SWOTT Analysis: Candy BusinessThis paper examines the internal and external environmental forces and trends to consider when opening a candy business. This paper will look at the legal and regulatory forces of a sole proprietorship and social external trends to consider. The internal forces and trends that will be analysis are strategy, structures, goals, culture, and leadership.
Legal and regulatoryThis business is going to have a sole proprietorship which means that the candy shop will be owned by one individual. This will leave the owner responsible for all the legal and financial liabilities of the business. Sole Proprietorships are probably the simplest and cheapest forms of business organization. They do not require registration with local, state or federal governments (other than taxes and special regulatory agencies). They are businesses which have one owner and they do not have stock. The sole proprietor owns all assets and is responsible for all debts.
If the business cannot pay its bills, creditors can sue the owner to collect. The company does not conduct legal or contractual transactions, rather the owner does. Advantages of the sole proprietorship include:Ã¢ÂÂ¢Ease of formation - no legal registrationsÃ¢ÂÂ¢Low overhead - income reported as ordinary income to the owners. Taxes tend to be straight-forwardÃ¢ÂÂ¢Easy control and direction established by the owner - no boards or advisors.
Ã¢ÂÂ¢Suitable business form for many types of products, services and enterprises (Sole Proprietorship, 2008).
Being a sole proprietor means that the owner will need watch their competition to make sure that they do not lose customers to the competitions that also sale sugar-free candy. Sole proprietor also means the owner assumes all liability risk.
SocialThe candy business will work to promote a healthier environment by advertising their sugar free candies more then regular candy. But they are in the business to sale candy;...