Assignment on Planning a New Business Venture
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Added on 2020-01-07
Assignment on Planning a New Business Venture
Added on 2020-01-07
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Planning a NewBusiness Venture
TABLE OF CONTENTSINRODUCTION..............................................................................................................................1TASK 1............................................................................................................................................1Research and report..........................................................................................................................1a) Different type of business organisations by analysing their potential benefits, limitationsand associated risks................................................................................................................1b) Analysing the sources of finance for each type of business organisation..........................2c) Evaluation of legal considerations relevant to plan a business venture.............................4d) Analysis of the market conditions that will impact on setting up the new business venture..4TASK 2............................................................................................................................................6Business Planning............................................................................................................................6a) The organisation developing the mission, vision, aims and objectives of the business.....6Proposing business structures and systems that will deliver the aims and objectives of thebusiness...................................................................................................................................7b) The product........................................................................................................................7Analysing gaps in the market for potential products..............................................................7Analysing target markets for the business venture.................................................................8Interpreting the external factors and market conditions analysed to justify the need for product................................................................................................................................................8Specification of business products to meet the needs of targeted market..............................9c) Forecast..............................................................................................................................9Producing business planning forecasts based on targets........................................................9Identification of business responses if these targets are not met..........................................10TASK 3..........................................................................................................................................11PITCH............................................................................................................................................11Pitch for his funding of your business proposal by providing the produced documentation tosupport the pitch...................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INRODUCTIONA new business set up comprises with some vital procedural tactics into which theindividuals are required to conduct primary research of certain accessible alternatives. Suchplanned structure is basically to begin towards a succeeding approach of establishing a completenew set up. It should not showcase any intervened formulation of any faulty measure into itwhere the below report have demonstrated about an integral plan of setting up the business(Zhao, Peng and Sheard, 2013). It has symbolised the business plan as a fine mean ofdocumentation which can also be referred for the future consideration of an established business.It has clearly referred to some affiliated constituents of finance with some other influentialcomponents of certain legitimate cogitations as per the designated marketplace for the set up. TASK 1Research and reporta) Different type of business organisations by analysing their potential benefits, limitations andassociated risksIt is mainly to define some potent alternatives of businesses where one can profoundlychoose from some accessible options of sole proprietorship, general partnership, Limited liabilitycompany (LLC) and corporation firms, etc. Each of these are however associated with someaffiliated factors of benefits and drawbacks. These factors in turn impacts upon some primitiveconsiderations of setting up a business by directly impacting upon their costing, structure oftaxation, liability and other components of protection by together defining the complexing natureof the business. It is thus important for the proprietors to make a vigorous selection ofestablishing their business by opting an accurate format (Wang, 2016). Below describedmeasures are referred to some common alternatives with their relative constituents of benefitsand drawbacks-Sole proprietorship- It is amongst the most common concept of getting into a businesswhere a single owner will activate the entire functionalities of the set up. The proprietoris hereby require to manage the overall tasks of administration by together powering anysituation of loss or failure, etc. As a result to which, the financial obligations is alsoreferred to be a personal liability of the business owner (Walker and Walker, 2012).1
◦A relative advantage to it is where the proprietors are hereby required to carryminimal number of formalities under an inexpensive method where they are also freeto mix both their personal and business assets.◦It is together associated with a leading factor of drawback into which the proprietorsare non exempted to limitless personal liability in order to pay debts, losses and otheraffiliated liabilities of their business (Mok, Sparks and Kadampully, 2013).Partnership- It is yet another vital alternative of establishing a business set up that mainlyincludes two or more people to mutually share the generated profit and loss of thebusiness. LLC is referred to be a hybrid form of partnership businesses with its newconcepts of operating the business activities. It is where the owners of suchestablishments are directly accessible to the benefited factors of both corporation andpartnership businesses. It consists of a major advantage of shielding constituent to theowners from their personal liabilities into which the associated profits and losses can bepassed thorough the proprietors with no prior intervention of taxation into it (Medlik,2012). However, the general concept of partnership is together incorporated with somerelated factors of benefits and drawbacks, as mentioned below-◦The general partnership concept of businesses are free from huge transaction of taxesas of its hybrid format and set of corporation firm where it is together free form somemandate formalities of conducting annual meetings, etc.◦The concentrated partners of the businesses are often required to take theresponsibility of charges on each other where a weakened structure with oral dealingscan directly lead to create a disputed prospect among the associated partners.b) Analysing the sources of finance for each type of business organisationSources of finance is referred to be a critical stature for the business organisations wherethe owner is hereby required to go through certain enumerable fact sheets of investing the fundinto a respectable manner. It is however considered to be the most ambitious part of the businesswhich renders some rational measures to opt for a peculiar mean of finance (Leung and et.al.,2013). Below stated alternatives are hereby detailed as per the above carried analysis of distinctbusiness set ups with their suitable options to choose from-2
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