Explain the Characteristics of the Local Business Environment Essay

Introduction I am going to talk about characteristic of the local business environment in the Leicester. My chosen business is eastern European restaurant. Product Market This restaurant will be aimed at a niche market for European people who live in Leicester. They are a lot of people from Eastern Europe like Poland, Latvian, Lithuanian and it will help to me make a profit. I look for European public, because I see there are lots of Asian restaurants in Leicester and not many European. Sector and industry changes This business falls into the tertiary sector which is growing faster than primary or secondary as many companies decide to provide service because it brings more profit than manufacturing. People pay more money for ready goods and services than they do for raw materials. At the moment many people haven’t got a job which helps to me to chose more options of quality staff and wages. Tertiary sector is growing fast and took over most of the industry. Primary and Secondary sectors not growing and not expanding as need of it isn’t big. Legal Frame Work I have researched about the types of health and safety that I would need in a restaurant and have found out that for my business which is a restaurant business I would need at list level 2 of food hygiene certificate for health and safety and health and safety certificate for the workplace. As I would be the only owner – Sole-trader so I do not need to register my company as a company LTD and do not need a registration with company house. I will be personally responsible for accounts and paying tax of the profit I’ll make each year. Planning and Employment I am thinking to open my restaurant in Narborough road, because it is strategically advantageous position. I would like to recruit two bartenders and six waiters, due to shift change. Economic trends and Income Recession is in the all world and touches all business sectors in UK. Currently people stop going to the restaurants. The government increasing VAT which affects small businesses and they income. Opening new business can be really risky especially new restaurant. People spending more money for goods they really need and not leaving any money for entertainment. If we will have a look at hierarchy of Moslow restaurant business is on the top needs for people and humans