Swot Analysis Essay Example for Free

Swot Analysis Essay This paper gives a detailed description of the business plan that I have chosen. The SWOT Analysis will discuss strengths, weaknesses, opportunities, and threats for my proposed tanning salon. The paper will discuss in detail and, in some instances, how different factors of external forces and trends and internal forces and trends have different effect on the SWOT Analysis. The Business Plan The company and business plan that I selected was a business plan made specifically for a tanning salon. The business plan was an executive summary. It included the objectives, mission, and the keys to success. It also included a summary of the company and the products and services that the salon will offer. Strategy, Implementation, and Management summaries were included. Finally, it gives a detailed financial plan. This business plan is extremely detailed and can help give anyone an clear understanding of how to get a business started, what it takes in detailed to get started, and actually how much work and precision it will take to get started. This business plan helped me to understand and outline the strengths, weaknesses, opportunities and threats that could affect my proposed tanning salon. SWOT Analysis – Strengths The strengths of my proposed tanning salon are significant. The main strength that will make this salon become and remain successful is the desire and passion I have for the tanning business and the dream of expanding to different areas. Another strength that I have is the strategic planning and development before the salon ever opens. My planning has been extensive. I have planned around some more common pitfalls and possible failures. I also plan to send all of my management team to training so that they can receive the skills necessary to run my salon with minimum errors. SWOT Analysis – Weaknesses I have tried to minimize my weaknesses for the salon. However, there are some known weaknesses that I will have to face and overcome without any down time. The greatest weakness that I will be faced will is the challenge of competing with our salons in the area and getting my clientele built up. Another small weakness is the hiring of new employees. The weakness falls in to place by having to take the time to train and educate the new employees on all the rules and regulations. SWOT Analysis – Opportunities The opportunities for my proposed tanning salon are endless. The greatest opportunity for the salon would be the potential for growth in all areas of the business. The growth potential for this salon to expand to different regional areas is unlimited. The opportunity for new and up-to-date training for all employees will always be available and offered. Improvements within the day to day running of the salon and customer feedbacks are opportunities that can be taken advantage of. These opportunities can improve the overall customer satisfaction and efficiency of daily tasks. Through trail and error and making necessary improvements, the opportunity of making a better, more pleasurable tanning experience for the customer is very much available. Opportunities can be taken advantage of every day. With this business, there is no stopping point and the opportunities are never-ending. SWOT Analysis – Threats Threats are another component that I have planned and prepared for to the best of my ability. The best threat that stands against the success of my proposed tanning salon is competitors and competing businesses. My tanning salon will always have to stay on top of its marketing, special offers, and customer improvements. If anything lacks in these areas, my competitors will get ahead and gain the attention of current or potential customers. My staff can be another threat to the success of the tanning salon. If the management team is not effective in their leadership or faulty in their actions then the employees will become nonchalant in their actions and responsibilities. Having a disrespectful and disobedient staff will be a down fall to the success of the business. I plan to try to avoid this from happening by continually training and periodically inspecting my staff’s action. Although I can not make the threats disappear, I can effectively handle them as they come. Conclusion It can be said without a doubt that to establish a good tanning salon business is not an easy task. It requires extensive planning and preparation. A detailed and thorough business plan along with a well thought out SWOT Analysis should be an outstanding starting point. Although every detail can not be planned or worked out, the key to success is learning from a mistake and correcting it two-fold. In order for my proposed tanning salon to be a success, I must endure the tribulations and accomplishments through my own trails and error.