Benefits Of Online Business

Benefits of online business

Task 1

Introduction: 

In my introduction i will be explaining the benefits of starting up your own business. the example I shall be using is Lord Alan Sugar as he is one of the most famous businessman that has established his own business and that has given others to expand themselves in the business industry.

As we are talking ab out benefits of a online business, there are also many benefits of being self employed when starting up your own business, but when doing this you should have the guts to accept the risks that may come ahead you.When starting up a business there are many different ways to start a business up, all should have at the back of your head is you need to know what your getting yourself into when starting it up.

There are many ways to make it easy for you, start up with your researching stage, know who your target audience is what you are gonna sell to them, what type of offers will you do for them, how will you carry out your business, what type of methods will you use to increase and expand your business, how will you approach to get more customers etc.


Starting up your own business ideally for those that want to be their own boss, it is also for those that just want to do something in life and achieve something, and that has more opportunity to earn money this way.

Lord Alan Sugar:

Lord Alan Sugar is one of the most successful British businessman in the UK, He is also well known for his show that is telecast-ed every year which is known as The Apprentice. He worked through out his entire life to earn money, he started off with £50 to spend on electronic car goods and then started selling it out of a van and now Alan sugar earns around £780m.

Benefits of starting up your own business

Experience:

You must have the experience of just starting up everything, make a storyboard or brainstorm how you are gonna plan this and how will you face the risks and problems ahead in your business in the order to gain a successful organisation. There should be enough experience good/bad for you to start your business as it may help you recognize your strengths and weaknesses when starting the business up, and if a problem occurs you know what to do as you've planned it and have past experience 

Being in control:

When doing a online business the best part of it is being your own boss, as you are the one that makes all the decisions and choices on what you should do with and in your business. You will have the rights to run your business your way, create new ideas in the order to have a successful business, it also gives you a lot freedom to think and be creative in this industry and work according to only your plans and ideas.


Flexible Lifestyle:

In having a online business this will mean having a flexible lifestyle, this is a good point as it gives many businessman/woman to spend more time with their loved ones and family/friends. An example i can give is when you are waiting for a delivery that's the free time for you to spend with everyone else but when the orders come in through that's when you work. This also helps those that don't wanna lose their job and wages, but they are still working and spending quality time with their family and friends.


Making your own money:

well starting or having your own business will make you earn your own money by what you want to do, this may include selling products or making them providing good customer service and many others. You may have to put some of your earnings into the business as later if may increase later while your business is running successful. An online business will also give you the option for you to make and take your own decisions of how you will invest and expand in your business.

What you've learn/what you get to do or interested in:

If you've had a trained or talented skilled doing that you think you'll do amazing if you open up your own business, well your ideas and skills wont to on waste as it can make you earn money. An small example would be being a good beautician since teen years, this may help you open up your own salon spa and you will get the opportunity to sell your own products if you would like that for extra profit and income. When doing this you must have a accurate idea of your target audience, what you want to sell, and what other things you can include in your business. 

Dreams become reality:

A small dream can become a reality if you have faith and hope inside you, an example of a business that was the thought of a dream but became reality is the well known island owner Richard Branson he was just a ordinary magazine owner at the age of 16 then eventually opened up a new records store called virgin records and virgin mega store and now that he was successful in his business he expanded his business and now has many other records like Virgin mobile, airlines, airways etc. learning from this example shows how many small dreams can become big reality for others.

When analyzing all this there are many more benefits towards to prove to someone you can actually open up your own business, or you maybe want to be the boss 24X7 by bossing others around or you may be among those who love to help others and communicate with new people but however or whatever the reason may be you must be hard working and focused in your business in the order to have a successful business and gain expansion/profit.

