To be successful in business research and planning is vital. Once you have decided on the business that you would like to start, you should gather information and perform your due diligence. This means finding information on how the business industry has performed in the past and the outlook for the future. A good source to start with is the U.S. Census http://www.census.gov/econ/. This site offers insight to a number of industries. You should also speak with those in the industry and ask what to expect such as revenue, busy and slow months, as well as if they would go into the business again. When planning your business a critical area to consider is the competition. Do you have competitors directly or indirectly on a local or national level? A properly written business plan should help you address these areas when finding the right business to start.
15 Reasons – Why it is essential to write a business plan?
October 19, 2018
