The external factors in business are as follows:

• The economic environment

• Official location

• A competitive environment

• Technical area

• Public place

• Global environment

• Consumer feelings

• Disposable Income

• Residential Market

• Fuel / Gas Prices

• Labor market and wages

• Weather data

• Dollar Powers

• Cost of Raw Material

Major external factors can shape your business opportunities and create potential threats, such as:

• Economic conditions, for example, employment rates and styles, interest rates, and earnings styles available

• Technological advances, for example, changes in the way consumers use and purchase products/services and how technology affects how companies receive and supply goods.

• Cultural and social power, for example, the increased number of women in the workplace and its positive impact on online shopping.

• Political and legal aspects, for example, how changes in health and safety laws and regulations can affect how companies conduct their business.

• Seasonal/weather factors, for example, how businesses selling seasonal items, such as ski equipment or swimwear, may be affected by the weather.

• Natural features, for example, how consumers can research information and compare options when purchasing other energy sources.