Coming up with a great business idea is only the first step. To make a startup as successful as 22Bet or even Netflix, entrepreneurs need to consider many other factors. Before launching, it’s critical to understand who your product is for and how ready the market is to receive it. Mistakes made early on can be costly.
To avoid false expectations, smart entrepreneurs start by analyzing their target audience. The goal is to figure out who’s actually interested in your product, and who’s willing to pay for it. You need hard data, not just gut feelings.
A useful tool here is the SWOT analysis. It’s a structured method for identifying your business’s internal strengths and weaknesses, as well as external opportunities and threats. It’s valuable at any stage, but especially right before launch.
Here’s how to do it step-by-step:
Before starting, clarify why you’re doing the SWOT analysis. At launch, the goal is usually to assess whether your product can carve out a place in the market, and how to minimize risks.
Use a table or mind map to organize your thoughts clearly.
Strengths (S): These are internal factors that can help your business stand out.
Examples: a unique product, a skilled team, past experience or reputation, strong supplier relationships, proprietary technology, initial funding, or a great location.
Weaknesses (W): These are internal limitations that might hinder you.
Examples: low brand awareness, limited marketing budget, lack of industry experience, narrow product range, staffing issues, slow logistics, or limited production capacity.
Opportunities (O): External trends or conditions you can take advantage of.
Examples: growing consumer interest in your category, weak competition in your area, government support programs, seasonal demand, new promotion channels (social media, delivery apps), or potential partnerships.
Threats (T): External risks you can’t control but should account for.
Examples: heavy competition, rising supply or rent costs, shifting consumer habits, economic downturns, seasonal drops in demand, or health-related restrictions (like during a pandemic).
Once your SWOT is complete, identify where your competitive advantage lies — often at the intersection of your strengths and market opportunities. Then look at how to fix internal weaknesses and prepare for external threats.
Markets evolve, new trends emerge, and unexpected challenges arise. Review your SWOT at least every six months or whenever there’s a major change in your business environment.
You don’t need an expensive agency. A DIY analysis can go a long way. Here’s our approach:
A lot of entrepreneurs worry that the market is oversaturated. We think differently: if you offer something truly unique and build smart marketing around it, the market always has room.
Choosing the right spot can make or break your business. It’s not as simple as picking the first place with high foot traffic. You need a holistic approach.
Bottom line: Don’t rush into a “prime” location until you understand who will come and why. It’s better to invest in research upfront than lose money later.
The better your preparation, the lower your risks. Analyzing your audience, your competitors, and your location will help you avoid false starts and build a profitable business from the ground up. The key is data, not guesswork, and the belief that even in a crowded market, there’s always room for something truly original.