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 as your business needs them to survive.

Consider your competition - keep a close watch on your competitors as 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 cash flow.

Consider your start-up costs - make sure you have enough money to cover your start-up.

Last reviewed
April 10, 2014

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