7 steps to business success
Starting your own business is a rewarding and challenging career option. However, be aware that a high percentage of new businesses fail in their first 3 years of operation due to poor planning and management.
Following the 7 steps in this guide will help improve your chances of success.
- Consider your suitability
Start a business where you already have industry or management experience.
- Consider your idea
Assess the merit of your business idea and determine whether people will be willing to pay money for your product or service.
- Consider your market
Develop a way of consistently reaching your customers - your business needs them to survive.
- Consider your competition
Keep a close watch on your competitors - you will need a competitive advantage to succeed.
- Consider your environment
Keep in touch with what´s happening in your industry.
- Consider your financial control
Keep accurate and up-to-date financial records and carefully manage your cashflow.
- Consider your start-up costs
Make sure you have enough money to cover your start-up.
Read more about 7 steps to business success (PDF, 299.5 KB).
- Last updated
- 05 March 2013
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