Unemployment rate of young people could have an impact on the success of my business. ‘558,000 young people aged 16-24 in the UK were unemployed in December 2016-February 2017’(http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN05871, 2017, accessed 7/6/17). Although according to this website the number of unemployed has gone down since last year this is still a large quantity of people. Some of my customers do fall in this age bracket; if they don’t have a job then they are not getting any money to spend on things like clothing and festivals. They then have no need for my service and wouldn’t even consider looking at it because they cannot afford either of these luxuries. My business is losing out on all of those customers and footfall for the magazine and pop up shops, if I am not making those sales then I have to limit myself to minimum festivals rather than ones dotted around the world like I had planned, so my expansion is limited.
The growth of the population could have a positive effect on the business because the higher the population of the U.K the more and more customers I will slowly gain. ‘Britain’s population grew by half a million last year(2015) to 65.1 million’ (https://www.theguardian.com/world/2016/jun/23/uk-population-grew-half-million-net-migration-ons, 2016, accesed 7/6/17) As well as that there will be more of a demand for clothing as it a necessity and with the use of the social media and the internet it is a lot easier for people to find smaller businesses like myself. On the other hand this rise in numbers of people living in the U.K could have a strain on my business in the future when it is established as people will be wanting clothes and will purchasing them at a quicker rate. I will then have to be producing and transporting clothing at a much faster rate, this costing a lot more money in comparison to having a smaller audience.
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