Consider your environment

What external factors might affect your business?

• Can you identify any trends or impacts that could affect your industry? These factors may have a positive or negative effect.
• Think about political, global, technological, social and environmental issues such as climate change and water restrictions.
• Think about the different types of risks associated with operating a business, such as potential loss from fire or injury, or the impact of higher energy costs, and the possible flow-on effects to your business. How will your business deal with the various types of risks?
• What are the features of your location and how might this impact on your success?
• Learn more about the environment and your business.

What internal factors might affect your business?

• What will be the strengths and weaknesses of your business?
• How will you use your strengths to your full advantage?
• What strategies can you put in places to address your weaknesses?
• Will your strengths make up for your weaknesses?

What is the future outlook for the industry you are entering?

• Find out more information about trends in your industry by visiting your local library, searching the internet or reading trade magazines and newspapers on a regular basis.
• Is your industry predicted to grow or decline? What impact do you think this will have?
• What are the growth areas in your industry? Our market research kit provides you with the latest market and industry information in your business sector.
• Ask your relevant business and industry associations for research conducted on your industry.

Also consider...

• View our 7 steps to business success e-learning series and find out how to improve your chances of business success.
• Find out what free business planning tools are available.
• Use our market research kit for key market and industry information to help you develop or enhance your business plan.
• Learn about conducting a SWOT analysis.
• Visit the Australian Business Licence and Information Service (ABLIS) to find out what licences, permits and registrations you need to operate your business.