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Business studies booklet powerpoint
- 1. Business Studies An IntegratedApproach to Book-Keeping
- 2. Starting a Business •Pick a business idea (idea generation) • Brainstorm in groups of two/three
- 3.
- 4. Business Name Business namesshould be: • Short • Easy to remember • Relevant • Free of copyright How to choose a name: • Brainstorm • Internet • Yellow Pages
- 5. Design a Logo •A logo identifies your business • It should be: – attractive – eye-catching – simple • Examples:
- 6. Research • Why isresearch important? • Where can you find information? • List ways you can conduct research?
- 7. Finance • What iscapital? • How can you raise capital? – Savings – Loans – Grants – Other ideas.... • List your local financial institutions and agencies that provide grants to start-up businesses
- 8. Assets and Liabilities •What is an asset? • What assets would the following businesses have? – Supermarket – Farm – Garage • What is a liability? • What liabilities would the following have? – Supermarket – Farm – Garage Overdue
- 9. Keeping Records • Whydo businesses keep records? • What records should we keep? – Records of daily transactions – Final accounts for the end of year
- 10. Balance Sheet • Showsa picture of the assets and liabilities of a business on the last day of the trading year • Total assets should always equal total liabilities • If we invest €300,000 in our business and lodge it to the bank, our balance sheet would look like this: Balance Sheet as at 31/12/xx € ASSETS Bank 300,000 LIABILITIES Capital 300,000
- 11. Business Transactions • Allbusiness transactions must be recorded • List five transactions that your start-up business may have, e.g. purchasing the premises by cheque
- 12. Purchasing Stock • Weneed goods to sell in the business • Goods which we buy to sell are known as “stock” • Stock in our business will be an asset • Stock is bought at cost price and sold at a higher price • What type of stock will your business need?
- 13. Business Documents • Itis important to shop around for the best value for money when buying stock • Stages involved: – Send a letter of enquiry to several suppliers – A quotation will be sent to you by each supplier – Compare the quotations – Send an order to the supplier who best suits your needs – Goods will be delivered and an invoice will be sent to you
- 14. Marketing Mix • Product –e.g. iPod touch • Price – e.g. €229 • Place – e.g. Music stores, Amazon.com, Apple Store • Promotion – e.g. TV & Magazines adverts, merchandising, special offers What is the Marketing Mix for your product?
- 15. Methods of PromotingYour Product • Personal Selling – “one-to-one” communication with the customer • Sales Promotion – e.g. 2 for 1, 50% extra free, coupons • Advertising – e.g. TV, radio, internet, newspaper, magazine • Public Relations – e.g. Sponsorship
- 16. Selling Stock • Acombination of promotion methods can be used to maximise sales • What methods of promotion will your business use? • Design an advert that could be used either as a brochure or inserted in print media – A good advert should attract attention, achieve interest, create desire and result in action
- 17. Profit • Profit isthe difference between the cost price and the selling price of a product • If the product is sold below cost price, the business makes a loss • Gross Profit/Gross Loss is calculated in the Trading Account • Net Profit/Net Loss is calculated in the Profit and Loss Account
- 18. Finally... • At theend of the year, a business will have to present the following to its shareholders: – Trading, Profit and Loss Account – Balance Sheet – Annual Report