SWOT Analysis - Planning and Strategy to Grow a Creative Business (Part 2)

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Part 2 of 3: SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to strategically plan for your business growth. 

My favorite part of the SWOT analysis is the “O”.  Opportunities. 

In this episode, we find opportunities to grow your business!  We build upon what we learned in Episode 35 (Strengths and Weaknesses) to inform what opportunities will help us grow in 2024. 

I will teach you how to align opportunities with your mission and purpose. I provide two tips for approaching the SWOT analysis, which helps you do exactly that!

As Artpreneurs, it is so important to brainstorm ideas, consider customer requests, and identify areas of alignment between time spent, revenue generated, and personal joy.

You have made 2023 an incredible year for me. I wake up to my purpose everyday and do what I never thought possible despite my chronic illness with this podcast…

YOU WILL LEARN:

✓ How to leverage your strengths and weaknesses to uncover new opportunities for your business. 

✓ Why everything has an opportunity cost

✓ How to choose opportunities that align with your mission and purpose

✓ Know your mission: let it guide your decision-making and prioritize opportunities accordingly.

AND

00:00 SWOT Analysis

02:00 Reviewing Strengths & Weaknesses 

03:00 Tip 1

05:00 Tip 2

07:00 How To Uncover Opportunities

09:00 Tactile Trick Using a Venn Diagram

10:00 The One BIG Thing To Master In 2024

11:00 My Personal Holiday Updates

RESOURCES

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Transcript

1:10

Welcome back. My very favorite empowered artist. We are using the SWOT analysis today to uncover opportunities to grow your business within the next year. If you were with us last time on episode 35, you know that we use strengths and weaknesses to identify what went really well in the past year. And what didn't go so well. So you can identify what you really spend a lot of time on and what grew your business, both in revenue and in joy. And what you spent time on that didn't go so well and did not grow your business. I encourage you to listen to this episode again and review your strengths and weaknesses, the S and the w of the SWOT. Because these two things are going to inform you and help you with what we're doing today, which is the O and the S w O T. The strengths and weaknesses are going to inform the opportunities you can create for yourself and your business to grow both in revenue and what lights up your soul in the new year, and both are equally important. Because I want to guide you to live an independent, confident and most fulfilled life that you absolutely love. For my Spotify and YouTube listeners. Drop me a comment on how your SWOT analysis is going. On Spotify you can reply to the Q and a for each episode. On YouTube. You can drop me a comment. As you know, my SWOT analysis is something I have been sitting with. I've been letting it marinate. I've been sleeping on it, which I think is the most effective way to really analyze what's happened in an entire year. It's not something you can accomplish in 15 minutes. So this is our second episode. We're actually going to break down the T in SWOT in our next episode. For our apple listeners, the apple prize cash is still up for grabs. Once we hit 88 written five star apple reviews, I'm going to be pulling a winner from the last eight reviews for an cash gift card. And at the end of this show, I'll give you some personal updates of what I'll be doing for the holidays. So I hope you enjoy our second SWAT episode today. And the third part will be coming in January. Today, I thought we'd start out with a couple of tips on how to approach the SWOT analysis. Here are two things that you can really keep in mind as you're analyzing how your business went last year and where you want it to go next year. Number one. Everything is an opportunity cost. Meaning what you say yes to in your business is energy and time that you can't devote to something else. The term opportunity cost is something I learned in economics class and college, but it's something that every artist really needs to think about too. Because time is finite. That's something we all have in common. So the more that my business grows, the less time I have. And you can multiply that by 10 when you factor in that I'm managing a daily, chronic illness that is debilitating with pain. Which means for anything that I'm truly passionate about and want to say yes to, I have to turn down 20 other things that I want to do. But I'm not as passionate as that one big thing that I have said yes to, to give my focus and energy to. And that's how you need to treat the opportunities you select this year. Whatever you choose to make your priorities. It doesn't mean your priorities can't change. But after you brainstorm all of the wonderful ideas that you have, you'll pick your priorities for the year. Something to focus on that. Something that you're going to give all of your power. Now you may have some FOMO for the opportunities that you didn't choose. But you can't be amazing at 20 different things. Multitasking is scientifically proven to be impossible. Tip number two in your approach to the SWOT analysis is to know your mission. In other words know exactly where your passions lie. What lights you up the most? There's a lot of hats we have to wear and our business. There's a lot of things that are just necessary that we have to do, but when it comes to creating new offers and new opportunities in our business, We have to be led by our mission and our purpose that north star has to guide us. For me, it's teaching creatives, the skill of being independent and confident business owners so that they can live a life that they love. And the more lives I touch the more fulfilled I am. That is my guiding star. And it makes selecting opportunities more easy. Because there's a lot of stuff I love doing in my business, but I can't say yes to everything. So when I know exactly what my mission is and what my purpose is. I can get things in alignment pretty quickly. And quick review SW OT. SWOT strengths, weaknesses, opportunities, and threats. Today, we are uncovering O opportunities for your business. So the question you're gonna ask yourself is what opportunities do I have to grow my business in the next year? Guess what? It's my birthday. My birthday falls in December So I thought I'd celebrate this really special birthday this year by gifting you a little something. So right now only you can get four of my signature classes. At the best value of all time, they are on sale for 15% off before I make pricing increases this birthday sale is so rare and so special. It's just for you. Click the link in the show notes or visit Jenna Webb art.com/birthday. To join the movement of thousands of other art preneurs who have decided to take charge of their destiny. This offer includes 