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
Financing is crucial for a sole trader when starting a business. It determines the ability to secure resources needed for rent, equipment, and initial stock. Understanding different financing options enables the trader to manage cash flow effectively.
Step 2
The legal aspects
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Answer
Understanding the legal aspects is essential to ensure compliance with regulations such as licenses and permits required to operate a hairdressing business. This knowledge helps to avoid legal issues and establish a solid foundation for the business.
