SWOT Analysis - Planning and Strategy to Grow a Creative Business (Part 2)
Episode 36 Show Transcript - Empowered Artist Podcast
Hey there, empowered artists! It's Jenna Webb, your online art business coach and influencer, back with another episode of the Empowered Artist podcast.
Today, we're diving into the world of SWOT analysis to uncover opportunities that will help you grow your art business in the coming year.
If you missed our last episode where we explored strengths and weaknesses, make sure to give it a listen, as it lays the foundation for what we're doing today: https://www.jennawebbart.com/blog/podcast35
Reflecting on SWOT Analysis
I've been marinating on my own SWOT analysis, and let me tell you, it's not something you can rush through…
It's crucial to take the time to analyze what happened in the past year thoroughly. Today, we're focusing on the "O" in SWOT, which stands for opportunities. These opportunities are essential for your business's growth, both in revenue and personal fulfillment.
Engaging with Our Listeners
For our Spotify and YouTube listeners, I encourage you to drop me a comment on how your SWOT analysis is going. Share your thoughts and insights with the community. Your input can be valuable for others going through this process as well.
Opportunity Cost: Choosing Wisely
One fundamental concept to keep in mind as you analyze your business is opportunity cost.
This means that every decision you make in your business comes with a trade-off.
When you say "yes" to one thing, you're effectively saying "no" to something else.
Time is finite, and as your business grows, you'll have less of it to spare. So, choose your priorities wisely.
Knowing Your Mission
Understanding your mission and passion is crucial when identifying opportunities.
What truly lights up your soul? What is your North Star?
For me, it's about teaching creatives to be independent and confident business owners. Knowing your mission makes it easier to align your opportunities with your purpose.
Uncovering Opportunities
Now, let's get into the nitty-gritty of uncovering opportunities for your art business in 2024. Here are some questions to help you brainstorm:
What opportunities do I have to teach a skill I'm passionate about?
What are my customers asking me for?
What have I always wanted to try and excel at?
What do I want to pour my energy into this year?
What's the one big thing I want to master in 2024 to move my business forward?
What skills do I need to learn to achieve my goals?
Visualizing Opportunities
To make it more tangible, consider drawing a Venn diagram.
In this diagram, you can categorize your ideas based on what you want to try, what your customers ask for, and what generates revenue.
The overlapping areas are where you'll find the most alignment, joy, and potential for growth.
Taking Action
Remember, these episodes are designed to inspire action. The real magic happens when you take the time to be introspective, put your thoughts on paper, and start implementing your findings.
Personal Updates and the Future
I also wanted to share a bit about my personal life. My boyfriend, Trevor, and I are planning a special holiday season, complete with fancy dinners and cozy celebrations. Trevor will be taking my dog to see his family, which should be an interesting adventure.
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As we wrap up this episode, I want to wish you all a safe and joyful holiday season.
Stay tuned for our next episode in January, where we'll explore the final aspect of SWOT analysis—threats that might stand in your way in 2024. Don't forget to follow the show and hit that notification bell so you'll be notified when we're back on air.
Thanks for tuning in, and remember, you've got the power to make 2024 an incredible year for your art business. See you next year!
Love and Positive Vibes,
Jenna
PS - Would you do me a solid, my love? Would you take a quick minute to Subscribe + Rate the Show 5 Stars!? ⭐️ Your support means the world to me & it really helps artists like you discover a message they need.
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