Before you even think about naming your business and setting up your financing, you need to think realistically about what business you want to run, and whether you can actually make any profits in this field. This will involve some careful research into the market, and you will be looking at areas such as:
• Demand – is there a need for your product or service, and can this need be sustained into the future? For example people will always need trades such as plumbers, cleaners, mechanics etc. so these can be viable businesses with a high demand all year round and into the future.
• Competition – you will also need to look at how many other similar businesses there are in the area, and whether you can compete with them in terms of pricing and supply. In general larger businesses will be able to offer more competitive prices to customers and will also have more staff and resources to enable them to cover a wider area.
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