The Strength of a Home Business Start Up is
to Do a SWOT Analysis
 Everyone developing a home business start up needs to do a SWOT analysis.
SWOT stands for:-
* Strengths
* Weaknesses
* Opportunities
* Threats
It is relatively easy to think about our strengths and weaknesses,
because they are pretty obvious to us – but opportunities and
threats are more difficult because it requires you to think of what might happen in the
future. But regardless of how difficult it is, you need to do a SWOT analysis.
When you do a SWOT analysis you may decide that you need a partner to cover your weaknesses, or at least be
prepared to hire someone e.g. a bookkeeper. When you have written down all your strengths figure out how you can
improve on these strengths; this is the way to have your home business start up be successful.
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Low
Cost
Of course you can just make lists under headings - but if you put the information on a template
and keep it in your manual, then you will have the record at your finger tips and available to add
to if a new skill or problem becomes evident.
Home business
start up operators can access
a FREE template to do a SWOT
analysis
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When you do a SWOT analysis you will also look at your competitors (which could constitute a threat; especially
if they are well established). You may also see different times of the year as opportunities e.g. Christmas time
when people buy gifts (if that is what you are producing)
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Case Study on How Important it is For
Home Business Start Up to do a SWOT Analysis
When I decided to recognise the Micro/HBB sector, as separate from Small Business, I realised it
was an Opportunity – because it had not been done, yet there was a perceived
need for it. That is how I was able to gather 20,000 people in #5 years to the Micro Business
Network in Australia – because I recognised the opportunity. The Threat could
have been that the community and Government would not recognise this need – but that did not happen
(thanks to my ongoing impassioned work).
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TIP on How Home
Business Start Up Can Get Assistance When They do a SWOT Analysis
It can be valuable to include all parties who assist you in your business
do a SWOT Analysis. This may include a sub contractor e.g. bookkeeper; a staff member e.g. admin
assistant; a family member etc.
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Low
Cost
Home business start up owners can learn how
to develop a SWOT Analysis to benefit their businesses from this book.
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