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.