional functions that help in encouraging enterprise. They can sell their
products by making customers aware of their products.
 Online marketing: In this promotional activities they can promote their new venture
by using online websites as it aid in attracting customers through giving advertising in
social media, mails etc. as it remind customers again and again about their products
and services for reaching higher numbers of customers at a one time. It is also very
cost effective.
P6 Promotional activities for pre-launching and launching of start up of My Tummy fast food
Inaugurating a new business is very much enthusiastic as well as exciting. Either it is a
fresh product or existing one. It is a dream to meet an fast success by zest and zeal, but it is not
sufficient to start. My Tummy fast food restaurants requirement for preparing some techniques
before high reveal.
Product have to evaluate on which they are investing, in this goods is comprehended
within market? Studying in market, it will help in better return in investment. Main thing is their
budget, company should have adequate funds not only for manufacturing but also for sustaining
within changing market situation (Kuratko and Hoskinson, 2016). On other hand, it is important
for company to sponsor as well as engage within local events, its outcomes is to increase their
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brand popularity before taking entry within a market place. They defined different components
which are undertaken within account before launching a new enterprise:
 Pre-launching of goods within market, small enterprise business should be sure about
positioning a strategy. It mean is to take on market modifications in an easy way of
making strategy (Pan and et. al., 2016).
 Another components of developing a brand, supervisor have to consist their own
product by utilizing creative or innovative tools and techniques. For example:
promotion through social media like Facebook, Instagram, Twitter and many more are
the best way of capturing a buyers eye. My Tummy fast food restaurant services enter
within a marketplace by having innovative idea of giving low calorie and organic food
products. Hence, it try to improve its brand popularity in the context of making
customers aware about heath benefits.
 In this part, My Tummy fast food restaurant services can also emphasis on improving
its presence in web. In this relationship, they can enhance their websites as well as
media pages which explain all enterprise details and companies goods. Additionally,
delivery of online food is a best way of enhancing presence within a marketplace.
TASK 4
P7 Itemised cash budget for company
Cash statement of company for 12 to 18 months:
Jan - June:
Cash flow Statement
Cash budget for the year
Jan Feb Mar Apr May Jun
Beginning cash balance 28000 26650 26470 26150 24450 24290
Sub. Fees 2500 3200 3550 2150 3500 3200
Total cash available 30500 29850 30020 28300 27950 27490
Cash distributed
Direct material 1500 1050 1650 1500 1550 1600
Direct labor 1300 660 850 850 680 780
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Overhead 500 650 630 700 670 580
Selling and distribution 550 750 740 800 760 540
Total cost use 3850 3110 3870 3850 3660 3500
Cash surplus/ deficit 26650 26740 26150 24450 24290 23990
July - December:
Jul Aug Sep Oct Nov Dec
23990 22910 21760 20510 20410 20210
3400 3500 2500 3200 3500 5000
27390 26410 24260 23710 23910 25210
1750 1800 1450 1500 1300 1000
1200 1250 1200 800 1000 700
650 700 500 450 600 250
880 900 600 550 800 250
4480 4650 3750 3300 3700 2200
22910 21760 20510 20410 20210 23010
January - June:
Jan Feb Mar Apr May Jun
23010 29860 41510 50510 65730 78830
9200 13500 12000 17500 16500 14500
32210 43360 53510 68010 82230 93330
1200 900 1200 750 600 1000
700 600 1000 790 300 700
300 150 500 450 1000 1500
150 200 300 290 1500 2500
2350 1850 3000 2280 3400 5700
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29860 41510 50510 65730 78830 87630
Cash Budget
Pre-launch
Months January February March
Receipts
Opening balance of cash 16800 13420 13450
Cash realised from debtors 22000 30000 25000
Total receipts 38800 43420 38450
Payments
Wages 3200 2500 4000
Creditors 15700 19000 17700
Fixed assets 4500 6000
Manufacturing expenses 1230 1570 1950
Selling expenses 750 900 480
Payment of dividends 10000
Total Payments 25380 24570 34130
Closing Balance 13420 13450 4320
Post Launch
Jan-June
Months January February March April May June
Receipts
Opening balance of
cash 20170 12420 4450 11350 13550 6950
Cash realised from
debtors 17400 20000 30000 25000 25000 30000
Total receipts 37570 32420 34450 36350 38550 36950
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Payments
Wages 4200 4350 3000 2500 6000 4200
Creditors 12500 17500 17700 18000 20000 12800
Fixed assets 6000 3200 2500 450
Manufacturing
expenses 1550 1970 1850 1750 2100 2200
Selling expenses 900 950 780 550 1000 890
Total Payments 25150 27970 23100 22800 31600 28790
Closing Balance 12420 4450 11350 13550 6950 16410
July-Dec
Months July August
Septembe
r October
Novemb
er
Decembe
r
Receipts
Opening balance of
cash 16410 20330 18600 13250 15900 16800
Cash realised from
debtors 25000 21220 23400 25000 30000 29000
Total receipts 41410 41550 42000 38250 45900 45800
Payments
Wages 5000 4500 3200 6000 6000 2200
Creditors 13500 15700 18200 14300 17800 20000
Fixed assets 5000 2500
Manufacturing
expenses 1670 2000 1850 1550 2200 1850
Selling expenses 910 750 500 480 600 550
Total Payments 21080 22950 28750 22330 29100 24600
Closing Balance 20330 18600 13250 15920 16800 21200
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The following cash budget states the working of start-up through the year.
