As was mentioned in the first part of this article Business Plan Basics SWOT (Part I) – Strengths & Weaknesses, a basic part creating your business and marketing plan is conducting what is called a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. The second part of conducting a SWOT analysis is doing an inventory of the opportunities and threats facing your creative business.
As we did with analyzing Strengths and Weaknesses the first place to start by taking a piece of paper and draw a vertical line so you have two columns – one labeled Opportunities and the other labeled Threats, you can take it even further by adding a third column labeled Neither or Neutral.
When we looked at our strengths and weaknesses we were analyzing factors that were internal to our creative business – opportunities and threats are factors that are external to our business. Typically these are called “environmental” factors – not necessarily the green kind but this type is becoming increasingly important.