SWOT Analysis: A strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business venture, project, or individual endeavour.

So why had I never heard of it?

What is SWOT Analysis

SWOT was first developed in the 60s at the Stanford Research Institute during a study aimed at identifying why corporate planning failed. Since then, it has become a popular framework within businesses for strategic planning. It is implemented within a corporate setting to find faults and optimize for success.

As an independent freelancer, I typically don’t interact with corporate strategy very often. I use Google, blogs, and client feedback to strategize my next move and often feel completely out of my depth. That’s where SWOT comes in.

It involves assessing internal factors (Strengths and Weaknesses) and external factors (Opportunities and Threats) to inform decision-making, strategy development, and performance improvement.

Who is SWOT Analysis for?

SWOT Analysis is not specific to organisations. It is a tool that anyone can adapt to a specific goal (professional or personal) in order to understand their current position, capitalize on strengths, address weaknesses, seize opportunities, and mitigate threats to achieve their objectives effectively.

If you are about to set out on a new venture, from a project at work to a new course or even entering the dating world, SWOT can be a useful preparation technique. It is not dissimilar from a self-evaluation except with more specificity in the areas of reflection. By assessing the internal and external, SWOT Analysis can provide a more all-encompassing summary of your next steps.

SWOT Analysis is the perfect tool for anyone working to exist within the Growth Mindset. Learn what this means here Growth Mindset.

SWOT Analysis for Freelancers

I didn’t study business in school. I come from a creative background, and whilst I am passionate about growing my Freelancing Business, I am still at the start of this journey. I wasn’t aware tools like SWOT Analysis existed and, until recently, didn’t think they had a place in my business. I freelance as a means to escape corporate practices…why should I search them out now?

The truth is, SWOT Analysis might just be even more useful to a Freelancer than a corporation.

Unlike traditional businesses, freelancers often have more control over their work environment, client relationships, and project selection. This means their SWOT Analysis can be tailored even more specifically to their goals and circumstances. As a freelancer, you have the ability to know and control every element of your business in detail. That means you have the power to change it.

The Freelancer market can also be more volatile than an established business, making it essential to keep track of market demand, industry trends, and competition within a niche. Regularly employing SWOT Analysis can be a great technique to monitor these changes over time and ensure you are reacting in an opportunity-focused manner and mitigating potential risks.

Ultimately, employing a technique like SWOT allows me to gain a better perspective on my business’ current position, and exactly what needs to change to move it forward.

Understanding SWOT Analysis

SWOT Analysis comprises four pillars: Strengths, Weaknesses, Opportunities, and Threats.

The most important factor of SWOT Analysis for a freelancer is self-awareness. The more honest you can be in the process, the more accurate your results will be.

Strengths

A freelancer’s unique skills and selling point. This might involve your past experience, creative talents, or personal resources. What do you bring to the table that no one else can? Why are your services better than your competitors? What do you do to ensure the best possible client experience?

Weaknesses

What areas of your creative process do you feel least confident in? Common weaknesses in freelancers are time management, client outreach, or even self-doubt. Consider what some of the biggest time drainers are in your day-to-day work or if you have received any negative feedback on projects. Alternatively, look critically at your current skills to assess what holes there might be both in terms of creative and business management.

Opportunities

By monitoring trends within your field, new growth opportunities shouldn’t be too difficult to locate. There may be new platforms or software you’re yet to explore, or a shift in market demand for a service you don’t currently offer. If a client came to your website, what might they think is missing? Or even better, what are new methods for you to bring your website to them?

Threats

The other side of market trends. What changes are likely to affect your business moving forward? These might be shifts in Google’s algorithm, a downward shift in customer demand, or economic fluctuation. It’s important here to come up with practical strategies to mitigate these risks like diversifying your income streams or changing your catalogue of services. The aim is to focus on maintaining a positive mindset in this category to focus on solutions instead of dwelling on potential problems.

After completing the four SWOT areas, it’s time to identify key insights and actionable strategies. Start by exploring patterns or recurring themes across each category. For strengths and weaknesses, consider how you can leverage or improve upon them, respectively, to enhance your freelancing career. Look for ways to capitalize on opportunities and mitigate threats, taking into account both internal and external factors. Prioritize the most critical areas for improvement or growth, and develop specific action plans with measurable objectives to address them.

Finally, schedule your next SWOT Analysis into your calendar. I recommend completing this exercise at least once every six months to ensure you’re up to date with industry fluctuations and to hold yourself accountable to the plans made in the previous review.

SWOT Analysis Example: My Freelancing Business

My Business: Freelance Writing and Writing Coaching.

My Goals: Increase my coaching clients and grow my blog to be an additional income stream.

Strengths

Exceptional quality ghostwriting, particularly screenplays due to my wealth of industry experience and degree. My zone of genius is my ability to listen and build client confidence. I have successfully guided coaching clients through periods of self-doubt and writer’s block and receive continuous positive feedback on my role as a writing mentor.

Weaknesses

One of my biggest weaknesses is in networking and client outreach. I have limited my success in the past due to a lack of confidence in my ability to sell myself and as a result, I have missed out on opportunities to grow. I also have weaknesses when it comes to negotiating and often under-value my work and services.

Opportunities

I am currently working to grow my blog and Pinterest to increase website traffic and client leads. By investing time and energy in these areas this year, I can set myself up for success in 2025. Furthermore, I am noticing a growing trend in writing workshops online for clients who cannot commit to bi-weekly sessions. This is a service I do not yet offer and want to explore.

Threats

The largest threat I am facing currently is the new Fiverr Levels system. Due to new qualifying levels, I am likely to drop down from a Top Level Seller. This will undoubtedly affect my Fiverr sales. Instead of investing more time into my Fiverr, I have decided to refocus on growing my Upwork as it has a higher earnings potential and the ability to form long-term client relationships.

Looking at my SWOT Analysis, I can identify a clear trend of diversifying my income streams. I need to be building new platforms and offering a larger variety of services to optimise for success. To increase the likelihood of these new ventures’ success, it’s going to be crucial that I push myself in networking and sharing my accomplishments.

SWOT Summary

With my SWOT Analysis example, I hope you can see how powerful a tool this framework can be. Through identifying my strengths, weaknesses, opportunities, and threats, I’ve been able to build a roadmap for the next 6 months of my work. Remember that SWOT Analysis is not a one-time exercise but an ongoing process, so regularly revisiting and updating your Analysis will ensure that you stay agile and adaptable in your freelancing journey.

Have you completed a SWOT Analysis in the past? If not, what’s stopping you now?