Unit 16 - P1 Task 3 Evaluation 3a

Swot and critical success factors

Internal	Strengths high quality products  affordable prices  good customer service  popular location  experienced staff members  I've been trained in this field	Weaknesses time limitation - (depending on the treatment it may take long) some unknown brand other businesses competition  salon size might be a bit small compared to others competitors	Internal
External	Opportunities More range of services training other staff members opening more brunches in other location	Threats a new competitor in the market  decreasing economic growth high cost for renewal  other competitors selling cheaper products	External

Unit 16 - P6 Source of Advice when Starting a Business

Introduction

In my introduction I will be explaining the different types of Formal and Informal advice that you can give whilst starting up a business, and how it all can help with my business.

Individually

Family: when asking or seeking for any sort of advise the first thought will probably come in our head is to ask our family. This is known as a kind of informal way of advice to ask anyone you know in your family to get ideas and reflect whether on what they think of your business work and idea.

How they can help you? - Your family can help you when you are asking for advice as they are honest and open towards you, but whilst asking them for advice there are some disadvantages for instance they might not have as much or any experience of knowledge in the business world, however on the other-side they are a good support to get advice from and they can help you improve your business as they can giveaway a lot of new ideas that you may of not have come up with.

Mentor: when talking about a mentor they're more of experts in this sort of situation when asking for advice. as they are experts they are the ones that can give you some advice based on their past experiences. This field can be 50/50% of each advice field which is known as formal and informal advice. Formal advice is usually known as when you set up meetings to be able to get ideas and have a questionnaire for you business where as informal is when they take you in their business for you to actually experience whilst you are working with them.

How they can help you? - They can help you giving advice that are beneficial for when you are starting your business or when  you feel to start it up. They can also tell you what the advantages and disadvantages are, and what you will need what threats can occur etc. As for some organisations that have mentors they might allow you to work with them depending on their business, to let you experience on what it is like.


Lawyers and Solicitors: when asking a solicitor or lawyer for advice this is a formal way to get advice for any business as this is the most effective way as they are experts and professionals. When seeking for advice from them they can let you know what exactly the laws are what you must follow towards all the legal structures for your business, they can also let you know and answer all related work towards your business such as finance, insurances, licensing etc.

How they can help you? - they can help you in a lot of things when it comes towards starting up a business as they have well knowledge of rules and regulations, they also can come up with helping you fill out legal forms and documents that can be the hardest part of the stage when opening up a business.


Accountants: accountants have the most formal way to get advice's from when it is concerning your finance departments, as they can help you a lot when you are trying to stay on a budget, and whilst managing wisely on what to spend on and what not to spend on. This can also include your cash flow, break even or even when you are trying to find a balance way to calculate all business incomes.

How they can help you? - they can help you with every department related towards the finance in your business, this can include on ways they can help you to lower your costs, also selling and managing your sales, and ways on increasing the profit for your business.

Organisations

Departments of business innovations and skills BIS: (Bis) is a department that helps you in educational skills to prevent you to start up a business. They are leaders to make sure that the law is fair towards its customers and that it is used to succeed in doing the business with the laws being fair. This is more of a Formal way of advice and can help you in the growth of the business, this way is also effective as it can help you save money. they can also help you as they have many ideas for you to compete against other business across the world this will also help your business to grow and get more profit.

Citizen Advice Bureau (CAB): this is one of the well known organisation and council the bat really help businesses with any sort of problems. this can help you with all the business finance, any legal work and other threats towards organisations. this can be formal and informal of way of advice to get, as this is very useful and many people take advice from them as they have great past experiences which is also free.

Foreign Office: a formal type of advice, the Office can deal with all the people that would like to export products for their businesses or open up a business store or branch that could help them in another country. This office can help you with giving loads of effective advice that may have information including about legalization papers or documents that may go oversea to transport your business in the best way possible. 

Local Authority: local authorities are the formal way of advice where you can go to get advice's from. if you are planning to look are a location for your business you should ask advice from the local authorizes as they may help you with the area location, transportation, and other departments when looking for premises. You can also have a look out for the safety for the area, making sure where would you like your business to be located at and see if the locals will be more than interested in your business and see if there are customers.

