Summary : ' Fantastic Asian Take Away ' Essay

Summary : ' Fantastic Asian Take Away ' Essay

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Fantastic Asian Take-Away is a small business under the legal format of a sole trader. As the business creates products that are sold to customers and not retailers it is considered to be a merchandising and retail business as opposed to a wholesaler or manufacturer. This business sells a range of different Asian Food products as a take away – however it also offers a service of preparing and delivering food for customers.

A sole trader legal form is extremely easy and inexpensive to set up; this is convenient for a small Asian take-away business (Sole Trader, 2016). Due to the simplicity of the Sole trader format there are guidelines to the business – this means that that there is unlimited liability for the owner (Hancock, Robinson and Bazley, 2015) – but due to the small size of Fantastic Asian take-away it is very unlikely that this will have a negative effect on the business. If in the future Fantastic Asian take-away wishes to expand the business to another location or open a second location they may choose to change their business structure to a partnership in order to have more funds (Hancock, Robinson and Bazley, 2015). This is relatively easy for the owner to do – the owner will cancel the ABN before reregistering as a partnership (Australian Business Registry, 2015).

In the business have the different financing option to set up the business, simply we have to interpret the different financing selection available, for instance, conventional bank loans, personal saving, and temporary business loan(Kime2012). Firstly bank loans, small business has to provide a balance sheet, cash flow document, business income document and business plan to appearance the bank can take over money. That process can be taken around three...


... middle of paper ...


...r business prepays our phone bill at the beginning of the month rather than the end of the month.
Running an Asian Takeaway shop will require a loan from the bank and bank require some information and documentation about the business and personal insurance.
Business plan is one of the document that bank need to consider as it contain many information related to the business. A good business plan that we make might be the key of our successful business and the bank will see and evaluate all the plan that we set to start up this business, financial security and also the assess of the opportunities in the future. In the business plan, we have to include:
- Detail of personal information
- Detail information about business goal, structure and objective.
- Organisational structure and resources
- Business operation
- Marketing analysis and strategies
- Financial analysis

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