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BUSINESS VENTURE. I will be establishing furniture business. This business will deal with ready-made furniture. The business will have a stock of tables, chairs, war drops, wall units, dressing mirrors, computer cabins etc. The business name is Viable Decor Limited. We will be providing after-sale services to our customers.
We will also offer free home delivery services to our customers. Our product offering will not differ in the storefront than on the website. The products as advertised on our website will the same products that we will be offering in our storefront. Definitely, our company will require a website. This will facilitate accessibility to our customers the available products. The website will assist our customer to access our products from any region they are without traveling to our storefront.
The website will benefit us in the sense that it is here we will advertise our products and the people will know our existence and what we deal with. Through, the website also our customers can order directly and upon the order we will deliver products to them. Our company will also reduce other expenses like doing out door advertising, which is expensive. We choose to operate a partnership business. This is because a partnership business is easy to manage as well as it does not require lengthy legal formalities to form or establish.
The advantages that led to our decision of a partnership are - Simplicity in formation: No complicated legal formalities involved in formation and it is easily organized. Division of duties and responsibilities: Being an operation of many partners, we can be able to divide duties and responsibilities equitably. Combined judgment: Two heads are better than one as the saying goes. Therefore through consultation with partners a better decision is reached.
Prompt Decision: In making decision is faster. Easy Dissolution: With the consent of partners, the partnership can easily end without lengthy legal formalities to dissolve it. However the disadvantages of corporation that led us not to choose it are as follows: - Costly and difficulty to establish: Corporations are expensive and not easy to establish. They require formal procedures like registration, payment of fees etc. Delay in decision-making: The board of directors must meet to reach a decision. Difficulty to control: Owing to its large size it is difficult to control.
Poor workers relationship: Absence of personnel officers to keep in touch with employees, personal relations between the workers and employees will be weak. Higher taxes: Companies pay higher rate tax on their incomes. In our venture we will accept cash payment, cheques and credit cards. Paying cash will enable the business to acquire more stock without going to the bank to withdraw cash. It also minimizes the risk of bouncing if it were a cheque. However, cash is also vulnerable to the risk of being stolen while in transit and in store.
Fire and water can also damage money. Payment by cheque has the benefit of safety. Stolen cheque can be cancelled. However, it has the risk of bouncing or rejected by the bank if not well written.
Credit cards enable the person to get service anywhere he is. Therefore if lost they can be blocked and cannot be used in any transaction. We will accept all means of payment in our storefront. However, payments on the website will be credit card or cheque. Cash will not be accepted on the website because it is accessible to many people. The advantages of paying direct to the storefront are that a person can be able to get a receipt of payment instantly.
Further, if he negotiates well, he can get a discount. Payment by click minimizes the risk of cash being stolen while on transit. The virtual aspect to utilize an increase success is by updating the website regularly and advertising available stock by giving some offers. In storefront market, efficiency in terms honest, fast delivery of products will be maintained. Bibliography. 1. A.
SALEEM, Business studies simplified, 2 nd edition, 2002, Salem Publishers.
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