My Pawnshop

Course Project basis to Business (GEB 1011) Think of a modest federation you would like to start. using this conjunction, include the following comp iodinnts in your finalized submittal and use them as Section Headings for change your submittal. Put the Section Headings in BOLD. Then your responses in normal 12 point size type and write in complete sentences. 1) propose an Introduction of your come with. Include your main product and/or service. In what nation and part of the world is your partnership located? Explain why your company is located there.With the economy struggling and more and more people loosing their jobs as a major source of income I believe that providing the service of small verificatory loans would be a great idea for a melody. In this economy the pawn industry is a vocation that is growing and fetching a powerful jump in the economy. I believe that first step and place where people can get short-term loans against a collateral would be a very succ essful business. I would strategically hook localizations in United States that really hire this service the most. For example, low-income regions in Orlando such as Pine Hills, would be a good place to blunt a location.Last and more important, Make sure to set up storehouse where the local population is interested in buying your goods Choosing a location with a population that has supply and demand for the specific products I am interchange. 2) Describe the ca-ca of business ownership you would choose for this company and justify why. Give at least three utilitys and three disadvantages of your chosen form of business ownership. The form of business ownership I would choose for my company would be Sole Proprietorship. A business owned and operated by a single individual &8212 and the most common form of business social structure in the U.S. The advantages with a sole proprietorship 1. Ease and cost of brass simply announcing you ar in business and requesting any licen ses and permits you may need use of profits &8212 since all profits from the business belong simply to you, the owner. 2. Flexibility and control you make all the decisions and direct the entire business operations very little government regulations secrecy and ease of ending the business. 3. Sale or transfer can take place at the discretion of the sole proprietor. There are disadvantages, however, including unlimited liability . each(prenominal) business debts are personal debts, meaning you could lose everything you own if the business fails or loses a major lawsuit. 2. Limited sources of financing based on your creditworthiness. 3. Limited skills the sole proprietor really must be a jack-of-all-trades, part manager, marketer, accountant, etc. and limited lifespan meaning that the business ends when the owner dies. 3) Describe how you would use Supply and Demand to determine the products/services your company would provide. Include how this affects the set of your companys pr oduct/service. When supplies of goods and services create plentiful, prices tend to drop. When supplies become scarcer, prices tend to rise. (Understanding Business, Nickels,McHugh and McHuhg P. 37. ) There are many factors that fill a role in using Supply and Demand for the items that my company would be working with. The age of the item, current condition, market value, and ability to re-sell, are all taken into consideration. The market value of precious metals changes daily so this will give more flexibility to play with the loaning, buying or pricing of it.Furthermore, I would hold to contemplate the supply and demand or desirability of your item. Perhaps a new product ahs made it obsolete or even decrease its value. For example, a video game placement that was worth $300. 00 two years ago may be practically worthless today. With new technology in the market and depreciation of electronics an noncurrent platform is not going to be in high demand. some other example would be the Blue-ray faker, since they have become increasingly popular and they have a high demand in the market the DVD player has depreciated in value.Therefore if a client brings a DVD player in the store the appraisal value would be set out hence the selling price. Taking these factor into consideration, the use of supply and demand would affect the pricing of my company and it would play a very big role because I am the one investing money on the collateral that the client is bringing to the store, hence my responsibility is to have the knowledge to take irreverent decisions and to properly train the people that would be working for me to be undetermined to make smart pricing by using tools such, internet, blue book, catalogs and their experience.One advantage that my company would have is that because I am targeting low income communities the $300. 00 game organization they could not afford would be selling for a much lower price at my store. The demand would be there still f or the remains but this time the used system would be price one third of the original price and there would be an option for that node to put it on layaway and pay for it slowly something that is becoming popular on big retail stores now days. As the Chief Executive incumbent of your company ) Describe your companys Strategic Plan. Include a SWOT, Strength, Weaknesses, Opportunities, and Threats, analysis ((list at least three, (3) items per section)). 5) Describe how you would implement the Management Functions in your company. 6) Describe the process you would use to recruit, hire, and train your employees. 7) Describe how you would approach the selling mix for your company (Product, Price, Place, Promotions, the 4 Ps,). 8) Describe how you would develop and use the primary accounting statements in your company.