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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...