ESYB2 051 - SWOT Example
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[00:00:00] Now, let's go over the SWOT analysis in the business plan for my mobile apps. It's relatively simple and you should do this in your case just to evaluate your overall business. So the strengths are, I'm one of the top people in App Store search. I teach classes on it. I have a book on this. So I definitely have a marketing advantage over a lot of the competitors.

Then I also have deep customer understanding because by now, you know, like I actually spend a lot of time talking to my customers So I give personal care and I have years of experience improving the product and I'm the product guy I market the product and I'm the product guy. It's all in my head. I don't have a team who's confused who miscommunicates I have it all here and I am ahead of a lot of my competitors already.

So I'm not starting I have started and I've got some progress, but I do have some weaknesses. I have limited resources To keep growing and experimenting with this because my main business today is my courses and my other things. So I have very, very, very part time to devote to this. So that's a problem for me and that's gonna set [00:01:00] up this business to not do well long term.

The opportunities is that there's still more mobile app store domination that can be had. And I can grow my brand and I can grow sharing. I can still make the apps better and through that, the apps can grow still more. And so I'm missing out on that and my threats to the business are there's an easy barrier to entry, right?

Anybody can create an app in like a couple of weeks or a month of programming and I there's a lot of million and billion dollar apps that can jump ahead of me and Their apps might be their full time focus or they might have a team of full time people devoted to their apps where I don't even have A team of one person devoted full time to these apps.

So that's a threat to this business and also Because I can only devote a certain amount of time to this, I can't keep up with the app technologies on Apple, on Android, as fast as teams who are fully involved in this. So try to create the SWOT analysis for your business. If you're honest with yourself in it, [00:02:00] you'll see the business at a high level, and it will help you evaluate risks versus rewards.

For example, I know what the opportunity is, I know how much I can gain. But I also know I have to devote more time to this so I have to pull my time away from something else and It just helps my decision making whether I should or should not do it and it will do the same thing for you

