Which two of the following factors would be important for a sole trader when starting up a hairdressing business?
Select two answers - Edexcel - GCSE Business - Question 2 - 2016 - Paper 1
Question 2
Which two of the following factors would be important for a sole trader when starting up a hairdressing business?
Select two answers.
A. Ability to raise share cap... show full transcript
Worked Solution & Example Answer:Which two of the following factors would be important for a sole trader when starting up a hairdressing business?
Select two answers - Edexcel - GCSE Business - Question 2 - 2016 - Paper 1
Step 1
How to finance the business
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Answer
Understanding financing options is crucial for a sole trader starting a hairdressing business. This may include personal savings, bank loans, or other funding sources. A good financial plan helps ensure that the business can operate smoothly in its initial stages.
Step 2
The legal aspects
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Answer
Awareness of legal aspects is essential for compliance with local regulations, including health and safety laws, business licenses, and taxation requirements. Addressing these from the beginning helps prevent future legal issues that could jeopardize the business.