15% off the Artpreneur academy. The price will go up the next enrollment period. This discount has never happened before, and it will never happen again. You can also snag the brand new, sell art on social system at the early adopter rate. The price will be going up for the next enrollment period. The main difference between the art business classes. The Artpreneur academy is a entire step-by-step business plan. It's a 10 week course. And the Sell art on social system is a mastery tool. It is a social media sales and social content planning system. It takes four hours to complete. These are completely different mastery courses. I highly recommend both programs for artists who are serious about having the right tools to grow your art business. The other two signature courses that I am offering right now for 15% off are my signature meditative painting courses. These two painting courses will likely be discontinued in 2024. So get in while you can. You have made 20 23 and incredible year and this is my thank you to you. Get this offer visit Jenna Webb art.com/birthday. So you're going to look at the strengths and weaknesses from episode 35 to inform you. Here are some other supporting questions to uncover those opportunities. For me it's what opportunities do I have to teach students a skill that I'm great at, that also aligns with what I'm really passionate about. There's a lot of things my students asked me for that I might not be passionate about. There has to be alignment. Another thing you can ask yourself, what are my customers asking me for? Or what have I always wanted to try that I would be really good at. Your approach to this should be very open. There's a chance that next year, my business will look very much the same, but with a few key changes that will allow me to really grow. Or there's a chance my business model will look entirely different because I needed some drastic changes. You're going to be reviewing what you've spent the most time on, where you've made the most money. What brought you the most joy? And here is a tactile trick. Draw a Venn diagram to find alignment and where the circles overlap. With what you spend time on, what makes you money and what brings you joy? And that's how you find an opportunity, baby. You can write out the categories, like what do I want to try? What do my customers ask me for? What makes me money? Write everything down and draw some overlapping circles and where you have the most overlapping circles is where you're going to find the most alignment and where you're going to have the most joy and the most revenue. So as you're looking at all of the brainstorming ideas, you're writing down. You're thinking what offers do I want to create in my business? Or what did I spend time on last year that I just want to do more of. Or what do I want to expand on? Basically it's what do I want to pour myself into? Devote all my energy and time to. Where am I going to place my power? Here's one of my favorite ways to think about it as well. What is the one big thing you want to master in 2024? Whether that's a skill. A mindset, a habit. What's the one thing. You want to master to move your business forward next year? This is a great time to ask yourself. What's the one skill that I need to learn in order to grow my business. So you can evaluate what your goals are and what skills you need to get. There is your goal to drive traffic to your website. Do you want to get into a gallery? Do you want to paint murals in New York city? Do you want to become an incredible storyteller through your art on social media? If you do, what is the one skill that you need to master to reach that goal? These episodes are short for a reason. It's because they are action-based, I'm leaving you the time to be introspective. And put pen to paper. And the real magic happens when you take that action. So I wish you the best of luck on this next part of your SWOT analysis. And also looking back on the beginning of your SWOT analysis and after sleeping on it, what new ideas come to mind for your strengths and weaknesses now that they're gonna inform your opportunities? We are coming up on Christmas and new year's. So I thought I'd share a couple personal updates. My boyfriend. And I think in the beginning of the podcast season, I was calling him mark Raffaello because he looks like mark Ruffalo. But I think I'll reveal his name. His name is Trevor. And we've been dating since July. So I think it's time that he has a name. So Trevor and I are plans since we won't be spending the actual holiday of Christmas together. We decided to go out to a fancy dinner to a restaurant that we both, I don't think he's dined at it. Um, here in Raleigh and. I got a fancy dress from Nordstrom. I'm excited to wear. I'll post pics of that on Instagram, you might've saw the other picture of Instagram and the black sparkly dress. That was really fun. That was a Christmas gala he took me to at the beginning of the month. so I'll try to share some personal pictures on there. And then we'll be doing. Some Christmas present opening together. We've been watching Christmas movies and doing puzzles together. Um, and then I'm going to go see my family in Huntersville, which is just north of Charlotte. And it's a very small gathering and because my sister will have her fiance with her. And it's just the two of us siblings. And then my two parents. And then Trevor will be going to see his family in Virginia, but here's the kicker. Here's the funny part. So my sister's bringing her cat to Christmas and this Christmas, my dog isn't welcome. Because we don't know how the cat and the dog will get along. So Trevor's taking my dog to Virginia without me, which is really weird. I hope she's a good girl and doesn't like have an accident or anything, but she's been to their house several times. I've met his family several times. Um, so everybody cross your fingers that Lola doesn't crap on the carpet. The podcast is going to return in January with episode 37. In episode 37, we will finalize our SWOT analysis reviewing threats that are standing between you and your goals for the next year. So go ahead and follow the show and make sure you hit the notification bell so you're notified when we're back on air. I hope you have a safe. And wonderful Christmas and happy new year. And I forgot speaking of new year, part of my birthday present is to go see. Uh, we're going to a legit cat rescue. It's legit. I've been here several times. I'm obsessed with tigers. So part of my birthday present was to go to this cat rescue. So we're doing that on new year's Eve, which I'm really excited about. I'll try to post some pictures of that too. On social media. So follow me at Jenna web art. Um, if this episode fell on your heart and you loved it, I would love it. If you'd shared it with a friend and leave a five star review, but have a wonderful holiday and I will catch you on the flip side next year, when we're back for episode 37, see you then!