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Research into setting up a small business Essay

I need to get a loan to set-up my small computer business; to set up my business I must draw up a partnership agreement with the help of a solicitor, to outline exactly how it will be organised. Each partner is personally liable for all debts incurred by the business. Trust in this type of business relationship is therefore crucial. If your partner incurs debts without telling you, you are as much liable for them as he or she is. When I start up my business there are three options I can use to set-up the finance for my business.

Start-up Capital: This money that an owner or owners has got to invest into the business through either savings or loans from a bank or from friends. Long-term finance: This is money that has been borrowed by the owner or

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owners. This money has to be paid back over a certain amount of time. Normally this money is provided by a bank or building society. But if there business went bankrupt the owner or owners would have to lose their house to pay off their debts to the bank. Short-term finance: This is money that is borrowed by the owner or

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owners and has to be paid back in a period of time.

I will get the loan from Barclays bank as this bank has more information on business finance. The finance institutions take in deposits (in the case of the banks, from domestic savers) and then seek to make a return on this money by on lending. The level of interest charged will depend on their perception of the risk of lending to your business. In general, small businesses are regarded as being a higher risk, so finance institutions will charge a higher rate of interest and will look for enough security to cover the loan in the event that I cannot meet repayments.

Administration costs can be as high for small loans as they are for larger loans, so arrangement fees will usually also be payable. If I don’t pay the payments on time I will have a problem, as it is a small business. As the government introduced a late payment of Commercial Debts (interest). The property comprises a mid-terraced four storey period building with ground floor access via communal entrance lobby and stairs, serving the upper floors. Equipment: First of all to start off our computer business we need to purchase a batch of computers.

If the computers sell well then will we order more than one batch of computers in. We will charge i?? 700 for a basic PC with the software needed for the computer to run the programs. We also need to buy a till and a safe to keep the money that is taken in during to day to day running, the safe will be useful because it will keep the money safe and will have a timed lock so it will only be able to open every 12 hours. This is a shelf for my business I will use the shelves to store computer parts and computer games. Also I can buy bigger shelves to store games consoles on and things like laptops and pcs.

This is the lighting I will use to light up my computer store because it is bright and gives everything’s much more light so the store doesn’t look dark and dingy. Vehicles: A transit van is really good for my business because it is big so it carry heavy and large loads. The simple term ‘Transit vans’ covers a vast range of model types, each with its own particular kind of customer. All Transit models share the high levels of build quality, safety and security considerations and the kind of dependable ruggedness that has helped create so envied a reputation.

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