The name of my business will be International Discount Auto Parts; my main objective will be to provide national and international customers with quality auto parts at a discounted price from that of our competitors. I have chosen to open my business as a sole proprietorship because this is the most simplest type of business to set up and because this will give me control over the business.
Accounting plays a very important role in any business; therefore, I will be sure to hire an accounting staff that has experience with record keeping, internal controls, and cash management. I will also do a thorough background check on my accounting staff to ensure that each employee, including my management team, is trustworthy, and has good work ethics. My business will also have proper internal controls set in place to guard the company assets.
My business will offer a large selection of different car parts and car accessories. Most of our products will be offered on a walk-in basis, I will also create a website for national and international sales, because in today’s market the internet is helping sells also. I will choose the best delivery services that the company can afford starting then maybe change to the best after some profit. As mentioned earlier, I chose a sole proprietorship because this is the simplest type of business to set up and because doing this will give me control over my business (Axia, 2010). However, as the company grows, I may choose to bring in a partner in order to make sure that the company will have enough resources for expansion. Another advantage to sole proprietorships and partnerships is that these businesses generally receive a more favorable tax treatment than a large corporation.
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...l have a qualified team of managers and a knowledgeable accounting staff. Our accounting staff will be a team of professionals that can be relied upon to provide accurate reports and keep reliable records for the company. Each employee will be expected to uphold the highest ethical standards and will be expected to always respond in the best interest of the company. Internal controls will be set in place to ensure that company assets are protected and all company data will be verified periodically. With this business plan, it is my belief that Discount Auto Parts will be an organized, respectable, and profitable company.
Axial College of University of Phoenix (2010). Essentials of Accounting: Tools for Business Decision Making (2nd ed.). Retrieved July16, 2010, from Axia College, Weekly reading, aXcess, ACC220-Survey of Accounting Course Web site.