How they can help you? - Local Authority can also help you with area and location cleaning of you business as they can come and collect the daily rubbish, help you maintain you business as well with the hygiene departments.

Which one of these would I use?

When thinking about my business i would deferentially use both individual and organisation to get business advice for starting up a business. Firstly I would get advice and maybe brainstorm for ideas from my family and relatives/friends.

How this will help me? - this will gain me to get as much as ideas for my business this is more of an another creative way to get ideas as there will be more too choose from. But before I start anything id like to find a mentor who has the same business that I would like to run and get ideas with experience so when I run it I know that I've had experience. This is some sort of work experience that they can help me out in with, they can train and give out tips and advice with making my business successful. Taking this route can also be an advantage as this makes you reflect whether this route and pathway will make your business be successful.

After this I shall be going to a solicitor to get more information and advice on the legal terms departments of my business and later to an a accountant for advice on how to manage all the financial stuff in my business

Finally I would go to CAB organisation to get helpful advice and the local authority as they can help me with all basic departments in my business, this can include from bases of rules and regulations to finance and the legal work to where to locate the business and managing the business as well with many other.

Unit 16 - Business Plan

Business Plan

P5

Business Name: Nimrasbeautyspa.

Phone Number: 07949920640

Email Address: Nimrasbeautyspa@live.co.uk

Website: www.nimrasbeautyspa.com

Contents:

1. Summary
2. Business overview: (Introduction, Competitive advantage)
3. Marketing (SWOT and critical success factors to help you build the business) 
4. Market Research 
5. Team and management structure (Skills, experience, training) Advisers Management systems  
6. Financial budgets and forecasts 

My Summary

When writing a summary this section is usually based to be written at the last part, but in other-cases in writing a summary this is to be used at the beginning. This is used to plan out to raise all the funds and finance this can include all the start-up costs etc. the summary needs to make sure that the reader has the attention to find out everything it needs and wants more information for instance the investor or bank manager and others.

Business Overview

Introduction: In this section you must give a brief description of the idea that has promoted you to start up your business. describe the products you are going to sell and promote, as well with the services you are going to carry out, including the location. You must remember to explain what organisation industry you are going operate in and where its place and position is in the business lifestyle, for example emerging industry, mature industry growth industry or declining industry. Describe your business aims and objectives.

The business I've chosen to do is a Beauty spa, My business name is Nimrasbeautyspa, i will be making my incomes through online services and orders as well with the located salon in central London  Salon is based located in Central London, i found a suitable property that has a reasonable price and i believe it is best for a salon to be located as central is the main point for customers to shop.

There is a massive range of products that we sell on offer, from beauty essential and etc. Our service that we will provide will be in high standard as it is located in central London. Our salon environment will be friendly (serving customers with smile, we will have a fast service with a clean environment to stay in. we will also have music and plasma TV for the customers to relax and enjoy as we will be busy serving everyone but for the ones waiting they can sit and relax. Nimrasbeautyspa will operate with the salon based environment as its in the growth industry.

How it all started?

How it all started? well as I came came to the age to go college I studied hair and beauty level 1/2 for two years. I started enjoying learning the course i was doing until i started to study business and then eventually thought why not open my own business and the thought encouraged me even more when my sister was in the same field and she advised me lets open a salon. When i was about 14 I was staying at my cousins for summer holidays and over them holidays I didn't knew she'd open her own salon so on the weekends id go over and help her out in the salon, from that point i just got attached to this field.

Aims and Objectives

Aim: Our business aims to offer a relaxed and comfortable yet efficient lifestyle facility to guests and members. Our primary aim of the group at the spa is to provide the services which fulfill the needs of the customers with a effective manner. Our experts team at the spa's aim is to assist the peoples gaining relax and minimizing their stress by providing them amazing treatments with effectiveness and giveaway some luxurious products.

