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Simple Business Plan

In: Business and Management

Submitted By queen123
Words 1032
Pages 5
What is the chosen business legal structure?
My business idea is an Islamic shop however it is very different to all the Islamic shops. My Islamic shop would sell designer abaya’s, it’s different because it would sell a variety of well-known designers abaya’s and accessories. From the research I have done I was able to find out that there is a shop in the UK that sells all the well-known designer abaya’s in one shop, however they are not very successful because they do not do a lot of advertising and their website is not very clear. For my Islamic shop I would do a lot of advertising and get professional people to keep updating the website. The target audience are mainly women age 23-46.
I would set up my Islamic shop as a sole trader. A sole trader is a person who sets up and owns their own business. In my Islamic shop I would employ three staff to help around in the shop, one would be responsible to update the website and make sure that it is very attractive so that it grab the attention of my target audience also they would be working in store (taking orders over the phone and helping customers in the shop). The second and third staff would be making abaya’s for what the customers have requested. By doing this it would have extra costs on the business however by doing this it would help the business keep running smoothly. Being a sole trader would mean that I would have unlimited liability. Being a sole trader would mean that the Islamic shop would be owned entirely by me, grown by you me ultimately succeeds or fails by me. This also means that I would be entitled to all profit that the business makes.
The aims and objectives of the business (SMART)
Being a sole trader would mean that the main aim would be to survive and become stable, this would not mean for the first year as businesses could loss sales and close down at any time so it is important to

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