Click here to read a good article from Kiplinger.com, which highlights the following steps to follow when contemplating a new business venture:
1) Know your customer - Understand the needs and wants of your target audience.
2 ) Test your idea - Before investing all of your money and time, test market your product or service.
3) Pick a sales strategy - Understand how your product or service will be marketed.
4 ) Write a business plan - The act of capturing all the details allows you to create a playbook for action to win your place in the market.
5) Find good people - Find the right people who are willing to work hard with you to realize your dream.
6) Mind the money - Creating a realistic budget and cash-flow projections can help ensure you're managing your money appropriately.