If someoneâ€™s got a great idea for a business, thatâ€™s awesome. But it takes more than that to take that idea from the â€ślight bulbâ€ť moment into a successful launch.
For example, what do they plan to do with their idea? For example, are they thinking of developing that idea into a new business, purchasing an existing business, or becoming a franchisee? Look at the advantages and disadvantages of buying versus starting from scratch. Theyâ€™ll have a limited budget, so they should seek advice and be sure they know what theyâ€™re paying for.
Then thereâ€™s the market. Who are they planning to sell to, and is there a demand for their idea? Do they have a competitive advantage? Itâ€™s important they find out about their potential customers by conducting some research.
Itâ€™s also critical they understand their financial situation. Have they got a clear idea of start-up costs? How much finance and working capital will they need?
And those are just some of the considerations that need to be taken into account when starting a business. People should also assess whether they have the right sort of personality and temperament to cope with the stresses of launching and running their own business.
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