You may just be a one man (or woman) band, but that is not an excuse to not perform a SWOT (Strength, Weakness, Opportunity, & Threat) analysis. This is the time to take inventory of your skill set.
Okay so let’s just talk about you for a minute. As an entrepreneur what do you have to bring to the table to make your business successful? What are the things that you could do that could cripple your business? When you decided to go into business for yourself did you see an opening that others have missed? What are the unexpected things that you will need to prepare for that could threaten your business existence?
What are you really good at doing? Were you an accountant or a computer programmer? If problem solving was your thing this is what you are going to list as your strengths.
Although we all want to believe that we do not have any weaknesses (remember this is not a job interview) you must know what you suck at so that you can either learn how to do it or get help from the people who can help you. BE HONEST!!!!
This is why you going into business. You saw a void that needed to be filled. You know that you have a brilliant idea, but brilliant ideas are a dime a dozen. What opportunities can you seize on that your competition has missed? The opportunities that you see will help you dominate your niche.
There is an 800 pound gorilla in the room and a lawyer…which are you most fearful of? Now is the time to realize that you are as an entrepreneur you are a target. If your idea is very successful there will be about 100 big box companies that will be looking to replicate what you are doing and move you out of the market. Ever since there has been business there has been litigation. Litigation can destroy your business. Prepare for your threats.