S - Strenghts
Our business has 4 creative minds with different specialities making our overall design capabilities stronger.
We have found a hole in the market therefore we will have less competition.
We will be situated in a popular design area.
We have calculated costs and investigated all aspects of our business before we have set up.
Because it is a new business idea we can't be 100% that it will be successful.
Because none of the team are on the business radar at the moment it will be harder to find clients if they only want to work with known designers.
O - Opportunities
With growing amount of clients we could move to a bigger office or a more central location for accessibility.
With sustainability being a growing market working overseas could become a big opportunity.
We are targeting a market which hasn't been used to its full potential yet (sustainable high end retail design|) and so businesses could be very interested in our unique and current design values.
T - Threats
High end retail brands like to work with established designers and so they could carry on using the more established brands instead of stepping out of their comfort zone.
With sustainability, ethics and the eco friendly market being a lucrative area at the moment other companies may be in the same position as us, setting up, and therefore we need to stand out from the crowd so they don't take our custom.
P - Political
With current social money issues funding may become an issue, so we will need to keep on top of our finances and always have a back up if something was to go wrong money wise.
In relation to money, businesses may not be willing to take risks using our new company incase things went wrong ad they would loose money.
E - Economic
We need to get out costings right so that we can be competitive enough in the market, but still create enough income to fund the business and ourselves.
S - Social
People will want to work with well known designers for a better guarantee of quality.
Or idea is fairly new and unique so businesses may be slightly apprehensive to try something new.
Sustainable, eco and ethical are a growing market and interest within society.
T - Technological
Everyone will have to keep up to date with their skills and software will have to be re newed yearly to keep up to date.
Being an ethically aware company we need to ensure that every step in our design is as eco friendly as possible to keep a good reputation.