Have you carried out a SWOT Analysis? SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. By using this planning tool to identify your SWOTs you help to build a robust business.
Tall Tartan Talks here … When I started my freelance proofreading business in 2017, my mentor at the job centre recommended the first two things I should do to qualify for instalments of the Business Enterprise Allowance. The first was to build my website. The second was to provide evidence that I had written a business plan, including analysing my SWOTs by using the template provided.
Carrying out a SWOT Analysis
I still find it useful to review my SWOTs, usually quarterly. Even an annual review helps.
Now that we are at the end of the first quarter of the year, I am using the first three months to review my business plan.
Keeping my SWOTs in mind, I have used five question prompts to review, develop and direct the progress of my business travel: what, when, where, how and why?
Celebrating Strengths
I provide efficient proofreading services to my clients who are indie authors of non-fiction and children’s books, and publishers. I am organised, efficient and diplomatic.
Experience
I am a good fit if you have written a children’s book. I gained vast experience after 30 years teaching in primary classrooms. My other strengths and specialisms include education and religion.
Training
Another strength is that I trained extensively in proofreading with the CIEP. I can use Track Changes in MS Word. I know my way around tools in Adobe Reader when proofreading PDFs (thanks to a course called How to Mark Up PDF Proofs from Denise Cowle Editorial – other courses are available). With these skills I sprinkle publishing confidence.
Reviewing Weaknesses
What are my subject areas of weakness? What are the weaknesses in my business and how do I accept those weaknesses?
The weaknesses in my business include reasons why you shouldn’t hire me to proofread your book …
Not a good fit
My specialisms do not include adult fiction, but fiction for children up to age 11, and middle grade novels (aimed at up to the end of Key stage 3, that is, 14 year olds). If you are a fiction author or publisher, I know other editors that have those strengths and can recommend a better fit.
Alos, if you have written in the STEM subjects (Science, Technology, Engineering and Maths), I am comfortable saying that I do not know enough about those subjects. I know far better-suited proofreaders and copyeditors.
Wearing many hats
Wearing many hats can be a superpower or a weakness, depending on your skills!
As a business owner I am responsible for all of its parts. Those include IT, accounts, marketing, etc. If I feel unable to do one of those roles because I don’t have the skills, e.g. accounts, the wise thing to do would be to hire a specialist.
If you can pay to outsource the parts of your business that you don’t have the skills for, do it. Remember to talk to other freelancers about problems you are having.
Seizing Opportunities
What are the opportunities that I want to seize in my business? Where will I find them? How can I grasp them and use them to grow my business while maintaining control?
Training
Continual Professional Development (CPD) – training – is one opportunity to add to my skills. One course that I hope to sign up for this year is Copyediting 2: Headway with the Chartered Institute of Editing and Proofreading (CIEP, ciep.uk). Another is learning how to use a design program, i.e. InDesign (part of the Adobe Package).
Cold emailing
Cold emailing potential clients is one way to find new work and new opportunities. Remember to do your research and tell them, briefly, why you would be a good fit. See more tips in my blog post: 8 Steps for Reaching Out to New Clients
New clients might ask you to proofread a subject that you hadn’t considered before – why not grasp the thought of being a little outside your comfort zone? Sprinkle publishing confidence.
Defending against Threats
What are the threats facing my business? Where do problems come from? How can I defend against these threats?
Collaborating not competing
I used to think that the most obvious threat facing my business was other freelancers. Then I discovered networking, collaborating, and sharing joys and woes. Remember others when you need to refer another editor to a client and they will remember you. Keep networking and marketing to get yourself known so that you will be remembered.
Learning about AI
The biggest threat to editors out there is Text-Generative AI. The advice is to keep an eye on developments and what they could mean for your business. Being aware is crucial. I have added to my Terms & Conditions telling indie authors that I will not work on any AI-generated writing. Also, I will not use AI tools to help me edit my writing.
The tools I use help me find inconsistencies in writing. I have control over what I choose to change or not. PerfectIt and macros are examples of those tools. Read about them here in my blog post: 4 Tools for Writing and Editing Efficiency. Sprinkling publishing confidence.
Try a SWOT Analysis
Does this guide give you clarity on seeing how to develop your business? Look at how far you have come and look forward in your business.
To remind you, the reason you became self-employed was to have control over your business. By following the SWOT Analysis strategy, you should not only celebrate your milestones, but break down each part of your business plan into smaller, achievable steps.
Make time for the non-urgent, important tasks too, when working on your business rather than in your business.
Sprinkling publishing confidence,
Annie
Emailing
Email me to check my availability for proofreading non-fiction and children’s books.
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