1. Do your research. Figure out what business is profitable in your chosen location. You can do a survey to know what people would like you to offer.
2. Check on your competitor. After knowing the best business to put up, check the people who are also offering the same items on the same location. If there are so many people who are selling the same product and the demand is not that high, consider another business as stiff competition can make it challenging for you to make decent sales.
3. Find the best location. You would want a place that is accessible to your target market or a place that thousands of people pass by on a daily basis. Obviously, this can help you attract more attention that can lead to increased sales.
4. Permits and license. Depending on the type of business that you would like to put up, you will need license and permits to operate. Check out from your local government to know the requirements. Put this on top of your priority list as this can take some time.
5. Financial backing. Unless you have the money to spend for your initial investment, you will need to apply for loan from banks and other financial institution. You will need to submit a thorough business plan and proofs that you can pay them to increase the chances of your loan being approved.
6. Supplies. Tie up with reliable suppliers who can give you all the items you need in a timely manner. Build good relationship with these people so you won't have problems with your stocks later on.
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