Managing A Business
Essay Preview: Managing A Business
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In City Survival Skills, we were chosen to run a business of our own. We have chosen to start our business from scratch.
What is the name of your business?
The name of our business is Moove.
What is the nature of your business? Why have you chosen this type of business?
Moove is a music store. We sell Compact Discs, cassettes, videos, musical merchandise (e.g. T-shirts, posters etc.) and accessories for CD players and Discmans (e.g. headphones, CD carry cases etc.). We have chosen this type of business because we are both interested in it and we wanted to choose a type of business that was already successful. Another reason why we chose this type of business is because we were tired of not being able to go into CD shops that have a wide range of CDs. So we created our own
5. Where will the business be located? Explain why you chose this location.
Our business will be located opposite Flinders Street Station. Originally, we were going to place it on Bourke Street in front of Myer, replacing the existing CD shop HMV. It turned out that this location was too expensive. The vacant building on the corner of Flinders Street and Swanston Street caught our attention. It seemed like the perfect location for the following reasons:
A large amount of people passed through the area everyday
It was extremely close to public transport so it could be easily accessed and so people could shop at our store while waiting for the train, tram or bus
There were no music shops in the area as the closest one is approx. 800 meters and future developments promised to increase foot traffic.
The only possible disadvantage would be that the chance of theft might be increased than if the store was placed in a local shopping complex.
7. What are the legal requirements of setting up a new business?
The legal requirements include:
Health and safety laws – deals with the safety and health of both customers and employees.
Employment laws
Zoning laws – deals with the business location.
Registering name
Taxation law – abiding by the rules that govern taxation.
Anti-discrimination laws
Anti-competition policy – deals with buying other companies and other things that may restrict competition.
8. How much will it cost to set up the business? How will you finance the venture? It will cost us approximately four million dollars to establish our business. This cost includes:
Shop
Shop fitters
CDs
Merchandise
Accessories
Computers
Bags
Sign
T-shirts for employees
Coffee machine for employees
CD player
Speakers
Security (cameras, guard etc.)
Marketing firm
Promotions
Computer programmer
Stationary
Accountant
Telephones
Logistics
Super annuation startup
Discmans
Business cards
Lawyer