Thinking about launching a new business? Consider these tips first:1. Map out your success: Do not start a business without planning. Starting a new business requires a thorough and objective examination of both your personal abilities and the business needs. Develop a clear strategy for marketing and the production aspects of your business. If you are a retail store, you need to have a plan to determine how you are going to get your merchandise and where you are going to get it from. Figure out where and how you will get the money to finance your business. Do you have the available resources to make this business a success? A business plan is an essential tool to guide your business. An architect wouldn't build a house without a plan; likewise you should not build a business without a plan.2. Identify the right time to launch: The market should be ready for your products and/or services. If the market is not ready, and you do not invest in informing potential buyers about your product or service, your business may fail before it even gets started. Remember timing, refers to when your market says it is ready and is not based solely on what you think is the right time.3. Target your market: When I ask people to define their target market and they respond by saying everyone is a potential customer, I know that they have not done the proper research. When you are able to clearly define who you are selling your products/services to, you make your life easier and increase the effectiveness of your marketing and promotional activities. You can't sell everywhere and to everyone. Think about how much money that would cost you. Focus your marketing activities by clearly defining your target. Research:l Market data and the characteristics of who you think would buy your products/services.l Demographics of your potential customers (age, gender, income level, geographic location, etc),l What your customers' lifestyle factors are: What does this customer enjoy doing for fun? Do they belong to any social, religious or other groups? How do you think this customer likes to receive information (newspaper, online, radio, etc)?4. Discover an advantage: Respond to a need that you have identified and then answer the question from your customer's perspective: What is in it for me? By understanding the business and its benefits, you can create a niche in the market which can help you capture market share and will hopefully allow you the chance to establish and grow your business.5. List all expenses: When starting a new business, consider your major expenses and plan for them accordingly: your living expenses, direct costs and overhead. Living expenses do not take all of the revenue earned from your business and deposit the funds in your personal account. Do identify a salary that you will pay yourself based on what you need to live. Direct costs are the costs associated with what you need to produce your product or deliver your service. Overhead or working capital is the cost of running your business and it includes fixed expenses like, utilities, telephone bills, insurance, equipment, etc6. Market your business: develop a marketing plan. Just like a business plan, you want to develop a plan to help let people know about your business. Don't expect that people will know you just because you start. The statement “if you build it, they will come” does not apply here. You must create a strategy to capture, manage and keep the attention of your target market. You marketing plan should have three objectives: inform the customer of what you have, convince them to buy whatever you are selling and, market your business to new and existing customers.Jamillah Lodge is a Business Development Officer for Bermuda Small Business Development Corporation. She specialises in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance. In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing. The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.If you have questions about starting a business in Bermuda, just ask BSBDC: e-mail us at info@bsbdc.bm or call 292-5570.