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Shaneka pob sba


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my principle of business sba

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Shaneka pob sba

  1. 1. Description of Business The name of the business to be established will be luxury collection clothes store; it will be located at 10 main streets Riversdale. This business will be a soletradeship, which will be owned and control by Shaneka Anderson the manager/entrepreneur and will be serving up to the next five year. This business will need the following equipment in order to be established: sewing machine, cash register and computer. This business will be employing (3) three employees one accounting clerk, a receptionist and tailor in addition to the manager. The aim of this business is to provide meals of high quality on time of reasonable prices for the people in and around riversdale . Some objectives of this business are: • Providing food on time. • Providing employment for community member. • Making a profit.
  2. 2. 1 Organization Chart The Luxury collection will be owned and controlled by Shaneka Anderson, the manager would be engaged in: Taking order from customers, planning the short and long term goal of the clothes store, for example, the source of capital for the business, the type of service offered and the number of workers to be employed, coordinating the workers to ensure that the day – to-day objective are met. Reporting directly to Shaneka are three head, the receptionist who will responsible assisting customers and watching the store, accounting clerk who is responsible for ordering the material Shaneka Anderson (Manager) Receptionist Accounting clerk Tailor
  3. 3. for the business and doing all the accounting work for the business and the tailor is responsible for sewing the garment. 2 Justification of Location This business to be established will be located at 10 Main Street Riversdale North East St, Catherine. The business will be established in this area because: 1. The location of raw material:- There will be no need to incur high transportation cost in getting the material to the manufacturing plant because the material sell close by. 2. Quailability of social amenities:- The area is well developed, have infrastructure such as light, water and good road. There are two schools and a lot of businesses health center for emergence and a police station for safety close by. 3.
  4. 4. 3 Selection of appropriate labor The Luxury collection clothes store will only employ three (3) persons. A receptionist an accounting clerk and a tailor, the business will be small therefore does not require the labor of a lot of workers. The business will employ two (1) skill workers (accounting clerk) and one (2) semi- skill worker the receptionist and tailor. Worker must have (cxc) mathematics, English language along with two two (2) other business subject or a certificate. The business will need a skill worker to deal with the business money, by ensuing that customers get back their right change, the semi-skill worker is needed to clean the store and assisting customer, making design and sewing the garment.
  5. 5. 4 Source of Capital The capital of the business will be as a result of the personal savings/inheritance of the owner which amounted to $230,000. However a small business loan of $270,000 will be requested from Jamaica National Building Society making the capital a total of $500,000. Collaterals for the loan will be the equipments use in the business. The loan that will be acquired will be re-paid at an interest rate of 5% making the total $13500 as re-payment. This will be separated and spread equally over two (2) years at $ 23625 per month. Some assets to be purchased from the capital are two (2) sewing machines, a Cash Register and a Computer. These will form the Fixed Assets as well as Capital of the business. Another Fixed Asset is the building to hold the operations. No lease or rent will be paid for the premises as it was inherited by the owner from her deceased grandparents. Working capital will be obtained from the sales income of the business which will be invested to ensure growth. In order to pay accumulating expenses, the business will require a loan of
  6. 6. $300,000 from Co-operate Credit Union at a fixed rate of 10% making the total value to be re- paid $330,000. This will spread over three (3) years at $9,166.666 per month. 5 Roles of Entrepreneur The role of the entrepreneur is important in the effective and efficient running of the business. There are many different roles an entrepreneur must carry out and among these is the bearing of risks. The entrepreneur must be willing to take risks in order to make profits. The manager will be engage in planning the short term and long term goal of the business, coordinating the workers to ensure that the day-to-day objective are met, organizing the resource and the worker so that all the service provide will be offered and evaluating the services offered, and making changes necessary to please customer, while at the same time remanding a profitable concern. One obvious function of the entrepreneur at the LUXURY COLLECSTION CLOTHES STORE is planning. This is the process of looking ahead, making decisions and formulating policies around the goals of the business. It involves the entrepreneur finding out the effective methods to be used to achieve the main objective which is customer satisfaction and plan how these methods can be used to bring about productivity.
  7. 7. 6 Types of production The business will be involved in secondary Production by offering the product that is finished to customers. The business will engaging in making uniform, fashionable clothes such as party clothes and formal clothes and gown for graduation to meet the demands of the customers. This type of production is necessary for the survival of the business the goods offered will be the main source of income for the business.
  8. 8. 7 Levels of Production The level of production that will be used is Domestic level of Production. This involves the production of our services not only for the individual’s family or community but for the local market. This business will be involved in this type of production because it was conceptualized in order to provide our goods to citizens locally at the luxury collection clothes store the business will be offering goods in and around Riversdale.
  9. 9. 8 Quality Control Measure In order for the business to perform effectively and efficiently, the manager will have to take a few quality control measures and ensure that the workers are performing their tasks well. One quality control measure is the evaluation of work of the employees to see if the tasks are done correctly. This will be done by the manager who will observe each worker and give a report of what she thinks as well as how they can improve the quality of their work for future tasks to be done properly. Ensuring proper sanitation and safety of the working conditions is another quality control measure that will be undertaken by the manager. This will be done by implementing instructions and regulations for employees to follow which in most cases will get daily objectives of the business done with ease.
