Axia College of University of Phoenix
If I wanted to create my own business, I would like a small company. I would want one in which I am entirely in charge, and that sold a product in which I have an interest. I want to be able to enjoy going to work and doing something artistic.
The name of my new business will be Shaye’s Scrapbooking Supplies. My business will be a sole proprietorship. I chose this structure because I want to be in charge, and be able to make all my own decisions. My company will also be small, with just a few employees.
My business will mainly be selling scrapbook supplies. These can include software or machines like Cricut, stickers, cardstock, scissors, tape or glue runners, and other accessories. I will also hold small scrapbooking sessions where I can teach customers different scrapbooking techniques. Customers will be charged for these classes. They will be required to use their own supplies, such as cardstock, stickers, or paper, but my software and other materials will be available for use free of additional charge. I think the scrapbooking classes will generate much income for my company. Because these classes will be relatively cheap for me to teach, they should have a high ratio regarding the cost my company will incur versus the profit my company will make. Additionally, because the customers will use their own materials, I think that creates a selling opportunity for my business. If a customer needs an item, it can be found on my shelves.
Obviously, accounting will play a major role in the start up of my business. I will need to create a master budget detailing the many different types of budgets, as explained by Kieso (2003). For example, first I need a budget to determine estimated sales. I will also need a merchandise purchases budget to buy the necessary materials to…...