Starting a new business requires preparation and planning. Financially, if you have no other income, you should make sure that you have enough put by to keep you going for three to six months, or at least until your new business starts bringing in money. Research is needed not only for the product, but also to ascertain if the market has potential and to check on all competitors who are already in business.
When you start, you’ll need to be ready to test your resilience, as the first year of any business is always a difficult time. When you reach the first anniversary and it is still a concern, you may want to take a deep breath before building your strength to begin in the second year.…Continue reading