Starting A Business

[Tobi]

I’ve got a business idea that’s an untouched idea in the state I am in and is thriving in other states.

I’ve got a rough idea of the steps I need to take to begin looking into it, but I thought I’d check in here for anyones input into their history with starting a business and life lessons they have learnt. Anyone have any life lessons that they can share to save me some heart ache and possible financial mistakes?

 

[Gwolf66]

If you're confident in your idea, and you've thoroughly reviewed it, analyzing its pros and cons and refining it as much as possible, you should go for it, because it could work very well.

 

[Blazing]

Just do your research and find out how such business would do in the market before launching it out

 

[boolgermaine]

When I started a business, I learned many things. Three here. First, cash flow is what carries everything, without it you are stuck. Second, don't invest a lot of money before you have proven the market. Third, a little marketing can give you great traction.

 

[Min George]

Before you set out to start a business, be sure that there is a significant demand for that product in the particular location that you are in. That a product or service is selling in another state doesn't mean it would sell in the state that you are in. Only a good feasibility study can answer that.

 

[boolgermaine]

Before starting a business, your point is absolutely correct: you must look at the demand for a product or service in the relevant area. This helps avoid spending resources on something that does not have enough customers. The best way is to do a little market research. Talk to people, look at competitors, and assess whether there is a real gap. With evidence of demand, you can properly plan the supply chain, pricing, and marketing. Without that groundwork, even the best idea may not get far.