While getting my MBA I learned many things that really don’t matter to me today. For instance, I rarely my CFA level investment management class. However, one of the things that I do use is the SWOT analysis. While it’s safe to say that it can get a bit buzz-wordy, at its core it’s a useful tool.
What is a SWOT analysis?
SWOT is an acronym. Is stands for strengths, weaknesses, opportunities, and threats. The idea is to analyze those factors as they apply to you, your business, or even a specific opportunity. With strengths and weaknesses you focus on the internal and with opportunities and threats you focus on the internal.
What are you good at? What advantages do you have? What’s unique and beneficial about you? Again, remember this is something specific to you and not something about the market or your competitors.
Some examples could be that you’re naturally charismatic, you’re really good at a particular game, or your financial/work situation gives you the freedom to stream a lot.
These are the opposites of your strengths. What is a barrier for you? Are there things that you just don’t excel at?
This could be things like a lack of a network, financial strain, or perhaps you can only stream during non-peak viewership hours.
Opportunities are external things that are beneficial to you.
Are there few competitors? Is the game you’re good at wildly popular?
Finally, threats are external forces that present headwinds. This could be things like another platform being more popular than yours or potential competitors running a better tech setup.
Why would it be useful to a streamer?
It’s useful to you as a streamer because you need to know what you’re good at and what you need to work on. Being a conscientious business owner means you’re more likely to succeed because you’re actively working towards your strengths and avoiding your weaknesses.
Don’t forget, YOU ARE A BUSINESS OWNER!
You should conduct a SWOT analysis on yourself and your business. It’s not fun to face what your weaknesses and threats are but they’re important to know. The more you can figure out what you need to do the better you do. Luckily, it’s a pretty simple tool that you can use as a reference point when you’re making decisions in the future.
You don’t have to figure this out alone. This is what we do- help streamers and young professionals make great money decisions. If that’s something that sounds interesting to you reach out me or schedule some time for a free consult. You can check out what I do here.