Knitting Naturally SWOT Analysis

by Deb Mason
(Knitting Naturally)

SWOT Analysis is a very useful tool for evaluating your business model as it can help you to size up the internal strengths and weaknesses of your proposed business.

It also helps to identity any opportunities in the market that you may be able to take advantage of and where your major threats are.

Knitting Naturally SWOT

To recap, my business idea is for an information website about knitting that incorporates and online store for hand knits and knitting related products.

By doing a bit of research, some brainstorming and reviewing my proposed business model, I came up with these items for my SWOT.

Strengths

• I have extensive knowledge and experience with knitting


• I also have a business background


• I am familar with building a successful website (using SBI)

Weaknesses

• Initially this business will take a lot of time and effort with very little reward in the short term

Opportunities

• Knitting is making a comeback as a craft


• Using a website as a shopfront removes geographical boundaries


• Information products are produced once and can be sold many times

Threats

• There is a significant level of competition both online and offline


• Mass produced knitting is cheaper and readily available

The Next Step?

The next step is to do a bit of thinking about all of the points above to work out how to take advantage of my business strengths, to minimise or eliminate the weaknesses, while taking advantage of the opportunities and countering the threats!

Easy...

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