Is your idea feasible? Before you get started, find out if there is a demand for your products or services. It’s also useful to find out who your competitors are and whether the market can sustain your business.
You may be thinking of starting a new business, or you may be looking to buy an established business. Perhaps you’ve decided to turn your hobby into a business or to become an independent contractor. It is essential to understand the differences between a business and a hobby, and decide if you are running a business for tax, legal and insurance purposes.
Owning a business can involve a lifestyle change as well as large financial commitment. Analysis can help you anticipate any challenges you may face and help you overcome them. We’ve included key areas to help you in thinking about the business you’d like to start, the planning process and identifying how your product or service will differ from those of other businesses in the marketplace.