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Unit5B

start-up options, production options ad expansion

TermDefinition
Ownership Options for start up sole trader, partnership, private limited company
Sole trader one person owns and runs a business
Unlimited liability Personally liable for the debts of the business including their personal assets should business go bankrupt
Partnership 2-20 people decide to form a business
Private Limited Company 1-99 shareholders invest in a company and enjoy limited liability
Production Options job, batch, mass
Job Production made to order, labour-intensive, specialist skills, once-off
Batch Production Groups of identical items produced, same labour & machinery, used for producing range of goods e.g. blue shirts, then white shirts
Mass Production Large quantities of same product, automated using CAM e.g. calculators, toys, washing powder
Business Plan sets out how business will achieve its objectives, outlines marketing, production, and financial plans
Business Expansion acquiring more assets whilst selling to more markets
Economies of scale When a firm increases its production the unit cost reduces
Finance for Expansion Equity Capital, Debt Capital Grants
Equity Capital Share capital, retained earnings, Venture Capital, BES
Venture Capital Finance for high risk ventures (seed capital), Venture capital companies take part ownership in new business
Business Expansion Scheme Investors can invest in company and this is written off against the tax liability of investor company
Debt Capital Long-term debt which has to be repaid with interest
Grants Non-repayable sum given by government/EU once condiions are met
Methods of Expansion Organic & Inorganic
Organic Growth growth from within the business, increasing sales in existing markets, developing new markets & products, exporting, licensing, franchising
Licensing Licensor grants permission to another firm to produce & distribute products under a trade name, for fixed period,
Franchising Business with established name, logo & track record allows others to supply its products using same successful formula
Inorganic Growth external growth through strategic alliance, merger, takeover (acquisition)
Strategic alliance agreement between different firms to actively promote business interests which are benefit to both
Joint Venture form of partnership set up for a commercial purpose e.g. AIB & AVIVA venture on life pensions
Merger Voluntary agreement to create new legal entity which both will benefit from e.g. Waterford PLC & Avonmore PLC to form Glanbia, permanent tsb
Takeover buying of 51% of shares in another company, friendly/hostile
Created by: MsBradyBusiness
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