Small Business Investing

Starting a Business

What are some early steps I should consider before starting my own business?

According to entrepreneurship expert Alan Hall, if you are a prospective business creator you should keep your “day job” as long as possible (especially if you intend to use income from your employment to fuel your start-up company); give yourself a time frame or goal (for example, one year), as this will allow you to focus your energy in order to attain the goal; honor your signed non-compete agreement, if your employer has required this; try specifically to create the purpose, vision, and strategy of the idea; test assumptions on the market; know your market size and the portion of the market that best matches your idea; consider all aspects of competitive offerings; evaluate the viability of your product or service; determine how the product will be sold and purchased; how you will collect revenues; and create a plan and budget on the profitability of your product or service.


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