Maybe you have dreamed of becoming your own boss and have an idea for a great start-up business. Or, your retired looking to make some extra income, staying active. Here is a simple method for evaluating your business idea.
By gathering the information for these three information items will help you identify and define your business. With this information you can determine whether your business has a chance of becoming profitable, or how long you may need to operate on a minimum profit margin to get your business started. Most beginning business owners fail to prepare for the slow start-up time. It takes a while to get your business going, for sales to pick up, so be prepared for the long term business start up path.
Here are a few pitfalls to avoid:
Take the time to research your business idea. Write it down. If it doesn't look good on paper, chances are it will not work in the real world. Be prepared for a long, slow start for your business, and consider developing an exit strategy if you see your business is not going to be profitable.
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