SWOT analysis for our studio

Strengths.
- We all have a large ready made base of contacts from our degree course that we can use to network with and collaborate with on future projects.
- With four of us initially in the business set up, we will have a wide variety of skills to draw upon as well as an established working relationship between each other. In many current graphic design studios, they seem to try and offer potential clients the 'whole package' of a range of different services so covering as many areas of design as possible would be beneficial.
- After working in other design studios for a few years we should have a more informed idea of what it takes to set up our own studio and we will also have a developing base of contacts to utilise.
- Being young and not long out of university means we should have a fresh and innovative approach that we must work hard to maintain between us but also use it as a positive force to drive the business.


Weaknesses.
- We are likely to be heavily reliant on borrowed capital during the start-up phase of the business.
- However banks are unwilling to lend as freely as they used to which places a large dependancy on the viability of the business plan which is key to securing a start up loan.
- Weak economic climate, means grants and initiatives will be few and far between.
- Inexperience in implementing health and safety legislation and looking after employees and clients.
- Inexperience in organising wages, working time  and how that fits with employment rights.
- Existing student debts means it will be difficult for us to access extra finance to use for start up capital which makes keeping costs to a minimum early on is imperative.
- We won't have a portfolio of work or client list that is as large and comprehensive as some of our rivals as we are setting up from scratch.
- Software and technology we invest in will become outdated fairly quickly and we will be under pressure to keep up with the fast pace of development even though it is highly expensive.
- Also, on a technical level, it is important to keep up with software which will enable us to develop our own skills and perhaps increase the skills and services we can offer to clients.


Opportunities. 
- Could present ourselves as an ethically and/or environmentally driven design studio so that clients can identify values within the business.
- The creative industries was in fact one of the strongest performing sectors throughout the recent recession as many companies need increased promotion to help them fight for business.
- We have decided to locate our studio in Manchester which appears to have a strong creative community and many graphic design studios - particularly in suburbs, all of which presents plenty of networking chances.
- Opportunity to draw on seasonal demand for design work over holiday periods and especially at the beginning of the year where many businesses undergo rebranding.
- We are all part of a so-called 'technology age' which means we are in-tune with a young, computer savvy market which we can take advantage of through using blogging and social media to keep friends and contacts informed with news on the business.


Threats.
- Responsibility to not be unnecessarily wasteful with things such as paper, card and ink for example by making sure we act considerately within the studio environment itself.
- Need to ensure that the ownership of work is understood between fellow employees and clients alike.
- Legal requirements must be fulfilled when designing letterheads and business stationary.
- It's also very important to retain a distinctive style that is unique to our business so that customers can recognise us for being a quality firm in the areas that we are specialists in.
- Government cutbacks in spending have hit the arts and creative industries heavily.
- The way in which a graphic design company brands and promotes itself is one of the most important aspects of the business as we are essentially showing other people what we are capable of doing for them  so there is a lot of responsibility in the way that we do this for ourselves.
- The whole issue of licensing/patents and intellectual property rights is a bit of a minefield and we would need to undertake thorough research into all the legislation surrounding this whilst also organising the services of a well-qualified solicitor to help us do this.