EPS L5 Essay - SWOT strength weakness opportunities and...

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SWOT: strength, weakness, opportunities, and threats. Every business has them, some just refuse to acknowledge them. However, that is not how reality works, one can’t just ignore everything that might make the business look a bit intimidating, you have to work with them head-on and recognise that even little misconceptions can make or break a great business. Owning a small business might seem intimidating, might also just be intimidating, but that's part of the fun. My dream business is a little consignment shop that can give back to the community, and that's exactly what a consignment shop does, which is definitely a strength. Any successful business owner needs to recognise what the strengths and weaknesses of owning such a business are. What are they and how can I work with them to improve my business? Well… with a lot of hard thinking and research, some interesting things popped up. Let’s begin with the strengths. I found out that owning a consignment shop comes with more strengths than weaknesses. One exciting strength that comes with owning a consignment shop is the fact that I literally get to recycle clothing. I never liked the idea of throwing away clothes, so being able to buy clothes and sell it for a lower cost to so many customers is a plus. The variety of inventory that comes into consignment shops is endless, everyday is something new so not only is the cost of selling and purchasing inventory a lot cheaper which means more customers and more income, but it also gives me and the customers something new to look forward to everyday. Owning a consignment shop serves a purpose, doing so can give back to the community, and what I don’t sell I can give to charities like ‘hope women’s center’ or ‘Big Brother Big Sister Foundation’. These are just some examples of places that would accept new or gently used clothing and actually put it to good use. Now that we have the good let’s follow up with the bad, the weaknesses of a consignment shop. As any good business owner and competent human being may know, the quality of inventory at any second hand shop and consignment store isn't always the best. Sometimes these shops receive some very questionable items and low quality inventory. I remember one consignment shop I once visited sold panties (don’t know if they still do), but that is a big no-no. Of course one might find a jewel in the hidden treasures of recycled inventory at any thrift like shop, but there is definitely a high amount of not the best quality goods when it comes to what some might sell. New or gently used clothing is what I would mainly accept, but that doesn't mean that everything will be in top-notch condition. Another thing about inventory that isn’t the best is the variation of quantity. Some weeks my business might receive a lot less compared to the others, which wouldn’t be terrible, but it wouldn't be good because low inventory means income varies and so does the margin of buying and selling. Another thing that might be

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