MARKET DEMAND AND RESEARCH
Market demand is one of the first factors to consider when starting a business. Do you know if there is a need for your product or service? Conduct thorough market research to understand your target audience, preferences, and the competitive landscape.
UNDERSTAND THE RISK
Of course, launching a new business venture will always involve a level of risk. Calculating, understanding and planning for risk is an important step to take before you start working on your business. This means assessing your industry’s risks before developing a business plan.
PASSION AND PERSISTENCE
Starting a business requires passion and persistence. It’s essential to have a genuine belief in your product or service and the drive to overcome obstacles and setbacks.
UNDERSTAND YOUR OWN STRENGTHS AND SKILLS
When running a business, know when you need to engage an accountant, lawyer, marketing specialist, web page designer, or other professional.
UNIQUENESS
Consider what your business can do that no other business does. If you have business role models, you might think of what sets you apart from them. Knowing what you alone contribute to the business can help you articulate the value of your brand.
RECORD KEEPING
Before you start your business, make a plan to record your sales, income, expenses and operation costs. Staying organized can help you track your budget and file taxes. You might consider software options that can automate parts of the process.
LIMITS
Consider protecting your own health and well-being by setting some limits for yourself. Determine how you can set boundaries between your work and personal life.