Know-How Exchange : Other

Start with your objective: Why do you want to go into this business? Is it just for the money, or is this something you want to do for personal reasons? If you don't know WHY, you'll never know if you're successful.

Then ask yourself how much you're prepared to invest -- in time, effort, money -- to achieve your objective. Most new businesses fail because the principal runs out of money before the business ever reaches critical mass.

That's why you need a business plan, a load of energy, and a cash reserve before you do anything else. The logo, tagline and advertising come later. First figure out what success looks like for you and develop a rough business plan.