The reason I have chosen a marine based business is because there is only one yachting chandlery shop in the centre of Southend and also the seafront. I also know a little of how the business is run because I done my work experience there, for the two weeks I was there I had to answer the telephones and also help customers in the shop. The Marine Business is also quite successful and brings in a large yearly profit. Source of Finance I have been in to Barclays Bank and collected all of the relevant information about loans and starting a business.
I can get loans from 1000. 00 to 50000. 00. I will need a loan of at least 50000. 00 to start my business and this will cover stock, rent and overheads for a year. By this time I will have made enough profit to buy more stock and will have enough money to pay the next years wages and have a good profit but I will not have yet broke even. Capital When you think about setting up a small business you will need to borrow some capital unless you have an adequate amount of capital to set up your business.
There is always a risk in setting up a business that’s why nearly all large businesses have limited liability so their home and belongings are secure and cannot be taken away this is because if the company got into a big debt the owners and the shareholders will be left homeless and with no car or belongings and no money so limited liability is mainly for security. I will not need any planning permission for the business I am having because there is already a building there and I am not planning on having any extensions or alterations to the premises.