OK so i have managed to set the second store up successfully and it worked great. However i then realized there was no way to directly access the store other than using the (Magento Store Switcher in the Footer) which is not really what i was looking for. I need a direct URL.
So i was looking all around the web and all i managed to find was to go into the default configuration settings and set 'Add store code to URL' to YES as shown below... Which again is great and it allows me to access Store 2: www.myshop.com/business/ directly.