The paper 'Nature of Business' is a great example of a Business Case Study. This particular analysis is about a new business to be started in the city of Ballarat. This business venture is a restaurant. We shall be offering quite a range of products and services. Our priority is to offer sit-down meals. We look forward to offering mainly the first foods for most of our customers. Research and development will be very essential in helping us map strategies that will help us be established as the best restaurant in the region.
Additionally, our expansionary policies shall be guided by our philosophy and mission. Start-up Mode There are overwhelming advantages that propelled me to focus on a new business. When one operates a new franchise, he or she will have to be guided by the mother-business in almost all aspects of managing the business. One would be expected to operate within the limitations of the mother-business. This is most cases acts as a hindrance to innovation and creativity. Therefore, I wanted to give this business venture a whole new platform that will embrace exploration.
It gives room for brainstorming which is an oasis of great business ideas. Similarly, another reason why the new business was viable is based on the fact that it could be established on varied budgets. Ownership Structure We shall be running this restaurant as a limited liability company. That implies that after a while, we will be issuing a prospectus in order to give an opportunity for the public to subscribe for shares. This is the way through which the public acquire ownership of this business (Bandler 88).
There quite a number of reasons behind the selection of a limited company. A limited company has an upper hand when it comes to soliciting capital for its operations. Capital will be raised through allotment of shares to the public. Besides, a company is a legal person and therefore can sue or be sued. This gives the company the potential to manage its assets better. At the same time, a limited liability company is operational in the unforeseeable future (Ittelson 108). That is to mean, its continuity is not limited to the existence of the owner. The personal or individual risks involved in this particular type of business include dilution of ownership.
When the public purchases shares of the company, they take over ownership. They determine the course of the business including the distribution of profits. At the end of it, for the owner to have a stake in the business he must purchase shares in the company. That means that he will be displaced from the ownership of the business if he does not acquire shares of the company. Market Research Plan Setting Objectives of the Market Research To identify market segments To identify the demographic features of the potential customers To assess the feasibility of market entry To establish market demand and variations in prices To assess the level of usage of the products in the market To analyze the winning strategies adopted by competitors To study the uniqueness of the region and how it affects market demand Sample collection Select the proportion of the sample that will be representative, say 3% The sample should be large enough to increase accuracy levels The sample must be a representation of the demographics of the population Research Methods Quantitative methods: this involves the use of a mathematical approach to analyze the research findings. Qualitative methods: these include surveys, interviews, focus groups, etc.
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