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UNIT 2, Section C

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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  1. UNIT 2, Section C

  2. Easy Start

  3. 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

  4. 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

  5. 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

  6. 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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