You don’t just stop from analyzing yourself. You also have to check and understand your environment. Is it conducive for your planned business?
1. Are the infrastructures enough to start a business in your community, province and city – like roads, bridges, electricity, water, banks and communication facilities like telephones, internet and postal services?
2. Is your community safe? To shell out a large amount of money in already a big risk, much more to run a business in an unsecured place?
3. What are the incentives and help from local and national government you could get for your business? Know all the exemptions, tax discounts, available loans offering lower interests, technical help and many more.
4. Is your government ready to help start up entrepreneurs? Are they easy to approach?
5. What are the trade laws in the national and local scene? Notice the business growth, buyer population, buying power and confidence of people in the stability of the economy.
6. What’s the current state of export industry? What products are being imported from other countries? What product or service is being imported by your community from other places? Can you supply this demand to your community?
7. What are the other possible opportunities in getting into business? Consider being a subcontractor. This is one way for a small business to become a supplier in some parts of the product of a bigger company. You can also be a supplier by the government because according to law, the needs of the government must be bought to local producers. Another thing is getting into franchise business.