My Small Business: the Sewing Studio

Location: Riga, Latvia
Form: sole proprietorship
Capital:
Real estate – 60 000 €
Equipment – 2 000 €
Structure: functional.

Advantages:
very few regulations to start
own all the assets
right to keep all the profits
freedom in
decision-making
no necessity to take into account other’s opinion
opportunity to be successful.

Disadvantages:
run the risk of financial ruin
supply all the capital
limited ability to borrow
take responsibility for incorrect choices
use personal property to settle the debts
unlimited financial liability.

Strategy
Ability to develop strong customer relations and expand the business
Reasonable prices
Amicable working environment
Purposefulness
Responsibility & friendliness.…