1.  Type of business
   

After determining whether you’ll do the business on a full time or part time basis, you will have to decide on the type of business structure to start. This could be sole business, partnerships, a company or even a trust. Each business structure has its advantages and challenges. A serious business weighs each of them, compares the benefits and drawbacks and makes a conclusive decision. The type of business will determine the legal requirements and financial requirements of the business. 2. Part time or full time This is the initial decision that an upcoming entrepreneur should take before starting any venture. Some of the questions to ask at this point would be; if employed, should I quit the job to completely focus on the business, or should I do it as a part-time venture. Whether unemployment you should ask yourself whether you would love to pursue an 8-5 job given the opportunity or you would solely do the business. Such decisions help one to stick to the plan and plan on the time management. 3. Location of the Business Location of a business is an important element before one starts the business. The location is determined by one's residence, the existence of similar businesses in the area, the distance between one's area of residence and the business, the population of the area, and the demographic. All these factors play an important role in determining the success or the failure of the business. For instance, starting a pork business in a Muslim dominated region would be a wrong idea.

4.  Competition
   

Competition comes from other people doing the same business. You should research how the competitors run their businesses, who their customers are, their pricing strategy, how well they do it, and their challenges. Their mistakes should be your strong points so as to outdo them. If the market is saturated with the type of business that you want to start, then be keen to develop the right strategies to be able to penetrate the market. If few people undertake the venture, then that is an opportunity to launch a business brand that will be the lead in the region. 5. Target Market Who are your consumers? What particular product do they prefer? What after sale service do, they appreciate? These are the things that you should consider. After that, you should tailor make your business to match up to the above factors. This runs from the business website, modes of marketing, and modes of delivery. If most of the clients are projected to be of a certain age, you should ensure that you engage them through talks, social media, or even through questionnaires so as to understand what their needs are. You should also endeavor to hold one-on-one talks to prospective clients so as to build loyalty and trust even before the business picks up. 6. Startup Capital People do not just think of doing a business, then hastily decide to borrow money and start the business. Starting a business requires an efficient source of capital considering that some unexpected needs arise with time. Some of the options that one would consider would be getting money from family and friends, getting a loan from a bank, or even finding a willing investor. All these plans, however, do not work out all the time especially when large sums of money are required. When that happens, do not be discouraged. Start small, then expand as profits start coming by. The success of the business might be a convincing force for the banks to offer a loan. 7. Naming of the Business The name of the business is usually the first thing the customers get to know about. This step, therefore, requires a long thought since once the business picks up, it would be hard and expensive to change it. The name will also coincide with the business’s website and web domain. Some questions that you will have to consider are; How do I choose the best name for my business? what does the name say about your business? If it a personal name, has your name being on the negative public light? You would not want to use a name that has had been mentioned in corruption or negatively as it will definitely kill your infant business. 8. Putting Your Brand Out There A business is not helpful if it is in the closure. Before you could start the business, you should come up with a clear outline on how you will develop a good marketing plan, and make your business known. Making your business known does not need an enormous budget considering you are just starting. Initiating and maintain relationships should be the initial focus. Learn how to market your business online for free, and network, network, network. It is through meeting with people that you will tell them about your business and distribute your business cards. Seminars and business shows are also a perfect time to broadcast your business. Making your business known requires a lot of work, so get up, develop a good media plan and strategy, and work hard. 9. Unique Selling Point There must be that unique part of your business that attracts customers, and that makes them decide it should be business A and not B. identify that uniqueness in your business and capitalize on it. A unique selling point could span from the type of product or service you offer, after-sale services, packaging of the products, or good customer care. Find that unique point in your business and stick to it. 10. Financial Management Before you could start a venture, it is very crucial to have a clear financial plan on how you will manage your finances, or how you will hire someone to do so. Financial management requires a professional accountant who understands the balancing between the inputs and output. It is very easy to think that the money in the business is enough, only to end up using the capital for the wrong purpose. To avoid such, you should come with a clear financial plan which captures the amount of money that will be allocated to which session. For a start, you should hire an affordable accountant who will help kick start the business.