The answers for "Setting up Your Own Business Reading Answers" include 6 questions and are part of the assessment framework for the IELTS General Reading test. Candidates are allotted 10 minutes to complete the reading responses concerning "Setting up Your Own Business Reading Answers." This portion of the IELTS reading exam consists of various question formats, including Choose ONE WORD ONLY.
The answers for "Setting up Your Own Business Reading Answers" offer a comprehensive overview of the passage, explaining that to start a successful business, you must understand your market, competitors, customers, operations, legal requirements, and financial planning. All these details should be organized into a clear business plan to guide the company’s growth and funding needs. For additional practice with similar reading assessments, candidates can refer to the IELTS Reading Practice Test section.
Check: Get 10 Free Sample Papers
Check: Register for IELTS Coaching - Join for Free Trial Class Now
Setting up Your Own Business Reading Answers
Here are some ideas about how you should start:
Know your market
So you know what you want to sell - the most important thing is that it should be something that people want to buy. Start by thinking about who your target customers are. Are they people who live locally? Are they a particular group of people?
Now look at your competitors. What is different about what you will be doing and how will you persuade people to come to you instead of going to someone who is already established?
How will you reach the customers?
Will you promote your product by phoning people, or visiting local traders, or advertising in magazines or online? Will your delivery system be direct or through shops?
How will your business work?
Now think about what your business needs to succeed. Do you need to look for premises or can you work from home? Do you need to invest in manufacturing equipment to start with?
Is the business something chat you can do on your own, or if you get more work will you be looking to recruit staff? if so, what skills would they need?
Whether you're a sole operator or are looking to recruit a team, effective management is essential.
The law regulates how companies are run and you need to set aside the time to see that this is done properly, in relation to issues like accounting, insurance and tax.
The money!
As you are working our die prices for your products, you need to make sure you build in all your costs. Remember you will probably need help from an accountant at least once a year, so build that in too, and do a forecast of how much money you think will flow in and out of the business.
Look at what you expect to happen over the next three years - and work out what you need to do to break even, as well as the turnover that you hope to achieve to give you a profit. If you think you will need to find some funding to help get the business off the ground, how much will you need: and who will you approach to get it?
Your business plan
Now write it all up and call it a business plan.
Questions 22-27
Choose ONE WORD ONLY from the text for each answer.
Write your answers in boxes 22-27 on your answer sheet.
Step 1:
Decide who you are going to sell to and compare yourself with the 22…………… you are going to have.
Answer: competitors
Supporting statement: “Now look at your competitors.”
Keywords: look, competitors
Keyword Location: Know your market section, line 5
Explanation: Step 1 asks you to compare yourself with others in the same field. The passage clearly instructs new business owners to examine their competitors to understand the market. Therefore, the correct word is “competitors.”
Step 2:
Consider how you will market your product and your method of 23……………..
Answer: delivery
Supporting statement: “Will your delivery system be direct or through shops?”
Keywords: delivery system
Keyword Location: How will you reach the customers? section, last line
Explanation: Step 2 refers to marketing and the method of getting the product to customers. The text mentions considering the delivery system, which directly matches the question. Hence, the correct answer is “delivery.”
Step 3:
Decide if you will have to find 24……………… to work in, or buy equipment.
Answer: premises
Supporting statement: “Do you need to look for premises or can you work from home?”
Keywords: look for premises
Keyword Location: How will your business work? section, line 2
Explanation: Step 3 asks whether you need a place to work. The passage uses the word “premises” to refer to a business location. Therefore, “premises” is the correct answer.
Step 4:
Think whether you will need to take on staff as your business grows.
Step 5:
Make sure you deal with the accounts and other essentials in accordance with the 25…..……..
Answer: law
Supporting statement: “The law regulates how companies are run…”
Keywords: law, regulates
Keyword Location: Management section, line 2
Explanation: Step 5 mentions handling accounts and essentials according to regulations. The passage specifies that the law regulates how companies operate. Thus, the correct word is “law.”
Step 6:
Calculate all the 26 ……………….. involved in your business when deciding how much to charge.
Answer: costs
Supporting statement: “you need to make sure you build in all your costs.”
Keywords: build in, costs
Keyword Location: The money! section, line 1
Explanation: Step 6 concerns calculating expenses when setting prices. The passage emphasizes including all costs in pricing decisions. Therefore, “costs” is the correct answer.
Step 7:
Calculate the turnover you are aiming for in order to make a profit in the first three years.
Step 8:
Consider if you require any 27……………... to start your business, and where to find it.
Answer: funding
Supporting statement: “If you think you will need to find some funding to help get the business off the ground…”
Keywords: find funding
Keyword Location: The money! section, last lines
Explanation: Step 8 asks whether you need financial support to start the business. The text explicitly mentions funding as the money required to launch the business. Hence, the correct answer is “funding.”
Check IELTS reading samples:
Comments