What Is a SWOT Analysis and How to Do One for Your Business
- Kimberly Sulatycky
- Jul 31
- 3 min read
Whether you’re launching a new business, reassessing your current strategy, or planning for future growth, a SWOT analysis is one of the most powerful tools you can use. It helps you gain clarity on what’s working, what’s holding you back, and where you can grow—all in a structured, easy-to-follow format.
In this blog, we’ll walk you through what a SWOT analysis is, why it’s important, and how you can perform one for your beauty or wellness business.
What Is a SWOT Analysis?
A SWOT analysis is a structured framework used to identify and evaluate the internal and external factors that affect your business. The acronym stands for:
Strengths
Weaknesses
Opportunities
Threats
It allows business owners to assess where they stand now and plan strategically for the future.
Why Is a SWOT Analysis Important?
A SWOT analysis offers valuable insights for decision-making. It helps you:
Recognize what sets your business apart
Identify areas that need improvement
Spot trends or opportunities for growth
Prepare for potential risks or challenges
Align your goals with your current reality
It’s especially useful when launching a new service, entering a new market, or simply evaluating your current business strategy.
How to Conduct a SWOT Analysis for Your Business
Grab a worksheet, whiteboard, or digital document and divide it into four sections: Strengths, Weaknesses, Opportunities, and Threats.
🔹 1. Strengths (Internal)
These are the things your business does well—the qualities that give you a competitive advantage.
Examples:
Loyal client base
Skilled and experienced team
Strong social media presence
High client satisfaction and retention
Ask yourself: What do we do better than others? What are our core strengths?
🔹 2. Weaknesses (Internal)
These are internal areas that hinder your business’s performance or growth.
Examples:
Poor organization or outdated booking system
Inconsistent marketing efforts
High employee turnover
Limited service menu
Ask yourself: What’s not working well? What resources or skills are we lacking?
🔹 3. Opportunities (External)
These are trends, events, or changes in the market that your business can take advantage of.
Examples:
Growth in online learning for beauty professionals
Local collaborations or pop-up events
New product lines or services
Shifts in consumer behavior (e.g., eco-friendly products)
Ask yourself: Where can we grow or innovate? What changes in the industry can we benefit from?
🔹 4. Threats (External)
These are external challenges that could negatively impact your business.
Examples:
New competitors opening in your area
Economic downturns affecting client spending
Supply chain disruptions
Policy changes or increased regulation
Ask yourself: What could jeopardize our success? What are we not in control of that could impact us?
Tips for a Successful SWOT Analysis
Be honest: This is a tool for internal clarity—not marketing.
Involve your team: They may see strengths or weaknesses you don’t.
Use real data: Refer to customer feedback, sales trends, or retention reports.
Update regularly: Do a SWOT analysis at least once a year or when major changes occur.
Next Steps: Turning Insight into Action
Once your SWOT analysis is complete, review your findings and identify areas to focus on.
Build on your strengths
Create a plan to minimize weaknesses
Take advantage of opportunities
Develop contingency plans for threats
Set 2–3 actionable goals from your analysis and assign timelines for implementation.
Final Thoughts
A SWOT analysis is more than a business exercise—it’s a reflection of your vision, values, and growth potential. By taking time to understand where you are today, you’ll be better equipped to plan for where you want to go tomorrow.
📥 Want to get started? Begin planning your business growth with clarity and confidence.
Comments