Financial planning and analysis

The financial aspect of setting up any business is one of the most important elements of any business plan, and we are prepared to invest 15 thousand euros into AKA Fashion, which we have managed to obtain from joint savings. The money will be invested in various aspects, such as finding the right rental space, and furnishing the shop, as well as covering any administrative fees. To really capture the attention of the Cadiz residents, we are determined to rent a commercial space in the heart of Cadiz, as the centre is always bustling and full of life. Moreover, there is a lot of tourist activity in the centre as a result of many cruise ships docking in the city throughout the year. Rent tends to be quite high in the city, however we have a healthy budget, and are determined to make it work, as we believe that the business has the potential to grow quickly. 

Having done our research very thoroughly, we were able to find out that the average monthly rent of a commercial space in the centre is around 700 euros. With regards to furnishing the shop, we will put aside 3000 euros to purchase all the furnishings, including two washing machines. Given the fact that AKA Fashion will be a small business, we will only employ one person, whose salary will be 1200 euros a month, which we think is in line with what other employees earn in the area for this type of work. Ana and Eryka will each be taking home 1500 euros a month.