Internal Factor, The owner has five years’ experience of decorating homes., The business has only £600 available to buy initial stock and equipment., The owner can only work evenings and weekends alongside their course., The business has access to a spare room that can be used to store stock., The owner has a laptop, smartphone and reliable broadband for taking orders., The owner is skilled at using Canva to create promotional content., The business has a small van available for local deliveries., The owner has strong customer-service skills from a previous part-time job., Internal Risk, The owner does not know how to create or manage a business website., The business has insufficient money to replace broken equipment., The owner may struggle to meet orders during assessment deadlines., The owner relies on one supplier for all packaging materials., The owner has no back-up plan if their laptop stops working., Poor stock control could lead to products being unavailable when customers order., The owner may make mistakes because they have limited bookkeeping experience., The business may receive negative reviews if quality is inconsistent., External Factor, A new competitor opens nearby and offers lower prices., Customers are becoming more interested in buying sustainable products., A rise in the cost of living means customers have less disposable income., New social-media features make it easier for small businesses to promote short videos., Local residents are asking for more vegan and allergy-friendly food options., The council introduces a new rule affecting where market stalls can trade., A local influencer agrees to promote the business to their followers., A bank offers a local start-up grant for young entrepreneurs.4, External Risk, A supplier goes out of business without warning., A supplier increases the price of key ingredients or materials., A change in food-hygiene rules creates extra costs for a home bakery., Severe weather prevents deliveries from reaching customers., A social-media platform changes its algorithm, reducing the reach of business posts., A power cut stops the business from processing online orders., Customers reduce spending because of an economic downturn., A customer posts an unfair negative review that affects the business’s reputation.

Internal / External Risks or Factors

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