Business creation involves everything from drafting a business plan to filing company paperwork and promoting your new product or service. The process can be a lot of work, but it’s important to start it off right. From opening a bank account to choosing accounting software, this guide is here to help you make the best decisions for your new business.
Most advice about starting a business advises you to “monetize what you love.” While this is great advice, it overlooks two other factors: your business idea needs to be profitable and something that you’re good at.
In fact, launching your business in a down economy can actually be one of the best times to do it. Customers are more likely to spend money during a recession, and there is less competition for your products or services. Historically, many of the most well-known businesses were launched during economic downturns. Take McDonald’s, for example: it was created in the aftermath of the 1987 stock market crash (known as Black Monday).
If you have a business idea that you think could succeed, the next step is conducting market research. This will tell you whether there’s demand for your product or service, and will also help you identify any opportunities to gain a competitive edge in the market. You can do this by looking at competitors, analyzing the price point of similar products or services, and finding out what your target market is interested in.