It Starts with a Business Plan
Before you start a business, you need a business plan. You need to evaluate the industry that you plan to go into. You must understand the industry players and the state of the market. There are a number of questions you must get answers to
- Who will you compete against?
- What is the market size?
- Do you have a valid value proposition that will stand the test of time?
- How much will you need to invest?
- How long will it take to start making a profit?
A business plan will help you to ensure that your business meets its goals. It will help you to map the course for your enterprise, giving you direction on the right moves to make at the right times.
Once you have decided that you have a viable business proposition it is time to look at the type of business you plan to register. You may also require licenses or permits before you start. At this stage, it is best to see an attorney to iron out the legalities. Your attorney can help you to understand the advantages and disadvantages of the various business entities and give you advice on setting up.