Unit 2 section c
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UNIT 2, Section C. Easy Start. Discuss and explain your expenses from Section B. Try and add detail. If you are just repeating yourself make a reference to the section where I can find it. 3. Describe and explain your expected income / revenue for your chosen business.

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UNIT 2, Section C

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Unit 2 section c

UNIT 2, Section C


Easy start

Easy Start


Unit 2 section c

Discuss and explain your expenses from Section B. Try and add detail. If you are just repeating yourself make a reference to the section where I can find it


3 describe and explain your expected income revenue for your chosen business

3. Describe and explain your expected income / revenue for your chosen business.

  • What is or are the prices of your products?

    • Create a price list, explain the level (quality, quantity)

  • What are your expected sales per week or per month?

  • Find your average price

  • Average price x Expected sales (per month) = Monthly Income

  • Explain how you decide on that demand

  • Explain if your demand changes throughout the year


4 open up unit 2 accounts

4. Open up ‘unit 2 accounts’

Receipts (Income)

  • Cash sales – number sold x unit price

  • Credit sales – Do you plan on allowing any purchasers to buy now pay later

  • Capital Introduced – Your money that you are investing

  • Loans – Your business loan


Expenses

Expenses

  • Drawings – How much are you going to pay yourself?

  • Wages – How much are you spending on staff per month

  • Rent

  • Rates – £150 Council tax

  • Insurance – Business, car, shop. If you are paying yearly not monthly just enter the yearly sum in the month you are paying it.

  • Bank Charges – Usually charges for exceeding overdraft limit or other services you have requested

  • Loan Repaid Capital – How much of your loan are you paying off each month

  • Loan Repaid Interest – How much do you pay in interest each month

  • Bank Overdraft interest – If you have an overdraft it usually has an amount of interest

  • Opening Stock – How much stock (finished products) do you have left over from last month

  • Trade Purchases – How much you are spending on raw materials for the next month. Bear in mind you should buy a couple of months ahead and you need to have enough stock to meet demand

  • Energy – Gas, Water, Electricity – Atleast £100 per month and more if you are operating machinery

  • Advertising and Promotion –

  • Equipment – Probably costly in first month, includes tills etc

  • Motor Vehicles – Purchasing of motor vehicles

  • Leasing – Are you leasing (specific method of buying something) anything? Could be car, equipment

  • Petrol/oil/maintenance – Think about how much transport you require and the cost of fuel. Allow some contingency for vehicle repairs etc.

  • Print/ Stationary/ Phones – Everyone will need a business phone line and printer


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