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Message: <blockquote data-quote="aspiringlawyerr" data-source="post: 133568" data-attributes="member: 25158">PESTLE:Political: What country am I going to source my coffee beans from? Does the UK Government impose any trade restrictions on that country, or would I need to complete any declaration forms? Have any pesticides been used in bean production, if so, do these violate any rules?Am I planning on employing staff – what employment regulations would I need to follow in relation to workers under-18?Economic: How am I going to fund my start-up costs (coffee machines, tables, chairs, cups etc)? If through a bank loan, what interest rate would I receive? Would anyone else be investing?In relation to the coffee shop, am I going to lease or purchase the freehold? Do I have enough money to put down a mortgage deposit, how are high interest rates going to impact my negotiating power with a mortgage broker?As a small business, would I receive any council tax relief or business rates relief? How will the square-footage of my coffee shop increase these costs? If in a commercial development, would I be responsible for any service fees?Foreign exchange rates – due to poor value of sterling, how will this affect my costs if I am buying beans/coffee cups/equipment from overseas?Social: How can I differentiate myself in such a well-established market? Already facing competition from chains (Starbucks/Costa/Pret) which attract customers through existing loyalty programmes. Moreover, there are hundreds of independent coffee shops in London – how can I meet their quality/tap into their target market? Would my business turn into something else at night?Technology: What payment system will I be using? If collecting customer data, will this be stored electronically? How will I reduce the threat of cyber attacks?Legal: How will I complete my tax returns? Who will check my lease or other legal agreements the business enters? What personal liabilities might I be taking on? How will I ensure I meet employment regulations? How will I display allergen or calorie information? (As a small business I may not need to display calorie info) How will I train my employees on handling allergens?Environmental: Do I want my products to be organic? How am I going to reduce my impact on the environment – compostable takeaway cups and utensils? Using local products (milk etc, where possible)? Do I want to pay for a renewable-energy electricity provider?SWOT:Strengths: Entering a high-margin market, coffee shops normally have a high customer footfall. I may be a skilled barista or able to create latte art which could be a USP in comparison to other chains. Likely to be able to source higher-quality coffee beans than chains which purchase in bulk. As my own business, I can be more flexible with my policies. For example, could create flexible working places with charging points for students or professionals. Opportunity to turn run 2 income streams, e.g. could sell books alongside coffee or turn the shop into something else at night - event space for corporates etc. (both ideas have additional costs though). Weaknesses: There are hundreds of independent coffee shops in London so my business would be entering a highly competitive and well-established market. Difficult to be memorable. Difficult to attract new customers. Could be employing dozens of employees on different shifts working part-time, making staffing retention difficult.Opportunities: Increasingly, customers are looking to independent coffee shops as their caffeine levels are more consistent across drinks – unlike chains which have highly varying caffeine levels (recent BBC news study). Social media allows for growth of businesses quickly, e.g. if coffee shop goes viral on TikTok as a good place to study.  Threats: Many of my customers (professionals on their way to work) have established routines and therefore loyalty to existing coffee shops. Chains have loyalty programmes (e.g. Starbucks reward card – giving free syrups or alternative milks) so difficult to tap into their customer base. High cost of living – customers cutting down on unnecessary spending. Supply chain issues.</blockquote>

Verification: Our company is called, "The Corporate ___ Academy". What is the missing word here?

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