Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697648299038.pdf (Bahamas)
B U S I N E S S S E R V I C E S D E P A R T M E N T HELPING You Succeed In Your Business 7 Steps to Business Success This guide provides seven ( 7 ) steps to help you assess whether your business will be a success.

Staring your won business is a rewarding and challenging career option.

However, be mindful that a high percentage of new businesses fail in their first three ( 3 ) years of operation due to poor planning and management.
A few ideas to help improve your chances of success are: *Consider your suitability: start a business where you already have indus- try or management experience.

Studies show that those starting a completely new venture have a higher risk of failure.

If you are staring a new venture, ensure that you are continually learning new skills and researching your industry.
*Consider your ideas: Assesses the merit of your business idea and de- termine whether people will be willing to pay money for your product or service.

*Consider your market: Develop a way of consistently reaching your cus- tomers, because you require customers in order to survive.

You might P A G E 2 Step 2 Consider your idea Will people be interested in what you are offering?

Have you considered a range of business ideas?


“WE HELP BUILD SUCCESSFUL BUSINESSES” Is there enough potential demand for your product/ service?

Is your idea a good one?

If you answered yes to these questions go to Step 3 Ask a wide range of people what they think about your idea.

Would they purchase what you are offering?

Why or why not?

Make a list of the advantages and disadvantages for different options, such as buying a business or franchising or starting from scratch.
Call business brokers in the Yellow Ask people working in this industry to pro- vide an indication of the level of demand.

Sometimes people in similar businesses are willing to help, but if not, try talking to suppli- ers or businesses interstate who are not your direct competitors Step 3 Consider your market P A G E What type of peo- ple will buy from you and who will you target?
Make a list of the characteristics of the people who will buy your product/service.

Where are the majority of these type of people located?

Perhaps you need to do a bit of research to find this out.

Identify smaller groups of people with similar characteris- tics who might be seeking similar features/benefits from Consider how many people you need to reach to achieve your expected level of sales.
“WE HELP BUILD SUCCESSFUL BUSINESSES” Have you thought about how to reach the different segments of your target market?

Do you have enough time and money to devote to the initial marketing?

Do you know your market and how you will reach it?

If yes then go to Step 4 Step 4 Consider the competition Have you re- searched the level of competition for the product/service you are offering?

What do your competitors offer?


What can your business offer that is better than your competitors?

Can you beat the Competition?

If yes go to Step 5 Assess the level of competition for your prod- uct/service in your particular location.

Does the level of competition mean that yours should consider a few different locations?

Collect flyers, price lists and any other material from your competitors.

Drive past all your competitors to see what they provide.
Consider what features and benefits cus- tomers are looking for—and what is not cur- rently provided by your competitors.

What features/benefits of your product/ service differ from what your competitors “WE HELP BUILD SUCCESSFUL BUSINESSES Step 5 Consider the environment What external factors have the capacity to affect the success of your business?

What internal factors might affect your business success?
Are you able to identify any trends for impacts that could affect your industry?

These factors may have a positive or negative outlook.

Think about political, global, technological, social and environmental issues.

How will your business deal wit the current Water Restrictions?

For a relevant checklist and more What will be the strengths and weak- nesses of your business?

How will you use your strengths to your full advantage?
“WE HELP BUILD SUCCESSFUL BUSINESSES” What is the future outlook for the industry you are entering?

Try to find out more information about trends in your industry by visiting your local library, searching the Internet or by reading news- papers on a regular basis.

Is your industry predicated to grow or de- cline?

What impact do you think this will Can you beat the competition?
If yes, then go to Step Step 7 Consider your start-up Have you considered legal and regulatory issues when starting a business?

Do you have the necessary resources to get started?

“WE HELP BUILD SUCCESSFUL BUSINESSES” Do you have the best location you can afford?

ARE YOU READY?

If you have answered yes to these steps then you are on track!

Have you considered what business structure you will use, i.e.
sole trader; partnership or com- pany?

You may need to get professional advise to help you decide.

Check with your local council about town plan- ning, zoning and usage rules that may affect your business.

Make a list of the essential items that you need to star-up other non essential items can be purchased later.

Have you considered the type and cost of in- surance?

Talk to an insurance broker-If you are not in- sured you could lose everything.
Make a list of which features are important in your location ( e.g.

main road, space, low cost, parking facilities, located in a suburb with high income, etc. )

Consider a number of potential business locations and assess the pros and cons of S