Originally written by Steve Taklalsingh on Small Business
10-step guide to start a new business
Many people have gone through redundancy this year. More are likely to do so because of Covid. If you are one of them, after recovering from the initial shock, you are probably re-evaluating your life and career. Despite economic uncertainty this is proving to be a popular time to start a new business. But if this is the moment you head out on your own, where do you start and what do you need to know?
#1 – Have a good idea
Successful businesses are not successful because someone had a ground-breaking idea or invention. They’re successful because the business owner implemented the idea effectively. Having said that, you do need to really think about your business idea.
What is the problem you are trying to solve in the market?
Who is the competition?
Is there space in the market for you or is the marketplace saturated?
What do you bring to the table that others don’t?
How are you going to attract customers?
Do your research; it will be the most valuable time you’ll spend on your business.
>See also: 5 best ideas to start a small business post coronavirus
#2 – Check your status
You must