Enterprise Nation

To get to the heart of your home business idea, it’s helpful to do what’s called a SWOT analysis. This stands for Strengths, Weaknesses, Opportunities and Threats.

Ask yourself
These are the questions to ask yourself when drawing up your SWOT analysis. It’s simple to do, won’t take long, and will really get you thinking about your idea and the business…

Strengths

• What can I do better than anyone else?
• What resources do I have?
• What’s my unique selling point? (USP)

Weaknesses

• What should I avoid?
• Where do I lack skills?
• What might hinder my success?

Opportunities

• Does my idea tap into any trends 
• Are there any emerging technologies that could help my idea?
• Has there been anything in the news related to my idea?

Threats

• What's my competition?

Draw up a SWOT box to see this clearly. Or buy a copy of Spare Room Start Up and complete the template on pages 194-195.