  10. 10. 9 Use of Technology The manager will need to purchase simple as well as complex technologies such as sewing machine, internet, point of sales a cash register and a computer. The gas stove will be use to cook the meal, while the warmer and the mico wave will be use to warm/keep the food warm for the customers the refrigerator will be use to keep thing cool and prevent vegetables from spoiling easily. The cash register will be used to keep the money paid to the business by customers, produce receipts and to calculate so that the correct change is give to the customers. This will help in ensuring that customers are not unfairly treated in their monetary transactions with the business. The business will also use a computer to create flyers to advertise and to create instructions to be posted around the restaurant to show the customers the different type of meal that we offer for breakfast lunch and desert as well as some healthy tips and information for the customers.
  11. 11. 10 Linkage LUXURY COLLECTOIN will be involving in the backward linkage. The business will be linked to a fabric industry for the raw material for the production of the goods (clothes). Material such as jeans, cotton, wool, linen and silk are some of the material that will be purchase from the fabric store and used as input. The fabric industry will assist my business as their raw material will be request from my business, the fabric will be used to make long lasting and fashionable customs build brand clothes. 11
  12. 12. Potential for Growth The business has tremendous potential impact for growth, as the services are demanded by the schoolers, workers and the people in and around riversdale. The firm has the potential to expand the clothes store and to change the structure of the business. The business could grow to private limited company where capital can be obtained from shareholders, thus reducing the cost of borrowing from financial institution. The manager will also expand the business by building two other branches in linstead and bog walk these areas were chosen due to the fact that the population and activities of each area allows the manager to realize that there will be a suitable market to offer our goods
  13. 13. 12 Government Regulation All business should adhere to certain government regulations. First, the manager will register the business with the Registrar of Companies in order to show that it is a legal operating entity. This will enhance the image of the entity in that customers can feel safe while conducting business with LUXURY COLLECTION CLOTHES STORE as it will not be an illegal entity. Secondly, the business will obtain a Tax Registration Number (TRN), in order to pay taxes on time and in the correct proportion as it is stipulated by the government that all legal operating entity in the country should pay taxes. In doing this, the business will have a good reputation both in the eyes of the government and its customers. The managers also need to obtain a license in order to offer the goods it has conceptualized. Failure to abide these regulations will result in the business facing serious penalties and business or law suits against customers due to damage of their clothes.
  14. 14. 13 Ethical Issues There are a lot of issues a business can encounter when dealing with workers and customers. These issues usually involve the ethical code for ‘behavior’. The major ethical issue to be faced is showing respect to workers and customers. Lacking respect will lead to loss of customers and grievances among workers. This will be a great disadvantage to the business because the customers will be providing the business with profit and the workers will be providing the services. This will be ensued by holding relations seminars to teach workers to communicate or relate with each other and customers in order to satisfy demands. This will therefore boost the reputation of the business thus increasing the volume of sales. Another ethical issue that the business will ensure is that customers will choose their design and take their measurement. This will be ensured because if this is not done customers will complain that there clothes are not fittig them properly or that’s not the way they did want it to make.
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  16. 16. Table of content Title Page Title i Acknowledgement ii Introduction iii Main Topic Description of Business 1 Organization chart 2 Justification of location 3 Selection of Appropriate labour 4 Sources of Fixed & Working Capital 5 Role of Entrepreneur 6 Types of Production 7 Level of Production 8 Quality Control Measures 9 Use of Technology 10 Linkages 11 Potential of Growth 12 Government Regulations 13 Ethical Issue 14 References 15
  17. 17. Bibliography 16 Introduction This School Based Assessment titled “Establishing a Business” aims at conveying the different aspects and steps in establishing a business in this economy. These aspects include describing the business, justifying the location, selecting the appropriate labour, stating the sources of working and fixed capital, the role of the entrepreneur, stating the type and level of production, showing quality control measures, the uses of technology, linkages, the potential for growth, the government regulations and ethical issues faced by the business. The business to be established in my project will be called “Luxury Collection Clothes Store”. The business will aim at providing custom build fashionable clothes at a low price to commuters living around the organization. The business will be owned and operated by its manager who hopes the business will be well-known and supported in order to obtain a lot of profits to reinvest in its activities. This project lays out the different aspects as listed above in relation to establishing “Luxury Collection Clothes Store”, so sit back, relax and get ready to be astounded.
  18. 18. ii Acknowledgement First and foremost I would like to thank God for life strength, understanding and wisdom so this SBA could be a success. I would also like to thank my mother and my aunts for assisting me with the basic necessities that I needed to complete this SBA. I would also like to give my gratitude to my teacher for guiding me through this SBA. Last but not least I would like to thank my good friend for been there for me through the time and giving me the confidence to move every step of the way. Sincerely, I show full appreciation and gratitude to the persons listed above.
  19. 19. i References
  20. 20. 15 Bibliography  Robinson, K (2003). The Jamaica Observer, Principles of Business CXC Lecture Series (Kingston, Jamaica, W.I.).  Robinson, K and Hamil, S (2001). CXC Principles of Business (Carlong Publishers, Kingston, Jamaica). 16