Starting Up a Business

STARTING UP A BUSINESS                                                                                                 2

      A hobby is a great source of a business idea. Therefore, it would be simpler for one to turn such a hobby into a business venture. This paper will elaborate on such a business idea and how it will be operated.

      I’ve always had an interest in selling sunglasses and have made a decision to turn this into a business venture. This is due to a gap in the current market such that it is hard to get a store that sells a variety of sunglasses for all ages, designs and even custom-made designs. Hence, it would be good to specialise in this product line. I purpose to offer these products at a pocket friendly cost that will attract customers. In addition, my plan is to start up the business with three members of staff that is, an administrator that will also act as a cashier, a bookkeeper and two salespersons one of whom will act as a deliveryman for delivery services. In this way, I believe it will minimise the cost of operation. I also intend to rent a store in town at a low rate and stock it with a variety of sunglasses.

Business Description

      My business, “See B’Yond the Sun” will be based as a sole proprietorship since I intend to start it up it on my own. Being a sole proprietorship offers some benefits such as flexibility in operation, fast decision making, there is no distribution of profits, the owner has maximum control of the business, it is easy to wind up if need be and few legal formalities are involved. The business venture will also require a chart of account. According to Shim, Siegel & Levine (1998) this is a listing of names of accounts that a business has identified to be used in recording transactions in the general ledger. The chart of account must show the various assets, liabilities and equity of the business. It also covers the revenues and expenses of the business.