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SWOT analysis for an accessories store

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Introduction

5. SWOT Analysis In this section, I will analysis 4 different elements which are significant to my business. This is a form of strategic planning, used to analyse the "SWOT" that my business will have. SWOT stands for: * Strengths * Weaknesses * Opportunities * Threats This involves identifying and explaining the internal and external factors that will be beneficial or a disadvantage to achieving my aim- running a successful business. Strengths A strength is something my business does well, giving it an advantage over its competitors. These are internal factors, as they are points related to my business only. * Research I have done primary and secondary research on many aspects of the business world before starting my accessories business. I have designed a questionnaire that contains queries significant to my business, gave it to people to be filled in and then analysed my results of the questionnaire using graphs. From this, I have concluded with a 'customer profile', which is an insight into what my typical consumer will be like. I've analysed possible locations in which to situate my store and identified my competitors and analysed their strengths and weaknesses. Doing this research is vital before starting up a business as it helps to eliminate risks therefore minimising chance of failure. ...read more.

Middle

Consequently, this means I won't have the experience that my competitors will already have from running their businesses, leaving me at a disadvantage to them. * Surrounding competitors I am situating my business in the Metro Centre, where I will be surrounded with many popular competing accessory stores e.g. House of Fraser, River Island, and Accessorize. Although these competitors will bring potential consumers to the area, getting my business noticed by the type of consumer my business is aiming at, it also suggests I will have less consumers purchasing from my store as it is likely they will prefer to purchase accessories from the big, well known stores. This is due to these type of stores, alike Accessorize and [email protected], already owning a good reputation therefore meaning less risk factor, of purchasing a faulty product, for the consumer. Opportunities An opportunity is a direction my business could profitably take in the future because of the strengths it has. * Expanding my business I am starting up as a small business, but one of my long term objectives will be to make decide whether or not to expend my business I the foreseeable future. This would mean owning another accessories store in a different location so that to make my business more widely recognized and, understandably, to make more profit! ...read more.

Conclusion

Another weakness is I have many competitors surrounding the location of my business. However, this could also be seen as a strength as it brings more potential consumers to the area, therefore making my store more noticed and well known. I think that the strengths greatly outweigh the weaknesses of my business, which is a good advantage and gives me confidence in my upcoming business. If my business becomes continuously profitable, there is the opportunity of expanding my business and owning another store in a different location. This should be easier to achieve than when I first started up my business, simply because I have already completed research for my business which can be used again as help to expanding my business. However, there are several threats to my business. My opportunities of expanding my business will only occur if good, continuous profit is achieved every month over a period of time, making this opportunity indefinite. Taking this into account, I believe my threats to outweigh my opportunities. However, these threats are either unlikely to happen or wont be too much of threat for my business. Overall, I have come to the conclusion the strengths and opportunities overweigh the weakness and the threats and, consequently, the 4 elements of the SWOT analysis suggest that there is scope for my business. ...read more.

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