.Assessment Task...Two business..plannin g...

Introduction
How would you like a place that is made to suite you? Or do you just like to show off what you are able to turn into a wow factor? I heba sarhan am writing to you the owner of the local shopping centre, in order to discuss about opening a housings and occasion dcor shop within your local shopping centre , that I guarantee to be a great publicity to all people and all ages , this is portrayed throughout the basis of information throughout this report . The name of the business that l am hoping and determined to open in your local shopping cent re is called magnific.There was a struggle at first to what I required the name of my business to be. I didnt want my business name to be dull I just desired it to strike whom ever walked past as oh l want to enter that shop,the first name I thought of was dcor by heba sarhan but was predictable and (and already taken, dcor, just to mention). When I was asked to decorate my sisters party the first sentence she quoted was heba this is great its magnificent.I dont know why but it just clicked magnific. l thought it was great as well as the rest of my family that urged me to open a business to my liking. Magnific is an established home and events decor business, which is a growing company, and is already place in four regions of Sydney offering clients an extensive range of decor for weddings, birthdays, formals and permanent house dco r make overs. We pride ourselves on being able to deliver the perfect and suitable dcor for wedding and party dcor on time and to the best standard to the clients expectations, and all the while on

time. Reliability, professionalism, originality and experience are the foundation on which we have built the business over the past 6 years.Our comprehensive function planning services cater for individual clients, who intend enjoying a magical, well organised and stress free function and homedcor. That gets the best rating year over year and the expectations of the growing company is to keep out doing ourselves and building the company and with a trust worthy employees. Customer volume, competition, a nd demand for the product Im selling. Your shop ping centre intrigues me in so many levels there is a vast amount of customer volume such as teen years and newlyweds that well like home renovations and dcor and party dcor well as ideas as to newly set a home to their liking.It will also give me the advantage of building a faster and bigger business because there is no competition what so ever with in the local area.We all ways look forward to improve met and demands that withheld to us by customers it is also one of our top priorities that is to be seen and discussed, and to strategize in order to make it happen. There is no division between business assets or personal assets, which includes my share of any assets jointly owned with another person (such a s my house or car). My business liability is unlimited which means that personal assets can be used to pay business debts, and make, simplifies my business assets and making it so much easier for m e . Being a sole t r a d e r s m e a n s t h a t I m t a x e d a s a individua l and pay income tax at personal tax rates. This means my business income is declared on my personal tax return along with any other

assessable income (such as my salary or wages, interest l earn, dividends). The advantages and disadvantages of being a sole trader.

Advantages . Simple set up and operation. . You retain complete control of your assets and business decisions. . Fewer reporting requirements. . Any losses incurred by your business activities may be offset against other income earned (such as your investment income or wages). . Subject to certain conditions. . You are not considered an employee of your own business and are free of any obligation to pay payroll tax, superannuation contributions or workers' compensation on income your draw from the business. . Relatively easy to change your legal structure if the business grows, or if you wish to wind things up.

Disadvantages . Unlimited liability which means all your personal assets are at risk if things go wrong. . Little opportunity for tax planning - you can't split business profits or losses made with family

members and you are personally liable to pay tax on all the income derived. Magnific is a growing business that is to intrigue all and satisfy, within event planning and decoration as well as home dcor e.g. home ideas and renovations. We set a high standard in order to satisfy customers to the highest degree, with our work and open minds ideas. I know its quite difficult to feel satisfied or fulfilled with everything that is done when l set standards so far out for me to reach.SometimesI visualise it like they are developing into moving targets that are impossible to reach and stop, so I just take it slow and plan it out thus simplifying my goals out in to a much simpler and less complicated issue towards me and my employees.

Situational analysis S-Any

losses incurred by the business activities

are not high and magnific is a well -respected and trusted growing business by a large majority of all our customers. We had no offset agains t other income earned such as investment income or wages.

W- Unlimited liability which means all my personal

assets are at risk if things take a twist on me and decide to go wrong. Little opportunity for making much tax planning cant split business profits or losses made with any of my family members.

O-my opportunity are if l am free of any

competition in the local community then I have a better chance of further success and growth and

there would be no need to continuously reduce prices to compare to other dcor business.

T-If a customer threatens to sue me for high

prices and is a regular customer I should hold a meeting with the customer and show report since she has started the business, researcher industrial average pricing to show her that myprices are all ways in line with my competitors. Operations our products are produce and order to the perspective of the client and what prices they have in mind and limit it to the budget and produce the best brands and material or wood made furniture to suite them when a sample a variety of samples are shown and are picked to what they fancy. Our skills are expected to be at a high standard e.g. Responsibilities include providing admin istrative support, diary & email inbox management, preparation of quotes, revisions, meeting follow ups, participat e in creative meetings and sites inspections and good social skills towards all clients.

Extraordinary written and oral communication skills Previous experience in an assistant role or similar Exceptional planning and organisational skills and the ability to prioritise and multi -task Experience with Microsoft Outlook, PowerPoint and Excel

Strong customer focus with proven experienci ng. Experience in event decorating, visual merchandising or creative design.

Marketing Our targeted market is for all ages for party functions as for home dcor and renovation is mostly targeted to clients with a family and newlyweds that both parties decides to renovate or create a better and more suitable environment in their house. The state that my business is growing at I would have to say it is a strong held business and is already opened four other shops in Sydney, and is gradually growing.

Finance
Amount of customers in a yr.s

Number of part functions &

Total money that

period

renovations
.23 party functions .4house renovation/decor

was earned. 3795 +2960 6755.

Jan Feb Mar .27

Apr May Jun .29

.23 party/wedding
functions .6houseRenovation/ dcor

3795+4440 8235.

Jul Aug Sep .38 Oct Nov Dec .46

.30.party/wedding
.8dcor/house renovation

4950 + 5920 10870. 5775 + 8140 13915.

Total.39775

.35party/wedding
.11 dcor/house renovation

Balance sheet.

stock Bank loan to pay off yearly in come. Bill tax Profit assets Car House bill

6,209 1,120 39,775 4,460 1,234 26,752 Non-current

10,000 12,ooo

tot

4,752

Heba sarhan