Essay about My Business Idea

1477 Words 6 Pages
My Business Idea

In my coursework I intend to start my own business. I will devise my own business plan which outlines my business proposal and the key aspects, during this I will need to seek good business advice on the necessary steps I will have to make. As I go through the coursework I will show evidence, examples and explain how businesses are set up, what types of businesses there are and their similarities, the kind of targets businesses set for themselves and also the different objectives of different stakeholders. For my business I plan to sell toys and other game products that educate young children under the age of 11.

Starting up a business is difficult and risky. Anyone setting up needs to consider:

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Most people though have to research their product. Businesses also have to decide how the product is to be made.

Finance
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No businesses can be set up without finance. Most people who start their own business underestimate the amount of money they will need to set up. They are often UNCAPITALISED and this causes problems as the business expands. Some businesses have the potential to be highly profitable but fail because they run out of cash at a crucial early stage in the life of the business. So it is very important to work out how much money is needed to start the business and to identify where the money will come from.

Identifying the sources of help
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Most new businesses don not survive for more than three years of trading. However, their chance of success is much greater if those setting up the business have received help from experts before the launch. Many new businesses turn to Business Link or to their local
TEC. They can identify any grants, loans or benefits that are available from government or from bodies like the Prince’s Trust. They can also organise training in setting up small businesses that is so often vital to the survival of the business.

The business plan
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Drawing up a business plan is very important. The business plan sets out how the business is to be set up and

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