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Aspiring Lawyers - Applications & General Advice
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<blockquote data-quote="TheBarorNot10" data-source="post: 134662" data-attributes="member: 25958"><p><strong>S- </strong>what is my company’s USP? As an independent coffee shop in London – I need to have a USP that makes me stand out from the thousand other coffee shops and draws customers to get coffee from my independent business and not a franchise, such as Starbucks. What resources or assets do I have? E.g., coffee machines, unique coffee blend recipes, store/shop space, key employees, key clientele – e.g. – influencers, digital assets – IP and brand, social media following.</p><p></p><p><strong>W </strong>– finances – specifically costs – how will I fund the start-up and working capital of this business? Independent coffee shop – consider if I have enough capital as an entrepreneur to put money in my business? Or will I need to raise capital in the form of debt (loans) or equity (venture capital). As a new, young business – it will take a while before profit is made or even revenue. How will I keep the business going – what sources of finance will I use?</p><p></p><p><strong>O</strong> – consumers are turning to cheaper/ low priced food and drink alternatives amidst cost of living crisis. More city workers are going back to the office as time goes on – footfall can help business. Dairy free alternatives – soy milk, oat milk, almond milk is very popular in coffee drinks nowadays. Matcha and chai lattes are also growing trends.</p><p></p><p><strong>T</strong>- changes in consumer spending and cost of living crisis will affect demand/revenue. Also, recent change in government reducing support for energy support bills will increase costs. In regard to competitors, independent business will have to face rivals such as Starbucks and Costa Coffee which already have a loyal following. Furthermore, many UK businesses are failing at a fast rate due to high wage requests, high utility bills and high interest rates making servicing existing debt unaffordable. High utility bills will affect running costs of business.</p><p></p><p><strong><em> </em></strong></p><p><strong><em></em></strong></p><p> <strong><em></em></strong></p><p><strong><em></em></strong></p><p><strong><em>P – </em></strong>government plans to shelf energy support for businesses. Support will be reserved for ‘energy intensive businesses only’. Corporation Tax will need to be a factor to consider if limited company.</p><p></p><p><strong><em>E –</em></strong> Economic climate in London/UK is not great. Cost of living and recession will affect business. Consumers are not spending as much as they used to and will be probably forgo coffees to save. High interest rates makes borrowing expensive and servicing existing debt difficult. UK business are failing at a fast rate.</p><p></p><p><strong><em>S</em>- </strong>consumers are not spending money, hybrid working – less people travelling to London on weekdays, young people have more disposable income. Younger generation like ‘Instagrammable’ places to eat, drink.</p><p></p><p><strong><em>T- </em></strong>Open AI has created Chat GBT – type of technology can be used to take people’s orders?</p><p></p><p><strong><em>L – </em></strong>food/drink business – laws relating to Health and Safety, Food Hygiene rating from Food Standards. What type of structure will business take? Limited Liability Company? Sole trader – as an entrepreneur I may want to keep all profits from business.</p><p></p><p><strong><em>E- </em></strong>ESG is a big focus right now. How will my business reduce greenhouse gas emissions and contribute to sustainability? Disposable/recyclable / reusable coffee cups? Sourcing coffee beans from sustainable/ethical origins? Making sure suppliers are ethical?</p></blockquote><p></p>
[QUOTE="TheBarorNot10, post: 134662, member: 25958"] [B]S- [/B]what is my company’s USP? As an independent coffee shop in London – I need to have a USP that makes me stand out from the thousand other coffee shops and draws customers to get coffee from my independent business and not a franchise, such as Starbucks. What resources or assets do I have? E.g., coffee machines, unique coffee blend recipes, store/shop space, key employees, key clientele – e.g. – influencers, digital assets – IP and brand, social media following. [B]W [/B]– finances – specifically costs – how will I fund the start-up and working capital of this business? Independent coffee shop – consider if I have enough capital as an entrepreneur to put money in my business? Or will I need to raise capital in the form of debt (loans) or equity (venture capital). As a new, young business – it will take a while before profit is made or even revenue. How will I keep the business going – what sources of finance will I use? [B]O[/B] – consumers are turning to cheaper/ low priced food and drink alternatives amidst cost of living crisis. More city workers are going back to the office as time goes on – footfall can help business. Dairy free alternatives – soy milk, oat milk, almond milk is very popular in coffee drinks nowadays. Matcha and chai lattes are also growing trends. [B]T[/B]- changes in consumer spending and cost of living crisis will affect demand/revenue. Also, recent change in government reducing support for energy support bills will increase costs. In regard to competitors, independent business will have to face rivals such as Starbucks and Costa Coffee which already have a loyal following. Furthermore, many UK businesses are failing at a fast rate due to high wage requests, high utility bills and high interest rates making servicing existing debt unaffordable. High utility bills will affect running costs of business. [B][I] P – [/I][/B]government plans to shelf energy support for businesses. Support will be reserved for ‘energy intensive businesses only’. Corporation Tax will need to be a factor to consider if limited company. [B][I]E –[/I][/B] Economic climate in London/UK is not great. Cost of living and recession will affect business. Consumers are not spending as much as they used to and will be probably forgo coffees to save. High interest rates makes borrowing expensive and servicing existing debt difficult. UK business are failing at a fast rate. [B][I]S[/I]- [/B]consumers are not spending money, hybrid working – less people travelling to London on weekdays, young people have more disposable income. Younger generation like ‘Instagrammable’ places to eat, drink. [B][I]T- [/I][/B]Open AI has created Chat GBT – type of technology can be used to take people’s orders? [B][I]L – [/I][/B]food/drink business – laws relating to Health and Safety, Food Hygiene rating from Food Standards. What type of structure will business take? Limited Liability Company? Sole trader – as an entrepreneur I may want to keep all profits from business. [B][I]E- [/I][/B]ESG is a big focus right now. How will my business reduce greenhouse gas emissions and contribute to sustainability? Disposable/recyclable / reusable coffee cups? Sourcing coffee beans from sustainable/ethical origins? Making sure suppliers are ethical? [/QUOTE]
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