I'M THINKING OF STARTING A NEW BUSINESS
- Introduction to starting a business
If you’re considering going into business, this resource is for you. As you probably know, building a business from the ground up takes careful planning and dedication. Getting there is a challenge, which can mean long hours, sleepless nights, and difficult decisions.
Before making a decision, it’s important to consider all of the factors that could make or break your business.
- Is the idea feasible?
- What products or services are you looking to sell?
- Is there a dominant competitor that already exists in the market?
- Do you have existing capital to keep the business running until you break even?
- Where will your business be located?
These are just some of the questions you’ll need to answer before deciding if your business concept is viable. This guide will help you determine what parts of your business are likely to work, and where you may need to spend more time strengthening your business plan.
Taking the time to refine your business plan, before your business is up and running, will help to prevent bigger issues later on. It may seem challenging, but the most successful businesses are built on a strategic plan, so it’s well worth your while.
Of course, you don’t have to tackle these questions alone. Speak with friends or family who are already in business, a business coach or your accountant, if you need support.