Starting a small business has several benefits. You get to be your boss, work as you please, and bring your

  Starting a small business has several benefits. You get to be your boss, work as you please, and bring your ideas to light. It can be one of your most exhilarating and rewarding experiences. However, setting up your business can be stressful if you don’t plan things properly.

Starting a business often means juggling a million tasks and not enough time to do them. Although thousands of startups get built annually, according to the BLS, 45% of businesses fail within five years. These enterprises shut down primarily because of improper planning and rash decisions in times of trouble. However, when you invest your time and energy in building something from the ground up, you must also take steps to ensure its survival and success.

Not surprisingly, you’ll learn most business tips and tricks through trial and error. But to set your company on the right track from the get-go, it’s helpful to direct your efforts towards the appropriate tasks. And so, to guide you, here’s a list of 5 things you must do before starting a small business.

 ranging from travel and technology to economics and film, we've sought to save you some of the trouble for several topics.

Would-be business owners often get so excited about their startup idea and vision that they dismiss logically thinking of how viable it is. You don’t want to invest your hard-earned money into an idea that crashes and burns soon after it starts. And this is where conducting thorough market research comes in handy.

The purpose of conducting market research is to gauge the demand for your product or service. This step will ensure that you will have market share when you start your business, especially if your business concept is viable and sustainable. It can also help you understand the market dynamics and some key players in the industry, ensuring survival and booming profits. Look at it this way. You have an excellent idea for a business. But after doing your research, you find out you’re entering a saturated market or one with a well-established competitor. Now, you must rethink your business plan and bring it up to par with your rival company without suffering heavy losses as soon as you start.