Really, who doesn’t like doing SWOT analyses?
Image from wikipedia.org, retrieved via Google Images.
A SWOT analysis is where you analyse the Strengths, Weaknesses, Opportunities, and Threats facing a business (or endeavour) to try and determine what steps can be taken to secure the best path forward.
I’ll examine my attempt to retire by 40 in a SWOT analysis to see where I stand, and it’s likely I’ll repeat this in the future. It’s a way of keeping myself honest.
Strengths are to be of internal origin, and helpful to the overall endeavour.
My strengths are that I am intelligent, and I am usually goal committed. It’s very difficult to dissuade me from something once I’ve set my mind to it. I begin to physically feel as if something is wrong when I am not working towards a goal that I have committed myself to completing. I have a tendency to be able to complete quality work quickly and can often do things in less time to the same standard (or better) than other people.
I also already have some experience building passive income streams, and already have one and am currently working on a second.
Weaknesses are also to be of internal origin, and harmful to the overall endeavour.
I tend to procrastinate, and I tend to be lazy. I rarely miss deadlines, but that often means lounging about on the couch watching Netflix until the very last second at which I know I have to start something and then staying up all night to get it done, rather than pacing myself. The quality doesn’t usually suffer in this regard (thanks to my strengths) but my health (and certainly my levels of alertness) might. Perhaps the best example of this is wanting to retire by 40 and not starting until I’m actually 40, thereby giving myself a year when I could have been doing this all along.
Opportunities are of external origin, and helpful to the overall endeavour.
Opportunities abound, both for actual business opportunities, as well as resources with which to increase passive income. I have innumerable websites, books, and articles from which I can learn, and there are certainly programmes that will help people build passive income. (I’ll be exploring one or two I hope.) There are a number of people who have already been down this road who could be potential mentors as well.
Threats are of an external original, and harmful to the overall endeavour.
Threats to my efforts will largely come from external entities that will take up my time or distract me from working on the overall goal. The biggest of these is my current job, but that’s a necessary “evil” in that I like doing it, but it also helps support my family.
While I don’t anticipate a lot of negativity from other people, that’s always a possibility as well. Depending on which passive income streams I attempt to build, I may also face competition.