Factors When Planning a Business

.Starting a business is tough and very risky. The last thing you’d want is to see your business fail, just like so many other entrepreneurs. To improve your chances for success, it is important that you are prepared to the challenges of starting a business. You don’t have to know everything, but you need to understand why some businesses succeed while many more fail and make sure sure that you are more than prepared.

According to Mark Warda in his book The Weekend Small Business Start-Up Kit (+ CD-ROM), here are factors that you need to consider when planning your business:

• If it takes months or years before your business turns a profit, do you have the resources to hold out?
• Are you willing to put in s lot of overtime to make your business a success?
• Are you willing to do the dirtiest or most unpleasant work of the business?
• Do you know enough about the product or service?
• Do you know enough about accounting and inventory to manage the business?
• Are you good at managing employees?
• Do you know how to sell your product or service?
• Do you know enough about getting publicity?