Getting that ‘light bulb’ moment – an idea for a new business – is great. Many people dream of leaving their job and becoming their own boss, doing what they love. And increasingly, small business is becoming more important to countries all over the world, improving the global economy.
But it’s important to get the basics right when starting a small business. A little attention to detail at the start can determine whether a business has what it takes to succeed, or if it’s not worth pursuing.
Calculating demand is an essential step. What might seem a great idea for some might not be that interesting to others, so getting out there in the marketplace and working out if others are interested in the idea is vital.
Then there’s the old chestnut – money. Conducting a break-even analysis at the beginning is essential – if the idea isn’t going to break even, then it’s certainly not going to turn a profit.
And there’s the competition. It’s important to find out if anyone’s doing something similar, and how they’re doing as well.
The below article looks at how a young entrepreneur got his business started and saw it become a success. Using the basics.
Read the full article at: www.inc.com