Check the track record of the type of business you are considering

What is the failure rate? A lot of businesses fail within the first five years.
For example restaurants have a very high failure rate. Some businesses have less competition. Some require more capital.

The owners don't understand how to run it.

They don't understand how to manage employees.

They don't understand marketing or how much it will cost.

They don't understand business math.

Dan Kennedy has some great paperback books on topics like:

Business Success

Ruthless Management

Grassroots Marketing

Sales Success

Direct Marketing

Who are your target customers? Why should they buy from you? What makes you a better choice than a competitor.

In response to this post by HokieAl

Posted: 02/15/2016 at 5:27PM

Really considering starting my own business. Anyone got advice? -- HokieAl 02/15/2016 2:49PM

You'll need an accountant... -- Hokie CPA 02/15/2016 9:53PM

Says the accountant. -- Freddyburg Hokie 02/15/2016 11:08PM

Thanks everyone for the responses -- HokieAl 02/15/2016 6:20PM

Can't go wrong with white rocks out front ** -- WestyHokie 02/15/2016 5:46PM

Check the track record of the type of business you are considering -- VaAkita 02/15/2016 5:27PM

I have never held my hand out for a pay check ...ever. i have also -- Fuzzymon 02/15/2016 4:33PM

Have the capital to pay all expenses including a salery for you. For at l -- Betabeachbum 02/15/2016 4:08PM

What kind of business? What do you do now? -- Baltimore Hokie 02/15/2016 3:42PM

Pit falls / negatives? -- RichwebHokie 02/15/2016 3:23PM

Those aren't negatives, they are 'things you have to do to be in business' -- Baltimore Hokie 02/15/2016 4:14PM

Very good list ... and pretty much what I was referring to .... -- vt90 02/15/2016 3:37PM

Some references too - if you're interested . . . -- RichwebHokie 02/15/2016 3:58PM

PUt down on paper a very conservative business plan. Then -- UTPr0sim 02/15/2016 3:23PM

Is starting the business on a part-time basis an option, while you keep -- Hokie360 02/15/2016 3:09PM

This is a very good idea.^^^^^ ** -- UTPr0sim 02/15/2016 3:23PM

Head shop in Colorado... Bring cash. ** -- aint2Hokie4me 02/15/2016 3:04PM

Missed that boat already -- 76 B210 02/15/2016 3:16PM

Wouldn't be surprised if the market gets saturated in a few years.... -- `lag 02/15/2016 3:41PM

I did it 5.5 years ago and ... -- vt90 02/15/2016 3:03PM

Do you have source income in DC for your S corp or is all Virginia? -- BG Hokie 02/15/2016 4:14PM

I do all my work in Virginia ... -- vt90 02/15/2016 4:33PM

If you're not performing any work in DC, there is no issue. -- BG Hokie 02/15/2016 4:35PM

You won't have / owe any taxes as an "S" corp, but will have to file -- RichwebHokie 02/15/2016 3:13PM

Wear a condom ** -- bigbadbird 02/15/2016 3:01PM

Helping hot teenage unwed mothers get their start. -- Major Kong 02/15/2016 3:00PM

My BIL started a Medicine Shoppe. Had no idea if he was in the black. ** -- TomTurkey 02/15/2016 2:59PM

For the first couple of months. ** -- TomTurkey 02/15/2016 3:00PM

I just talking to a co-worker about this... -- vtbones 02/15/2016 2:55PM

Do you have a business plan? ** -- Hokie Bird 94 02/15/2016 2:54PM

Yep. Actually kind of stuck in analysis paralysis right now -- HokieAl 02/15/2016 2:59PM

Get a Mac. Drink heavily. ** -- BobG 02/15/2016 2:53PM

My advice: -- Freddyburg Hokie 02/15/2016 2:51PM

Check the track record of the type of business you are considering

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