Swot_Analysis

SWOT Analysis: Bronzed Tanning Salon & Spa Rikki Sawlsville BUS 210 02-21-10 Jason P. Chamberlain For my SWOT analysis I choose to research the tanning salon business plan and incorporate it into my business I am creating for my final project which is Bronzed Tanning Salon & Spa. In order to conduct a SWOT analysis I had to review the strengths, weaknesses, opportunities and threats to make sure that before I actually follow through with my business that I had all the potential what ifs, downfalls, and possible failures out of the way. I also needed to have in mind what it is exactly I have to provide for this business and some things I might look for in my employees to bring to the table. The first question I ask myself is what are my strengths that I have that will make this tanning salon a successful one' The biggest thing is my passion for tanning and how much I love it. Throughout my high school and college years, tanning was basically an obsession of mine and I often spent many hours researching all the different ways to get the best tan which included everything from what beds to use, what lotions to use, what after tan lotions to use, and even body scrubs that would benefit your tan. I explored many different tanning salons in my area to get a variety of ideas for my own tanning salon. I have made sure that the products that I have available for my customers are top of the line and well known. Also I want them to be affordable for my customers too. The thing that makes Bronzed different from other tanning salon is that we have researched what exactly tanners want, including the variety of levels, the flexible hours, and the great locations. My biggest weakness as an entrepreneur opening a tanning salon in the Appleton, WI area is the amount of competitors. There are a number of different tanning salons here in the fox valley all in which offer a variety of different tanning beds, lotions, and pricing so I have to come up with a strategy that will lure customers in away from my competitors. I tend to have unbeatable pricing, awesome lotions, and great hours which include some nights 24 hours. Another weakness is finding the perfect location that isn’t close to other tanning salons. Also since this isn’t just a tanning salon but a spa too I have to gain the knowledge of the spa atmosphere and find a number of different employees that can provide these services. There are a number of opportunities available to me and also my future employees as a owner and operator of a tanning salon. We have the option to open more branches not only here in the fox valley but throughout the state if Bronzed is successful. There is always room for improvement and advancement among the tanning atmosphere such as new and improved beds, lotions, and such. Another great opportunity that goes along with the last one stated is that the location is a great place for year round customers. People are always looking to get that glow any time of the year whether it is for vacation, prom, a wedding, or just to relax and get darker. The biggest threat is the rising knowledge and information coming out to the consumers of the dangers of tanning. The media and news have begun to make it clearer and have been saying it more often than none that tanning is extremely dangerous and can lead to skin cancer. They have it posted everywhere and it’s even in teens favorite magazines informing us about the dangers of tanning in a salon. If this continues to become a big issue there could be regulations brought out or tanning could be banned from areas in the states if not all over. This could cause a big loss in profits but since we are not based solely on tanning we have something to fall back on and could just add something else in replacement of the tanning which could be for example a hair salon. When opening your own business it is very important to cover all the areas of the what-ifs, the possible downfalls, and also the potentials for success. This is why I performed a SWOT analysis which consists of reviewing the strengths, weaknesses, opportunities and threats not only I have as the entrepreneur but also my employees and future business. Every business has its downfalls and competition. My biggest threat would be the big media outbreak of the dangers of tanning and that someday tanning beds could become obsolete. I now know things that I have to further research and potentially prepare myself for in the process of creating my own tanning business: Bronzed Tanning Salon & Spa.