Once I have done all the research how will know I am ready to start my business?

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thanatassa's profile pic

thanatassa | College Teacher | (Level 3) Educator Emeritus

Posted on

It generally takes at least a year for a new business to become profitable. Therefore, the main issue in timing when you can start a small business is one of personal finance. First, if you live in the United States, you need to make sure that you have medical insurance. Next, you need to make a realistic budget of personal expenses, and have adequate savings to cover a full year of personal expenses (rent, food, etc.). Finally, you need a full budget for your business and adequate funds to cover startup costs and a year's worth of operating expenses.

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sarahokoth's profile pic

sarahokoth | Student, Grade 9 | (Level 1) Honors

Posted on

you will have to look for a viable business opportunity where:

1.its envirionment is good

2.you can meet up with the capital required in stting up the business.

3.the competition

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