Opening an Italian Restaurant in Ilford Essay

Opening an Italian Restaurant in Ilford Essay

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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...


... middle of paper ...


...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.

A1

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.

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