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The economy is divided in three sector based on the purpose of business. The three sectors are primary, secondary and tertiary. The primary sector is concern with pulling out raw materials, the secondary is related with manufacturing of goods and the tertiary sector is responsible for providing services. The business ideas in this are related to different three sectors in the economy. The business idea of growing unusual fruits and vegetables comes under the primary sector because this business idea is related to agricultural activity. The business idea of designing and building unique garden offices and garden sheds from raw material comes under the secondary sector. The secondary sector is related to the activities of manufacturing, constructing, automobiles, electronics etc .In this idea, there is a construction of garden offices and garden sheds, thus it is come under the secondary sector. The tertiary sector is related to providing services (Muhamma et al., 2022). The business idea like barber/ hairdresser, a consultancy business, accountancy, tax advice firm are concerned with this sector. It included in tertiary sector because the barber/ hairdresser provides services to its customers like haircutting, styling, a consultancy business provides services to its clients related to strategies to improve efficiency of their business. The accountancy firm and tax advice firm providing services, hence it comes under the tertiary sector.
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The primary sector is related with the activities of pulling out and gathering natural resources from earth. This sector aids other sectors of economy by providing or extracting raw materials. It provides base for other products, therefore it is called primary sector. It includes activities like agriculture and related activities, fisheries, mining and forestry (Friedman et al., 2020). The primary sector contributes society by providing employment opportunities to the number of people in the country as a result it contributes in increasing national income. Food is a necessary requirement of the society, it is essential for the survival of human life. The primary sector fulfills this need of society. The main contribution done by the primary sector in the society is that it provides raw materials to industries for the further process.
The secondary sector in the economy is concerned with manufacturing of goods. It produces goods by using raw materials that provides by primary sector. This sector contributes in society by creating job opportunities, making advancement in the technology and helps in doing global trade. More people get employment because this sector required large number of people to undertake manufacturing process. It contributes in society by converting raw material into useful finished product that is used by the society and enhance their standard of living. It empowers the society and economy financially.
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The tertiary sector includes the business that provides services. The important contribution of this sector is that it furnishing essential services likes education, healthcare, hospitality, fitness and hairdresser. This sector also enhances job opportunities in the society for the people who are passionate for delivering services in their interest area. This sector helps a society in bringing a positive outlook and experience by providing services like beauty and entertainment it enhances wellness and quality life of people.
The idea of hairdresser is interested for doing business because in today`s time it is a growing business. The hairdresser business provides range of hair-related services to its clients or customers. The hairdresser gives services of haircutting, styling of hair, shaping of beard and mustache, it also provides some kind of chemicals treatment such as coloring and highlighting hairs, perms, keratin treatments, and hair and scalp treatments. Also, includes services like shampoo hair, doing makeup and giving nail and skincare services. The hairdresser makes use of different tools and techniques for the purpose of styling and haircutting. This business is concerned with providing services that is beneficial for the clients or customers. The hairdresser business is also providing services to its clients, therefore it is belongs to tertiary sector. The hairdresser business is good because in this there is high potential to earn profits (López-Jauregui, 2021). In this business the service provider able to make money but also get extra money in form of tips for providing good services and satisfaction to customers. In this business the owner have freedom or control to make schedules according to his choice. This allow owner to work smarter and helps in focus to other areas in life.
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As a hairdresser there is a choice to start business as a sole trader or as a limited company. A sole trader is a formation of business in which one person or individual operate or run the entire business. A limited company is a kind of structure of business, in this the company has a legal image of its own, have a different name, assets and income that are distinct from its shareholders and management. The different legal framework has different strengths and weakness. Establishing and operating a business as a sole trade business have some strength like it required less paper work, low overhead as there is less cost to start a business, easy registration. The sole trader enjoys earning profits solely, maintain work- life balance and there is total privacy in doing business (Giupponi and Xu, 2020). There are some weaknesses as there is unlimited liability of sole trader and have less or limited capacity to raise a fund. Doing business as a limited company has various strengths such as decrease the risk of personal liability, good business profile, easily raised fund for growth of a business and have personal income flexibility. There are some weaknesses like sharing ownership, lack of flexibility, complex account and administrative loads.
For the idea of business of hairdresser, the sole trading is a good option to start a business. It is a good option because it is easy to establish business as a sole trader, it also required less paper work. The tax rates are also less but after a certain level of earning it may be high till the owner establish his business and makes higher profits that are enjoy by the person solely and there are less start-up and operating cost. The sole trader is free to make decision for its business.
