A personal business SWOT analysis involves looking at the strengths, weaknesses, opportunities and threats you bring to running a business. Each of these factors needs to be carefully considered as it applies to your personal situation in order to assess what is the best path in business for you. Start by making an honest list of your strengths and weaknesses. If possible, find a friend to discuss and refine this list with you. They may see something you don't or may be able to help you explore other personal qualities that you had not even considered.
Opportunities and threats relate to the world you live in. While it is important to consider what is happening in your immediate environment, don't leave out major world trends either. For instance, some businesses are considered more "recession proof" than others. That may be an important factor for you. Opportunities and threats can also be very personal. An ill parent can be a threat in that you may have your time overwhelmed and not be able to devote time to your business. Then again, it could be an opportunity if you decide to start a business in adult care. You can use the threat to find a solution for your parent as well as yourself.
Your next step is to start with writing down what you personal goals are for the business. Are you seeking certain income level? Do you want to grow into a major company or will something small be sufficient? Is this a means of making money so you can do other things or are you seeking a business that is fun in-and-of itself? Describe the ideal business as thoroughly as you can. Make a similar lists of strengths and weaknesses needed to run that business, and the opportunities and threats that business might face.
Once you have your lists, you have a clearer picture of what possibilities are feasible. For instance, you may have strengths of a positive attitude and artistic skills, but a weakness of disorganization. In the adult care scenario above, you might be able to run an adult arts/crafts day care business teaming with someone who is highly organized since the operation of the business itself needs a high level of organization.
Do realize that you don't have to do this alone. Your SWOT analysis may also be used to identify what type of person you might want to team with in starting this business. There may be other people who have ill parents looking for a similar opportunity. Find them through your parent's doctor or by contacting adult care agencies. Since it is your idea, you get to be president of this business, but having others in it with you may be just what you need to keep you going. Just like it is nice to exercise with someone else to keep you going, it is nice to have someone to build a business with.
