Putting It All Together
The client has decided to open a gift shop but not just any gift shop, they have decided to open a gift shop that caters in the area of fruit and candy floral arrangements. These arrangements come in many different shapes and sizes and are designed and crafted to suit each consumer's individual tastes, budget and occasion and each season of the year.
Skills and Personal Characteristics
There are many skills and characteristics that are required for this type of business. To run a business the person requires:
* Excellent decision making skills
* Must have some skill in the area of using a knife to sculpt and shape arrangements.
* Shows enthusiasm
* Customer service focused
* Genuine commitment to creating a quality product
* Previous food experience is a plus, but not required
Identifying Business Opportunities
Operating a successful small business is largely dependant upon making the right choices from the very beginning of the enterprise.
Research is therefore a crucial part of planning a new business venture.
The Appropriate Business Structure
The client has chosen their legal structure to be a partnership for the sole reason that it would be able to provide them with better access to finance, each partner has a share in the tasks and responsibilities of the business and each partner would be able to bring new skills and ideas that would help to the business establish better products and services.
A sole trader is an individual who runs the business without partners or a company structure. The sole trader has full control of the business, including ownership of all profits and responsibility for all debts and liabilities.
* Easy to set up - less complex structure.
* You are your business and make all decisions.