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# My business strategy - computer shop.

Extracts from this document...

Introduction

Middle

Conclusion

The minimum wage is �3.60 a hour, which is the lowest I can pay. If I pay a higher rate then my staff my feel more valued. Commission could also be used to add on to the basic, this is would reward the staff when they make a sale. My payment method- The method of payment that I will use is based on the type of the job. If the person that I hire is qualified to carry out televisions repairs, accountants, or any thing else of use then they will be paid more. I will pay �4- �4.50, and I will not offer commission. This is because people do not like sales men who work on commissions. I will pay my self with what is left from the profits. This means that if I am doing very well then I will have a higher pay, and vice verses. A bank loan is a very common source of external finance for a business. The loans is repaid over a certain period of time and interest is paid. The time period can be anything from one year to twenty or more. How is interest worked out? Interest must be paid on a loan, this is paid back to the person who lent the money. To figure out the amount of interest that is paid on the loan is worked out by this formula: Amount borrowed 100 * percentage rate = total interest paid Normal rate of interest This is the rate of interest that is applied to the whole loan from when you take the money to when you pay back the last penny. Fixed or variable? The interest that is charged to the loan may be fixed or a variable interest rate. The fixed rate means that it does not change, while the variable can change. The interest rate that is charged depends on: * The status of the borrower, a small shop may have a higher rate of interest then a large company. ...read more.

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