Financial aspects

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I will no be looking at the financial as they are also as important as the legal factors and it’s important that they are understood clearly because if I don’t know the financial aspects clearly than I might end up loosing quite a lot of money. I would have to be careful that when I am investing in my business I make sure that keep some money for my self as well such as food, cloths and other life essentials. Personal survival:-

I would have to make sure that I present my products in a good way and at the same time I advertise them in a way in which it attracts customers. It would be quite hard for me to keep up with the competition as there are many gaming shops these days so I would need to be really good at selling my products in order for our business to survive and in order to do that I would have to develop good relations with my customers.

Coast of premises, equipment and supplies:- we would have to pay my bills and rent of the shop from the profit that we make and still have some money left over for ourselves and if possible than have some money to reinvest in my business. However these are not the only coasts that I have to consider I would also need to consider my employees because after all we would have to pay them their wages as well. Running costs:- We would need to have really good sales in order to make more money than our competitors so that money can be reinvested in the business in order to improve our business.

Pricing policy:- It is important that we price our products fairly but it is also important that we are careful when pricing our products. And make sure that our prices are lower than our competitors but are high enough to make a profit out of. We would also have to make sure that if we decide to reduce our prices than the old price must be there for at least last 28 days. Source of finance:- We would take a loan from the bank and than repay it but at the same time we will also be investing in some money from our own personal accounts.

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