Political -
Tax could affect my business idea as everything I will purchase will have to include tax, as well as making the profit I will have to deduct tax. The more I will make the more I must pay, I will have to keep up to date with political factors such as shifts in interest rates could also have an effect on my plan.
As well as say I want to import materials in from other countries it is going to cost a large sum of money, and things such as interest rates and exchange rates can affect the possibility of getting products into the UK.
Politian's can also effect the emerge of new technology’s, creating it either easier or harder to create the garments I want to create.
I will also have to abide by a lot of different laws regarding business trade, employment and data protection to say the least however these are more legal factors.
Economic -
Some of the factors that effect the economic aspect, are in fact the same as some political points, with parts such as Taxes and interest rates changing all the time.
The ageing population could affect the demographic factors, my target audience being 19 – 30, the higher end of the spectrum could cause me potential risk, as the ageing population could not be such a target audience compared to the younger.
Exchange rates could be effected by importing different materials into the UK from outside, the exchange rates will have to be looked at each time I import to make sure I am getting the best deal. However I do understand that the exchange rates are going to effect the profit margins of my brand.
An economic recession could also happen during my time being a brand, which could change the potential to change the purchasing attitude to some of my customers, which could force me to lower prices to keep up with the other companies.
Social -
Society is continually changing, the trends and tastes of fashion are a prime example of these, and the most significant change is social media become one of the most popular marketing techniques, the younger age ranges have grown up using mobile phones and computers and being open to online shopping rather than in store. I will have to make sure my techniques fit in within my target audience so primarily online
Cultural changes could also happen and effect my business, I will have to make sure my trend reports are correct and fit my target market
Buying habits need to be though about throughout my customers, looking at when they spend the most money compared to least, things such as payday and different times in the month come into this. Also peoples average disposable incomes they have at a period of time.