There's a marketing concept called a SWOT Analysis. Sounds pretty daunting doesn't it?
Well, don't worry it's not. It's actually very simple. And it's something that can make or break your business.
What is SWOT?
It stands for Strengths, Weaknesses, Opportunities and Threats.
What do you do with it?
You use it to size-up your current situation with your business so you can create a plan to be successful.
Ask yourself the following questions BEFORE you start marketing:
(1) What are your Strengths?
What do you do well? What characteristics do you have that will help you be successful in business? What relevant experience do you have?
Size up all the strengths you bring to your business.
(2) What are your Weaknesses?
Now it's time to play the other side of the card. What weaknesses do you have that could negatively impact your ability to be successful in your business? Lack of experience? Lack of capital to support the growth of the business? Lack of knowledge?
Make a list of all your weaknesses.
(3) What Opportunities do you see?
What's going on in the marketplace, or in your industry or business category, that could create an opportunity for your business? A niche that is not being covered? An audience that is not being addressed?
Uncover all the opportunities available to you.
(4) What Threats do you see?
Time to play the other side again. What's going on in the marketplace or your industry that could threaten your ability to be successful? Are there a lot of competitors? Do they have deeper pockets or a better product or service? Is the economy on a downward trend?
Be aware of all potential threats to your business success.
There you have it. You've just done a SWOT Analysis for your business. The information you've uncovered can mean the difference between business success, or struggle and failure.
Being prepared BEFORE you go into business, or before you start marketing is a critical step in building a successful business. Knowing challenges you might face allows you to prepare, overcome or take a different path. And capitalizing on your strengths and the opportunities available to you will make your journey more enjoyable and more fruitful.
(C) Copyright 2006 Debbie LaChusa
Debbie LaChusa created The 10stepmarketing System to make marketing your own business as simple as answering 10 questions. Learn more about this unique, step-by-step system and get a free 10-week Marketing E-Course when you subscribe to the free, weekly 10stepmarketing Ezine at http://www.10stepmarketing.com.
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