Step 1: Determine Your Primary Goal Establish your main objective for selecting a niche. Are you aiming to increase your income, expand your client base, or leverage a particular skill set? Having a clear goal will guide your SWOT analysis and ensure it aligns with your overall business strategy.
Step 2: Complete Your SWOT Analysis Grid Create a SWOT grid by dividing a large whiteboard or piece of paper into four quadrants labeled Strengths, Weaknesses, Opportunities, and Threats. Here's how to fill it out:
STRENGTH WEAKNESS OPPORTUNITIES THREATS Strengths List internal factors that give you an edge, such as unique skills, resources, or relationships. Example “Strong negotiation skills,” “Extensive network in senior communities. Weaknesses Note internal limitations or areas for improvement, such as lack of experience or resource constraints. Example “Limited experience with FSBO transactions,” “Need to improve digital marketing skills.” Opportunities Identify external factors that could benefit you, such as market trends, new technologies, or untapped niches. Example “Rising demand for downsizing services among seniors,” “New marketing tools for reaching divorced leads.” Threats List external challenges that could impact your success, such as economic downturns, increased competition, or regulatory changes. Example “High competition in the FSBO market,” “Potential changes in real estate laws affecting land use.”
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