P8 Legal form for the business
Government of British has set some of legislations as well as laws for enterprise those are
established in United Kingdom. My Tummy fast food restaurant services is a business of sole
proprietor which is run by particular person, she or he is responsible for overall working of work
as well as activities of an company. In this business of sole proprietor, they also take all decision
of companies along with that they are liable for all losses and risks. For overcoming with these
aspects, they assess all the factors of externals as well as make strategies of marketing. On other
side, owners of My Tummy fast food restaurant is also need to take a licence for ensuring
ethically or legality of enterprise within target market. The other types of business organizations
which My Tummy can considered are as follows:
Sole proprietorship: It is also known as the sole trader, entrepreneurship or
proprietorship, is a type of enterprise which is owned and run one person and in which there is
no legal differentiation between the owner and the business entity. It is the simplest form of
business which is operated and managed by a single person called sole trader or proprietor. There
is no separate distinction between owner and entity. Furthermore, it is not registered under any
law. It does not involve much cost to set up and dissolution is also easy. Furthermore, all the
decisions regarding business are taken by the owner himself. Profit and losses are not shared and
liability of sole trader may extend to his personal assets in case of non-payment of debts of
entity. The financing is done through personal savings and bank loan.
Partnership firm: It is a type of organisation which is formed with two or more persons
to operate a business with a view to earn profit. Each member of such a group is known as
partnership company. When two or more persons come together to conduct business activities
with an aim of making profits then, it is called partnership firm. A deed is executed between the
partners which includes conditions for conducting activities in the firm. The business has to be
lawful and profits or loss are shared in the ration as mentioned in the deed. Each partners is held
liable jointly and severally for the negligence of others. Also, a decision is finalised only when it
has received the approval of all the partners. Partners might have to pay from their personal
assets if the debts remain unpaid.
Limited Company: It is a general form of incorporation that limits the amount of liability
undertaken by the organisation's shareholders. It indicates to a legal structure that insure that the
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ability of firm members is limited to their stake in the organisation by way of investments and
commitments. It is an artificial person having a separate legal entity from its members which has
perpetual succession and common seal. It is created and dissolved by law only. In UK every
corporate has to follow Companies Act, 2006 for carrying its business legally. Shareholders are
the owners who invest their funds for a return. Their liability is limited to the extent of unpaid
amount or amount guaranteed in the MOA. Further, directors are appointed to manage the affairs
and take decisions which will be executed. Further, a company has a right to sue or be sued, own
properties and enter into contracts.
It is important for them to follow up various laws which are discussed below: Federal equal employment opportunity laws: In this law, it prohibits discrimination
which are based on national origin, sex, race, caste and religion. This consists equal
payment to women and male employees within company along with that there is no
discrimination made on gender basis or preserved persons who are having major
disabilities (Kuratko and Hoskinson, 2016). Worker compensation: It is important for workers to purchase an policies of insurance
which is compensates to employees at a time of getting hurt within working
environment and their illness. For getting much aware about employees compensating
law, workers of My Tummy fast food restaurant services should go by labour law
department. Minimum wage Act: It is for unorganized employees, consisting working within
informal economy. Their should be minimum wage for all the workers working within
organisation as they can full fill their basic requirements as well as wants like as food,
clothes and many more basic requirements of employees are satisfied.
 Healthy and safety Act: In this, they should make their working surrounding healthy
like as proper cleanness, hygienic products etc. as well as they should provide a safety
environment of working for workers so they can feel comfortable while working within
the company (Liao and et. al., 2016). It should be followed within a new venture so that
it will help in workers to sustain within business for a long time.
In addition of this, pre-launch stages for sole trader is also beneficial them to effectively
operate their new venture. In this, it is important for sole trader to registered their venture at
Companies House but it is not much required for them. Along with this, the owner of the
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business should notify their business to HMRC (HM Revenue and Customs). Furthermore, these
type of business is not required to implement legal entity because the owner of the business is
liable for all debts and legal action.
CONCLUSION
As per above report it has been concluded that information is to get evaluated that small
enterprises play a very main role in success and growth of an economy. At a time of starting a
new venture management is needed to analysed a targetted market of an company for providing a
same goods according to their wants and needs of their customers. Entrepreneur of small
enterprise should analysed some factors which is affected by their organisation as well as
develop a strategy of marketing for the same. They should use various activities of promotion for
attracting large numbers of customer within their company as well as they have to follow some
of labour laws within their firms before launching a new venture they have to implement within
their firms. Their should have abilities and capabilities while launching a new business within a
market place along with that also prepare a new venture proposal.
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