SWOT analysis

Published on 1st August 2019

Considering short, medium and long term goals and sources of funding for your therapy business

So here we are one quarter of the way through, how is it going?

If you haven’t already done so, with your thinking and planning it is a good idea to consider short, medium and long term goals (as if you haven’t got enough to do huh!)

You don’t need to do anything major about them just start mulling them over. I am a big advocate of the subconcious mind being able to work away on ideas and solutions whilst we sleep, dream and daydream. You need however to give it some material to work on!

And now continuing the journey of your business success, you’re going to need some:

Walking boots: to keep you grounded

There’s nothing like a SWOT analysis to do that. It does help to take a look avery 6 months or so at your Strengths, weaknesses, opportunities and threats.

Here is an example of the sort of things you might consider, to help get you thinking

and developing your own SWOT analysis.

Strengths

  • Number of years of experience
  • good communication skills
  • can work fleible hours
  • strong market niche
  • trained in more than 1 therapy
  • good network of other therapists to cross refer
  • good returns and profits from selling product
  • central location on the High Street with good footfall
  • good transport links and parking
  • trained to the highest qualification
  • member of professional Association
  • high level of customer service
  • reputation established through working wiht Top Clinic and Spa
  • requires low levels of investment to start up
  • previous work experience as manager will aid business growth

Weaknesses

  • reliant on just me
  • competing with established salons and spa
  • working from home so no footfall
  • location in High Street is noisy
  • lack of finance to fund start up
  • area resistant to complementary therapies
  • I have to do everthing and am pulled in many directions
  • poor skills in finanance, marketing, sales, presentations

 

 

 

 

 

 

Opportunities    

  • Can add to treatments provided as I train in more therapies
  • option to do therapy parties, via Essentials for Health part plan
  • been invited to do a demo at exclusive gym
  • cross referals, offers and deals with nearby shops and services
  • proximity to hospitals, doctors, and other referring centres
  • local therapy fairs advertising opportunity
  • opportunity to teach workshops in therapy leads to referals
  • local competitor is relocating and offers client base
  • local paper is researching an educational piece on therapies and invites you to write in it

Threats

  • Staff member leaves with database
  • increase in clinic room rent makes prices very high
  • a new therapy centre opens just down the road and has an aggressive marketing team
  • a negative article appears in the press about the inefficacy of therapies
  • changing rules for therapy regulation of therapies means I need to upgrade my skills

 

 

 

 

Once you have written you SWOT you should take a look at your:

Weaknesses I am an advocate of playing to your strengths and getting other people to do the things we are not good at. Make sure that all aspects of running a business are being covered. You might need to rope in friends and family initially to help for free.

Strengths- turn them into USP’s  (Unique Selling Points)

Opportunities-grab them with both hands if they fit your vision and does not mean you will become overstretched.

Threats- as far as possible do what you can to mitigate these. For example A Staff member leaves with database – make sure you have backups and clauses in your contract that ensure you can take action if this happens. Remember prevention is better than cure.

 

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