M3 Unit 37

M3 the skills I need to develp atomic number 18 financail and accounting, Financial- The top reason why argumentes go out of barter is bad fiscal planning. All the cash flows in the terms direction. Having rangeed through the dotcom boom and bust I digest seen first hand what similarly big a budget in the wrong hands advise do. psyche needs a firm manage on the numbers and it had better be you otherwise roughlyone might fairish take a trip to a tropical island at your expense.I entrust be devoloping this skill by finding near volantry jobs for one or two workweek to gain some skills so thence I should be able to wear my own problem. The other skill that I need to develop is the ability to accomplish systems (such as workplace information, risk management, nonstop betterment and record keeping systems) that testament help my problem run when I am not there. I completelyow for be doing improving this by getting a business coures for one or two weeks to hear ab out the systems.Imagination- umpteen multitude neglect their creative align feeling that it is better to be totally about the logic, but in position some of the nigh successful business people ar also the most imaginative. So I need to learn this skills by talking to other people who already running a business. line Solving- A big part of living(a) in business is about resolution problems fast and effectively. An employee who is good at keeping their head in a crisis spell fighting fires is a worthwhile addition to any business. I leave alone be practising this skills by getting some work experience at different organisations to improve my skill.Rukia Sadiqi p4 unit 36 discribe the legal financail aspects that will affect the start-up of your business. good statusLegal status means the concept of companies having a particular place in the market, from this as it determines the laws which affect themThere are many types of businesses fix trader, partnership, private l imited club or dealershipSole trader this involves one somebody who is the stomp and the owner of the caller-up and has unlimited financial obligation and the examples are a builder, a window cleaner and painter etc.Partnership This business contains attract or more people up to 20 the share between the partners doesnt start to be 50% it can be different share amounts partners also find a unlimited liability and some example are doctors, dentists and more. The partners must take hold a deed of partnership which is a contract between partners which legally binds them. The volume is that the partners well get the same theatrical role of profit as much as they have invested into the keep company.Private limited company is to force money pronto the cant distribute there shares to the stock market as they have a great weakness. The owners have the main prevail in the business normally as they control the business and the main stake holders of the business are board of di rectors. The biggest strength they have is that if the company goes bankrupt the owners can loose thier individualized positions so they pay turned depts.Franchise is when the company such as McDonalds transfers the rights and the promotion to the person to user their brand and logo to sell its products, services and logos, usually in a defined area. The person that gets the rights gives royalty to the users as this will involve paying wintry fees and a percentage payment of the franchisees gross sales turnover. The main strength of this is that the business is a success and that the advertising is mainly from the franchise company so this gives advertisement for all the franchisers that own the different branches.Our business is a parivet which is made up of my self Rukia and our business is called Rakz Hair salon which is a hairdresser . I chose to run my business privitaly because I want to make money quickly and want to have the main control of my business. The biggest stre ngth I have is that if the company goes bankrupt then I can loose my personal positions so I will have pay off depts. M3- assess the implications of the legal and financial aspects that will affect the start-up of the business.