M2 unit 16 Essay

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Task 7 (M2)

The benefits of a sole trader are that you maintain full control of the business, you retain all the profits of the business, and you can make decisions quickly and act on them swiftly, providing for the needs of the customers. Also information is kept private, unlike that of limited companies which is necessarily made public after registration with company’s house.

How I will advertise my business.
Media promotions, Broadcasts and website advertisements are effective tools in promoting my salon. This is very popular especially when the internet dominates the market. I will write articles for others to put on the website. The newsletter will include my own salon web site and a brief description of my services/products. People will come to know the details of services and variety of my makeup. They will also come to know the feedback provided by the customers.

The following are the different ways I might be promoting my business;
Posters
Email
Newspapers
TV commercials
Word of mouth

Two ways to keep your customers happy
Resolving Issues:
In my opinion the most important step to keep in mind when dealing with complaints in the salon is to listen; before I try to solve the problem, I stop and listen to what your client is trying to say and make sure I understand her perspective. Regardless of what the client’s complaint is, I try to be flexible. Within reason, I do what I can to give my clients what they desire without sacrificing my business.

Giving Special Offers

Speaking of which, another good way to keep customers happy (and to ensure that they’ll come back while you’re at it), is by handing out discounts, and other specials! They’ll surely be satisfied if you did a great job, and you’re offering a special on their next visit!

The start-up cost on my business will be £3669.99 I will use my own money in my business and I will get the rest of money from my family and I will also borrow from the bank, I will get of benefit taking money from my family because I don’t have to pay them interest. I will try to take small amount of money from bank so I can pay them back as soon as I can.

Advantages:

You generally won’t have to provide a detailed business plan as you would if approaching a bank or other financial institution.
Family and friends tend to be more flexible as a funding opportunity with the terms of their loan or investment.
Loans are usually made without any security that all banks will require to make any investment in a new business.

Why it is important for a new business to draw up a business plan

Writing a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. A good business plan can help: determine whether your business has a chance of making a good profit provide an estimate of your start-up costs, and how much you'll need to invest or finance convince investors and lenders to fund your business provide a revenue estimate (by defining your market -- who your customers will be -- and the percentage of the
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