Creating a SWOT

The planning term SWOT 1st appeared in the Sixties. A SWOT analysis is actually simply an easy strategy coming up with a technique that helps assess projects and businesses. It’s based around a four-square grid, shown in Figure, that covers Strengths, Weaknesses, Opportunities, and Threats. I’ve used it a variety of times to assist me to build selections around new products or service offerings into consideration, and it works even as well for business models.

Figure 1. The SWOT grid explained

To start, list all of your strengths and weaknesses these may be thought of because the internal components, over which you’ve got some extent of control. Continue by distinguishing all of the opportunities and threats that you can these are usually external forces, like competitors and the business at massive. Then, hunt for ways to use your strengths, improve on your weaknesses, exploit the opportunities accessible to you, and debar the threats.

A SWOT analysis definitely ought not to be as long-winded as it could sound; I have found a number of the foremost helpful SWOT analyses are those that match onto one page. By the method of example, let’s check up on our very own Jacob and Emily.

Table 1.

Jacob’s SWOT Analysis

Strengths	Weaknesses	Opportunities	Threats
natural networker (great with people)	small savings, and has never run a business before	knows the industry, has a good understanding of the market	many freelancers work nearby
fantastic portfolio of work	not proficient with code	has many contacts who may be prospects	larger firms offering a similar service

Emily, on the other hand, has put together a SWOT that is more like this:

Table 2.

Emily’s SWOT Analysis

Strengths	Weaknesses	Opportunities	Threats
has a wide range of skills	not very good at planning	only web developer freelancing in her local area	other people becoming freelancers
very hard working	perfectionist; sometimes takes more time to complete projects than she intends to	has a contract or two already lined up	lack of clients in the small city

These examples are solely a number of lines long, but you can simply extend them to a page or additional. The thought is really a concise and helpful technique for creating your professional and cons.

SWOT ANALYSIS

WHAT IS AND WHY FREELANCING

THE SKILLS REQUIRED FOR BEING A GREAT FREELANCER

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This post contains the content of book The Principles of Successful Freelancing By Miles Burke below is a link of the complete book The Principles of Successful Freelancing