Franchise refers to the act of a major company granting its name to other businesses to manufacture and distribute its products or services. Benefits include: 1. The franchisor is obligated to offer training, support with management, equipment, and materials. 2. It provides a safer approach to commencing a business venture. Drawbacks include: 1.
Franchisee: - Does not own the business outright.
- Requires permission to sell the business.
- Must pay a percentage of profits to the franchisor.
- Must adhere to rules and regulations mentioned in the contract.
LIMITED COMPANY: - A company can be established with just two shareholders and one director, or with more individuals.
- The company's size is not restricted.
- Creating a limited company involves a lengthy legal process.
- The company must be registered with the registrar of
companies.
In order to begin trading, the following documents must be completed: Memorandum of association, Articles of association, Certificate of incorporation, Prospectus, and Trading certificate. Two types of limited companies exist: private and public. I have chosen to establish a sole trading business due to its simplicity in setup, ability to be my own boss, and decision-making authority. Market research involves gathering information from consumers and potential consumers to assess their interest in and willingness to purchase the company's products. Many businesses dedicate significant time and capital towards market research to ensure consumer likelihood of purchasing at an acceptable price level. There are two methods for conducting research: primary and secondary. Primary research entails direct engagement with customers and the general public for collectin
current original data; however, it can be a slow process for data collection and analysis. Secondary research relies on previously published statistics, data, or other information.
Secondary research is a cost-effective method for smaller businesses, although it may provide outdated information. In order to collect primary information, I have developed a questionnaire.
I am Mark Hutton and I have created this questionnaire as part of my business studies coursework. Your participation in answering these questions would be greatly appreciated as it will assist me in determining the demand for my business within the local area.
PLEASE CIRCLE
- How many individuals reside in your household?
- 2
- 3
- 4
- 6+
If a chip shop were to open in Hamiltonsbawn, would you utilize it? Yes
How often do you visit the chip shop? 2, 4, or 5 times a week, or daily (4). Which days of the week should it be open? Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, or Sunday (5). How much are you willing to pay for fish and chips? (6). If I start offering pizza or pizza subs, would you purchase them? Yes, no, or maybe (6). If I introduce hot wraps, paninis,and baguettes,would you be interested in purchasing them?(7). Would a phone ordering and delivery service be beneficial to you if I were to launch one? Yes,no,maybe(8).
Thank
you for taking the time to respond to my questionnaire.
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