When a decision is takes to start a business, there is requirement to raise a fund so that the entrepreneur is able to fulfill the expenses to operate a business. Finance is necessary for buying assets and operating day to day activities (Zha et al., 2020). Finance is needed to purchase things that are necessary for business and to pay salaries of the staff. For generating finance for hairdresser business bank loan and crowd funding is a appropriate option.
For the finance, the owner of business raise fund through taking loan from bank at a less interest rate for a specific period of time. It can be short or long term loan. The owner can repay the bank loan in installments. There are some benefits and disadvantages come while raising money through this sources. The bank loan raise through financial institutions with some benefits that the bank is not giving rules and regulations regarding use of raised money and with the proper documentation an individual easily access the money (Martínez-Gómez, Jiménez-Jiménez and Alba-Fernández, 2020). The disadvantage is that for raising the loan the process is hard and lengthy. For this process first the owner needs to apply for loan, than the bank will evaluate the history of raiser, the credit score, income and so more. It is done to determine the credit worthiness and repayment capacity of the raiser. After this long process the bank grant loan. The raiser have to pay high interest rate on the principal amount due to this sometime it is difficult to pay monthly installment.
The crowd funding is also a kind of practice to raise fund, in this fund raised through internet from huge number of people, make contribution in small amounts. It allow owner of start-up to raise money from wide audience. This assists the startup businesses to achieve a market validation, create a group of supporters and set a better platform for prospective customers and investors. The advantage of crowd funding is that in this the business can raise fund quickly. Crowd funding done through the help of several platforms such as Seedrs, Crowdcube, Kickstarter, ndiegogo, Syndicate Room and so more. The advantage in this is it is less risky compared to other sources as in this it is not required to sacrifice equity , it only need to exchange good or service for the purpose of funding. The disadvantage is that the process of raising money through crowd funding is very time-consuming and sometime it is difficult to access the funding objectives and in this there is assurance that project will accomplished.
For hairdresser business, raising money through bank loan is an appropriate option because bank loan provide more finance for business purpose as compared to crowd funding. In bank loan the raiser easily raise money by providing correct documents and in this the interest rate and repayment amount are pre-decided, it help the raiser to make budget accordingly and make timely repayment of installments. There are fewer burdens on the business in this case.
Human Resource Policy is a rules and regulation or guidelines for recruiting, employing and training and development of the employee (Holbeche, 2022). This policy also includes guidelines for remuneration to employees, compensation, leave promotion, health and safety, preventing discrimination, working hours and environment. It suggests how the company treats its employees.
Health and safety- Human Resource policy play an important role regarding health and safety at the workplace. The health and safety policy includes creating a safe and healthy working environment for the employees, removing hazards, protecting employee and improving work place for better performance. The HR policy also suggest to provide enough resource to employee to maintain safety such as gloves, headgears and also include policy of communication regarding safety commitment to employees and worker. There are two legal health and safety policy- The Health and Safety at work act 1974 express the legal requirement of the employer to make a policy regarding this (Health & Safety Policy. 2024). The owner must examine structure of the salon and related work activities of the staff so that analyze the possible risk or accidents. The Management of Health and safety at work regulation act 1999 states management of health and safety.
Working hours- The HR policy includes policy of working hours for the businesses. The objective of the policy to protects physical and mental health of the employee. It covers holidays, sick pay leaves, night shifts and working hours for the employee. The HR policy includes working hour for employees are 48 hours per week and one day off in a week.
The policy need to include in health and safety that the employer must motivates the employees to give information or report of any risk, threats and danger so that it can be overcome by taking effective action. This policy must be bringing in the attention of all employees so that it helps them in understand their responsibility at the workplace.
The human resource policy plays a crucial role for protecting the employees from faulty behavior of employee and the company. It helps in identify the problems and complaints of the employee and aids in solving the problem in effective manner. The Human Resource policy for the health and safety and working hour is important because it provide a safeguard to employees and the business. A good health and safety HR policy make sure that an employee is being safe during working hours (Dine and Koutsia, 2020). It helps the employee to decline absenteeism in the business. This policy is essential to reduce the illness and accidents at workplace as a result able to save money of the employer and the business. The working hour policy is important because it provide standard hours of working for the employees. It ensures that the employees or staff not fell overburdened or underworked. This policy also includes rules regarding holidays, pay for overtime work and breaks for meals. It is essential so that employee get some time for the rest and for a personal time in a day from busy day.
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