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 - make sure you have the right resources and have considered legal and regulatory issues.

Last reviewed
March 2, 2015

Contact

General enquiries 13 QGOV (13 74 68)

Connect Follow us on Facebook Follow us on Twitter Follow us on Youtube