SWOT analysis
So, you decided to start your own hustle but now feel like you’re heading into uncharted waters? A SWOT analysis can be your compass! 🧭
Many entrepreneurs skip this step, thinking that analyzing their future business requires a ton of time, money, and effort. But that’s not always the case. A quick SWOT analysis can give you valuable insights without breaking the bank or eating up your time.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It’s a simple but powerful tool to help you understand where your business stands and where it can go.
Strengths
What are you rocking at? What makes your business stand out from the crowd? Know your strengths and use them to your advantage.
Weaknesses
Where could you do better? Spotting your weak spots helps you find ways to improve and avoid potential problems.
Opportunities
What’s out there that could help your business grow? Keep an eye on trends, customer needs, and new tech that could give you a boost.
Threats
What could trip you up? Be aware of challenges like competition, economic changes, or new regulations that might impact your business.
