When it comes to investing, you want to ensure you’re making the right move. In times, such as these, this is even more important if you want to see ongoing return from your investment.

So, if you’re thinking of investing, it’s worth doing some homework first.

Here are seven steps to help you develop an investment strategy that will work in your favour.

1. Your objective

Your investment objective should consider factors such as the level of income or capital growth you’re seeking to achieve, so be as specific as possible. Also have a think about why you’ve come to this conclusion.

You’ll also need to consider your risk appetite.

2. Your resources

What is your current financial position? How much of your income can you spare for investments? What expenses can you eliminate so you can gain more money to invest? You don’t want to have to sell an investment at the wrong time because you’re short on money.

3. Your time frame

Are you hoping to see returns soon or have you got some time?

If you have a long investment time frame, you may have more capacity to ride out any market downturns. As such, you could consider investments with higher risk/higher return profiles, such as shares. If your investment time frame is short, you may need to be more cautious. Things like bonds or cash might protect you more.

4. Your risk appetite

What are you willing to stomach? In assessing your risk tolerance, consider how you would react if the value of your investments plummeted overnight. If you would stay relatively calm and wait for them to rebound, then your tolerance might be high

5. Your strategy

Next, you need to work out how you intend to invest – for example, will you invest yourself, use managed funds or a financial planner? What types of assets are you going to invest in, given your time frame and risk tolerance? That is, will you invest in fixed interest, shares or property, or a mix of these?

6. Stay calm!

Sometimes markets go up, sometimes they go down. Don’t panic and certainly don’t start bailing out of your investments if the market turns south. Stick to your game plan. Over the long-term, a good strategy is likely to pay off.

7. Do regular reviews

Staying in touch and revisiting your goals is critical to delivering you a happy financial future. Is your strategy still performing or can improvements be made? Has there been a change in the economy or the world political landscape that may cause you to alter your plan?