Essay on Business Legislation

Submitted By JessicaROBb
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Pages: 6
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introduction
Cash flow forecast Year 1

When analysing my first year of cash flow forecast I had to consider all financial outgoings that need to be paid for within the first year. Furthermore, when looking and researching essentials for starting up the business some were rather expensive. Luckily the business has £15,000 initial capital to start up with however, I then added an additional £10,000 which will be paid back to the bank as a loan each month. Furthermore, within the first year I was able to pay off the full £10,000 loan and still make a successful profit each month. Overall, it will cost £950 each month and will be paid by the end of December in year 1. However, if loan repayments are not kept up to date a fixed fee from the bank will be charged on top of what is owed. Furthermore, when looking at the total expenditure for each month it shows that in January it has a higher cost compared to the others as the business required a loan to get started and therefore, all finical aspects of the business have been covered in the first month. Each month the business will become better known and gaining profits, this needs to happen for the survival of the business and to ensure all debts will be paid on time.

The initial sales had a figure of £4,500 in the first month, furthermore, each month the initial sales has increased and therefore, when estimating the amount of people that would purchase from my business each month. When doing my questionnaire and asking a range of people if they would purchase from a handmade jewellery store I found strong results and many people agreed they would. When looking at my location (found in my questionnaire and location report) I found that it would be the best suitable place for my jewellery shop as it is in the centre of Liverpool and has an advantage as the previous shop owner also ran a jewellery store. I find is to be an advantage as previous customers interested in jewellery may return to my new jewellery business and continue returning. The overall, rent each month for this building is at a suitable price and overall will cost £10,000 PA. I also found from my questionnaire that this would be the most suitable place to have my business as many respondents agreed they would rather shop at this location. Therefore, when doing the questionnaire all respondents helped me make the right decisions and look at what my target audience want in a hand making jewellery business. To continue each month I have broken the sum of rent up to make it easier on the outgoing bills therefore, £1000 will be paid in January, April, June, July, November and December. I chose these months to pay the large amounts of this bill as these months I am hoping to gain more profits as events such as mother’s day, Valentine’s day and the Christmas session will bring more customers in leading to higher profits.
Furthermore, I then had to look at how many hours the shop will be open and therefore how many staff would be needed. When looking at the context of this business a lot of jewellery will be pre made and customers making handmade jewellery may require some assistance. However, I will only require 2 members of staff for 7 days a week working at minimum wage (£6.18 per hour) 6 hours each day. When paying staff I will pay them monthly which adds up to £350 per member of staff. Moreover, when looking at my rent and other expenditure I have decided to pay gas and electric separately each month and this will cost £340 each month. As my business does not require much water appliances this outgoing bill will be at a low price and cost £20 per month at a fixed cost. Furthermore, uniform for staff and other expenditure finances such as, raw materials and advertisement will not have to be paid for every month and therefore, no outgoing bills for these essentials will needed to be paid for. I will purchase a uniform for each member of my staff In the start of January and December this will cost £100 as I
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