Unit 36 Starting a Small Business

 

Could you open this small business in the UK?

 

What type of business would you like to start up?

Would you prefer to purchase an existing business? If so, what type?

What type of research would you do before starting your business?

 

1.1 Criteria

Types of businesses:

1. New businesses based on an original idea.



 

2. Purchase an existing business.

Click on the picture:

 

 

Or........







Business Aims:

What aims might you have if you are starting a business?

It is essential that any business owners determine the aim of the business to help stakeholders understand the direction of the business.

Aims / Objectives should be SMART.

Key concepts:
Business Planning
Attractiveness of the idea
Unique selling point (USP)
Demand for new business
Competitive edge
Checking profitability
Business trends
External influences