pestel

7 Steps to Business Success
A guide to help you assess whether your business will be a success

Welcome to the
Queensland
Government’s ‘7 steps to business success’.
Starting a business can be both rewarding and challenging. However, poor planning and lack of preparation contribute to many business failures.
By following the 7 steps outlined in this guide you will increase your chances of business success.

What are the 7 steps to business success?
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Step 1 - Consider your suitability
Step 2 - Consider your idea
Step 3 - Consider your market
Step 4 - Consider your competition
Step 5 - Consider the environment
Step 6 - Consider your finances

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Attachments and worksheets:
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Skills checklist
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Customer profile chart
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Market actions worksheet
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Competitor profile
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Financial figures worksheet
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Pricing worksheet
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Locations chart
Useful contacts
Further support and assistance

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Step 1 - consider your suitability Before starting a business, you must consider your suitability. You need to question if you have the time, skills, knowledge and energy to operate a business.

Make a list of all of your goals (business, lifestyle, family, health, social, spiritual and financial). Which goals will your business help you achieve? Identify areas of potential conflict. How can you eliminate or reduce conflict between your goals? What goals are absolute priorities? What goals are you willing to compromise?

Do you have the right skills and knowledge to run a successful business? Step 7 - Consider your start-up

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Will your business let you achieve your goals?

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Review and assess your skill strengths and weaknesses. Used the attached Skills checklist as a guide.
Research the skills and knowledge that other people have in the industry.
Make a list of the training or development you may need. Be sure to include managerial and business training if