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Jan
10

Importance of SWOT Analysis for Your Franchise

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Franchise SWOT Analysis

Whether you already had bought a franchise or are just in the process of getting one, it is important that you use the SWOT analysis for it. Doing so will almost always assure you of success in your endeavor. But what is SWOT and how can you use it?

SWOT Explained

SWOT is an acronym that is popularly used in evaluating a business or an organization. It stands for Strength, Weakness, Opportunity, and Threats. And these are all very crucial aspects of a business. Given that, many experts believe that SWOT analysis is necessary for assessing the feasibility of any venture.

Strength

Strength pertains to the things that your franchise possesses or what it can do. It lists all the distinct advantages of the business. Is the franchise well-known? Does it have a huge market base? Are the brand and products trusted by its consumers? These are just some of the questions that you can use to determine the strength of the franchise.

Weakness

If you’ve got strength, certainly, there will be a weakness there somewhere too. Under weakness, you evaluate everything that the franchise can’t do. Anything that it lacks and all its limitations, deficiency, and shortcomings are placed under this category. This is a very crucial point to consider. At times, you have to consult with a marketing expert to give you a better perspective.

Opportunities

This pertains to the favorable conditions of your franchise. What are the things that may happen now or in the future that can make it boom? Are there any interesting trends in the market that will most likely make it flourish after a period of time? Are there any impending changes in the environment, whether social, political, or seasonal, with which it can benefit from? These are the questions that would possibly lead you to the very opportunities presented by the franchise.

Threats

If weakness is the opposite of strength, then threat is the opposite of opportunities. Opportunities are the positive changes that would do your business good. Threat, on the other hand, are the bad things that could affect it. Simply put, these are the unfavorable conditions that may incur certain losses for your business.

Try to assess your franchise against these four points to see where it is headed to. Furthermore, you can use the SWOT analysis to help you improve it. This method is just another way of looking into your franchise and make it go the way it should. But for this analysis to work, all viewpoints must be considered and experts have to be involved.

For people who are just about to buy a franchise, try to test it first with the SWOT analysis. Doing so will help you decide if it is indeed the best franchise opportunity for you.

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