Opening an Italian Restaurant in Ilford

Opening an Italian Restaurant in Ilford

Introduction

I am planning to open an Italian restaurant which will be located in

Ilford. The business will be owned and operated by me. My goals are to

combine my skills in developing an up market, price competitive

restaurant catering for 18 – 35 year old males and females. The

restaurant will be focused on meeting customer’s needs, which will

ensure steady repeat and referral of the business.

In my first year of business, I will work on a rented building. There

are many reasons why I am opening my own business. Starting with the

fundamentals, I have a strong belief that to be in business you need

to have a passion and interest, which can be translated into

commitment and dedication to the success of the business.

My primary reasons for starting my own business are:

· To be my own boss and take full responsibilities for my decisions

· To support my lifestyle financially

· To be challenged in the work place and build a successful business I

can take pride in

· To provide a quality service to my existing and new clientele in a

relaxing environment

Sole Trader

Sole trader is a person who sets up a business by themselves. As a

Sole trader the owner himself is responsible for every action made and

also keeps all of the profit. This could be a newsagent's shop, for

example. Individuals, who provide a specialist service like

hairdressers, plumbers or photographers, are also sole traders. Sole

traders do not have a separate legal existence. As a result, the

owners are personally liable for the firm's debts, and may have to pay

them out of their own pocket.

Advantages of Sole Trader

=========================

- The business is to be set up. Apart from any necessary licenses or

planning permission, there are very few legal formalities.

- Although accounts are seen by the Inland Revenue, they do not have

to be made public.

- The business is usually small, and the owner is in charge of the

management. Decisions can be made quickly

- The owner gets all of the profit from the business

- Being a small business can provide attention to the customers

Disadvantages of Sole Trader

============================

- Sole traders have to work very long hours particularly when setting

up a business.

- Difficult for the business to expand

- No cont...

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...usinesses lose a lot of money through sickness absence, not all of it

medically justified. While many of the issues can be handled on the

basis of give and take, there are times when clear policies and

decisive action are needed to resolve difficult situations.

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The great majority of new businesses set up each year in the UK choose

to do so as sole traders. This arrangement has the advantage of being

reasonably free of formalities and restrictions, unless you intend to

register for VAT, there are no rules about the records you have to

keep. Other than you do have to keep records.

As a Sole Trader you take complete responsibility for the running of

the business. Your business is one of your assets just like your house

or car. An important consequence of this is that if your business

fails, your creditors have a claim not only on the assets of the

business, but also on your personal assets, subject only to the

Bankruptcy Act.

Note that being a Sole Trader does not imply that the business only

employs one person, If your business grows you may employ extra staff

however you will still be a Sole Trader, because it will be your

business and your liability.