Becoming your own boss is everyone’s dream. However, once you own a business, you realize that it is a 24/7 job that is more stressful than most people think. You therefore need to prepare for both the positives and negatives as you embark on your business venture.

Before I started my business, I did a lot of research reading and talking to entrepreneurs who had been in the game for many years. Having spoken to them and keenly listening to their experiences, I highlighted these guiding factors to consider when starting a business.

• What will you offer?

This refers to the nature of your business. Every single business starts with a super duper idea that is not only a dream but actually works. You must come up with something that stands out in your targeted location and also solves peoples frustrations. Even though there are other businesses that are just like the one you’re going to start, it’s important that you make it better than what others are doing.

• Determine your target customer.

Once you have come up with your perfect business idea, you will now need to do some market research, analyze the market conditions and determine your target market and audience. Having a product or service will not make your business profitable if there are no customers to buy it. Research on the demographics of your potential audience and understand their buying habits. Remember to talk to similar business owners, watch your competitors and understand what their buyers say about them on social media. This step is very important for every entrepreneur.

• Location.

During my research, every entrepreneur I talked to, kept emphasizing on location. They made me realize that choosing a business location is extremely important. Make sure that your business is located near your target audience to make it easily accessible. People’s location perception is also very important for a new business. If you are planning to start your business in a new place, do research on what locals think of the area. Choosing a business location should be strategically thought through considering all your business goals and general direction.

• Capital.

Money is king to every business. What value do you need to put into your business to get it running? List down all the possible spending’s such as renting, renovations, asset purchasing and operating expenses. Consider ways in which you will find your funding and budget for start up costs. In case you decide to get a business loan, remember that you will be paying it back for several months or years which is an additional cost to your budget.

• Suppliers.

Identify your potential suppliers for the goods or service you will sell. Evaluate their prices, accessibility, reliability and operating hours.

• Operating Expenses.

Write down all the expenses you need to operate your business monthly. Include rent, salary, office supplies, utility bills, etc. It is important that you include this step in your capital requirement because you have to keep at least 6 months monthly spending’s as capital.

• Marketing.

Come up with a good marketing plan for your business. Businesses do well once they are marketed. Choose the right marketing platform for your business.

• Legal Documentation.

Before you start operating, make sure you have the registrations needed to legalize your business. Also ensure that you comply to Government compliance such as paying taxes to avoid any penalties in future.