Despite the risks, a growing number of people are taking the initiative to start a business of their own. There are many risks involved and is not a decision to be taken without due consideration. The risks involved can be reduced by planning carefully and above all seeking assistance at as early a stage as possible.
The following step-by-step guide may help you to ask the correct questions, and obtain the necessary information. This will minimise the risks involved. Information is the key to making any decision so it is no surprise that it is vitally important to fully assess your business idea before putting your money at risk. Yes, your money, because even if you obtain grants or loans, you as the business promoter will need to take the largest risk.
By following the step-by-step guide, you will be in a better position to decide if you wish to set up the business. If you decide to proceed, the work finalised will assist your negotiations with banks, investors and state agencies, as you should have compiled a comprehensive business plan.