These are the factors within your organization that lend themselves to its success. To determine strengths, ask yourself what your company does well and how those abilities will enhance your potential business.
It’s great to be enthusiastic about your business idea, but you also have to be realistic. Examine the prospective business closely for internal weak points and consider how to eliminate or minimize them.
Opportunities are external positive factors that can affect your business. For example, they can include weak competition in your niche, growth in your particular market that increases demand, and technological changes that make it cheaper or easier to deliver your product or service.
Threats are external negative factors that can undermine your potential business. For example, a home renovation business can rise or fall based on the overall strength of the local real estate market or an economic downturn.