Business objective
“To incorporate exclusivity and to create a laid back sort of attitude but fashionably fun for all our customers to experience”.
A swot analysis shows how our business will perform when placed on the current
market, how well we will be able to compete in that market. It also shows the
positive and negative side to a new business.
Strengths
- Different style of business
- Well trained staff
- Location (Traffic & income)
- Prices
- Brand image
- Unique functions and events
- Wifi
With all the different strengths mentioned above, we are going to capitalize on these
by maintaining our staff and also provide them with training if needed. Have various themed nights for entertainment which will include popular bands come and play. For the price we will keep our prices lower than most of our big competitors.
Weaknesses
- New to market and unestablished business
- Limited funds
- Maintenance
- Maintaining image
- Limited business life
- Parking facilities
- Operating costs
As a new business we are aware of the fact that we will have to face a number of weaknesses. One of them being unestablished. This is normal for all new ventures as it is difficult to gain the trust of customers in the beginning. In order to overcome this we are going to use various forms of
promotional campaigns such as social networking sites and entertainment magazines just to name a few. For the product, this most likely will already exist on the market, but we believe the only way to make a profit and keep customers happy is by the excellent services we will be providing once in operation.
Opportunities
- Public transport influence
- Competitor exits market
- Expansion of franchise
Opportunities such as new buildings being built around the area will give us a chance to attract more customers. Another opportunity is one of the major competitors closing down. In this case people will be looking for the next best place to go to, and we want to be that place.
Threats
- Close to CBD (Competitors)
- Liquor licensing (Responsible service of alcohol, regulations)
Threats could potentially affect our business in many ways, one of them are an increase in
operating costs. However we will overcome this by including in our budget such unexpected increases that might happen in the near future.
“To incorporate exclusivity and to create a laid back sort of attitude but fashionably fun for all our customers to experience”.
A swot analysis shows how our business will perform when placed on the current
market, how well we will be able to compete in that market. It also shows the
positive and negative side to a new business.
Strengths
- Different style of business
- Well trained staff
- Location (Traffic & income)
- Prices
- Brand image
- Unique functions and events
- Wifi
With all the different strengths mentioned above, we are going to capitalize on these
by maintaining our staff and also provide them with training if needed. Have various themed nights for entertainment which will include popular bands come and play. For the price we will keep our prices lower than most of our big competitors.
Weaknesses
- New to market and unestablished business
- Limited funds
- Maintenance
- Maintaining image
- Limited business life
- Parking facilities
- Operating costs
As a new business we are aware of the fact that we will have to face a number of weaknesses. One of them being unestablished. This is normal for all new ventures as it is difficult to gain the trust of customers in the beginning. In order to overcome this we are going to use various forms of
promotional campaigns such as social networking sites and entertainment magazines just to name a few. For the product, this most likely will already exist on the market, but we believe the only way to make a profit and keep customers happy is by the excellent services we will be providing once in operation.
Opportunities
- Public transport influence
- Competitor exits market
- Expansion of franchise
Opportunities such as new buildings being built around the area will give us a chance to attract more customers. Another opportunity is one of the major competitors closing down. In this case people will be looking for the next best place to go to, and we want to be that place.
Threats
- Close to CBD (Competitors)
- Liquor licensing (Responsible service of alcohol, regulations)
Threats could potentially affect our business in many ways, one of them are an increase in
operating costs. However we will overcome this by including in our budget such unexpected increases that might happen in the near future.