POLITICAL
Political factors that can cause concern for my business lay with the development of Brexit. As we will be leaving the EU there are many defects contributing to the fashion industry. It is almost official that the value of the pound will drop, it could drop as much as 20 percent. This would mean businesses like mine who will be sourcing products from abroad will then be a cause for concern. This means I may have to charge more for my products. Although this is a risk as consumer spending has already declined over the past few months
ENVIRONMENTAL
Fashion is one of the largest industry’s economically, this means we have a responsibility to help protect the environment on a global scale. For me I want to ensure I will ensure I am contributing to a better future by having the lowest carbon footprint, I will ensure the brands I use are completely sustainable – both beauty and fashion as well as completely bio degradable, packaging.
SOCIAL
More than anything I have a social responsibility in regards to the service. Often other companies choose to be unethical and outsource manufacturing which is usually sweatshops in less developed countries. It is my goal to consider the ethical factors rather than the money aspect. This means checking before I take on new clients and by giving back with charity work helping to exploit these unethical practises.
TECHNOLOGY
For me the technological aspect regarding my business is very hypocritical. I say this as the retail environment depend on the use of technology - phones, tablets, computers. However, these are not ideal for the environment, but for the sake of a successful business these devices are required.
LEGISLATIVE
As my business is for the UK only and the service will only require a few staff, as the business owner I need to ensure that their wages are always correct and any medical requirements are being taken care of.
ECONOMICAL
The economy aspect can either be deflating or encouraging, with this comes economic period where by there is a general higher disposable income this means the public are encouraged to spend more giving businesses an increase in sales. In the opposite effect we can be hit with a recession, subsequently retailers will be in a predicament and may have to sell the items at a reduces price.