The Tip: SWOT Analysis for Your Small Business Is a Commitment To Your Product or Service
Take a deep dive into your business approach
While passion is the essence of commitment, market research is essential to determine your business’s viability and pathway to sales. Know your talents, strengths, and differences (a.k.a Strengths, Weaknesses, Opportunities & Threats) as compared to your competition.
New business owners make a common mistake by marketing to a broad base of potential customers. Unfortunately, this is counterproductive. Through conducting a SWOT analysis, we commit our energy to a specific niche, increasing the likelihood of success.
The work of marketing becomes nearly effortless because we have fewer competitors. It also prevents us from feeling overwhelmed. Just like sunlight, when it commits all its energy through the magnifying glass, it creates fire.
Case Study:
An attorney was passionate about helping clients with a variety of family law needs: families with children, gay couples, divorced couples, and elder law. Still, she couldn’t find her ideal market or generate enough business.
After completing a SWOT analysis for her small business, she made a 30-day commitment to a target niche: families with children. Her commitment led her to determine the best method of contacting these families.
The Outcome:
By learning how to conduct a small business SWOT analysis, the attorney landed not only several family law clients; she got the opportunity for numerous speaking engagements in front of the right audiences. During one of her first meetings with a client, this attorney was asked to work with the client’s elderly mother.
This example shows that committing to one market does not mean saying “no” to potential clients, but rather, focusing on one market may help lead you to opportunities in other markets. With a focus on finding the right niche, the rest will follow.
