Know Your SWOT

Every strong business plan should include a personal SWOT analysis, in fact this is something that should be assessed annually.

Identifying your Strengths, Weaknesses, Opportunities and Threats early in the process will save you a whole lot of teething problems down the track.

Strengths:

What is it that you do well, what are your skills that you will bring to the business. Are you a great communicator and multi-tasker.

Weaknesses:

What skills are you lacking that you see may hold back your business, what could you improve on and how can you do this. If it’s confidence then perhaps a course on boosting confidence could help.

Opportunity:

What are your personal goals, what do you hope to achieve long term. Perhaps you see your new business as an opportunity to get out of a current job or to have better work life balance.

Threats:

What do you think will stop you achieving your goals, what obstacles do you see are in the way. This could be financial, you may not have the funds to start, it could be having a young family, how will you fit a new business around your family.

Write your thoughts down, keep it in a safe place and in 12 months time check back and reassess.