Objectives:

1. Our Objectives: is to give luxurious service: serving and welcoming our customers with a smile and friendly manner.
2. Expansion: expanding our product ranges, giving more choice of different smell of beauty and body products, and give them the most amazing treatments to enjoy and share with family/friends.
3. Working environment: we are on the roll to have a friendly working environment as we want our employees to enjoy and love what they do/get while training to make sure they expand the business.
4. Expanding business: expand business and products and invest products different parts of the UK and globally. 

These are the basic points to achieve while working, we all can do this by enjoying what we are doing, having patience, and by loving what we actually enjoy when we are working, as since a young age we've desired to do it and once we get what want we lack from loving it.

Competitive Advantages

1. We offer different rages of products that we sell to customers that they can choose from, these can include treatments, treatment creams, cosmetics beauty equipment etc. this helps us to expand the business and compete with the rest.
2. We must make sure the location of the salon is great, and indeed it is as its based in Central London where there are many customers that shop there.
3. Pricing: we have many amazing/affordable price range which helps the customers to get attracted to the products, we also offer promotions great gift hampers and great quality of products with their services. 

Marketing

SWOT and critical success factor

Strengths:  

1. good qualities to the resorts facilities
2. Trained Staff 
3. Equipment and services 
4. Expensive furniture for the customers to relax on 
5. Flexibility of products many different ranges of colour shape with different working abilities for instance body spray for tanning will have different ranges of skin colors.

Weaknesses

1. Poor company culture 
2. Bad training
3. Bad training techniques  
4. financial problems that may have limitations 
5. Staff and communicating problems etc
6. Timing ability (what time and how long the treatments take)

Opportunities

1. Great business location:  business is located in Central London where there are a lot of tourist sites that can be a strength as this will help to attract the customers to come in from a long tiring day. and a great number of population is usually located their of customers.
2. Expanding my business: if successful we can open another branch of our store where we can get more customers, it will surly be in the same location but might be on a different road or street as customers that cannot not be able to walk or travel it the spa is far we can help them by opening up a nearly store for them.

Threats:

1. Competitive price range: other competitors may offer different price range, this can be a threat to our spa as the prices are the main thing that attracts the customers.
2. Well known spa: they can be a threat as they have been established for quite a while, and they may of have well known customers that get discounts and promotion on daily routine bases as they are a regular customers.

Market Research

Nimrasbeautyspa's target market are mainly women and men who love there massage to be relaxed after a hard long tiring day from work or any sort of tiring activity, there is no age range or gender that we do not allow in the salon as our main rule is to be friendly. 

For market research i will be doing many surveys to see what potential customers would want in their treatments how they would like it and gather many ideas and tips to improve my business. my survey will contain around 20 questions, within every 3-6 months i will send out surveys and flyers for feedback.

Promotion Plan

I have listed below all the ideas that came into my head to promote my business 

1. Posters: this will help attract the customers as there will be images on basic information about my business, this is eye catching for the customers and will be up in every local store and our main branch.
2. Leaflets and flyers: leaflets is one of the best and old method to promote your business as this crosses the line to advertise you business this can be really helpful before the business is launched.
3. Website: my business website is also a way to attract the customers to come in the store have a look at the products we sell live and get great helpful feed back and advice from our experts in the spa.
4. Social Networking: this is one of the best ways to promote you business as the main trend is social networking its free you can share as many pictures as you want keep others updated with you business and products and get more feed back to improve your business, the social sites will include Twitter, Facebook, Instagram etc.
5. Business Cards: this is a way to give contact details to customers directly face to face, quicker service to catch attention with the contact details written in the card, and that help you get discounts as-well.

Team and Management structure

1. Skills and experience and training
2. Management and legal requirements 

Financial Budgets and Forecasts

Profit and loss forecast

Cash flow forecasts

Break-even Analysis