What are the things one should keep in mind before starting any new business? -

Before starting any business, you should bear in mind, First, that you have enough knowledge and skills in the business you are planning to put up. Secondly, It is very important you have the necessary financial capability. These all depends on what kind of business . Lastly, you should put up a business that you like most . I mean where you will be contended Psychologically, emotionally and the financial reward will follow.

Most common mistake is not knowing your business. Not what the business sells or creates. The business of the business. You must do a business plan. Google business plan software there are alot out there. Businessplanpro.com comes up alot but like I said there are alot of them out there.Do a business plan outline first to see where your at as far the knowledge base of what your business will need, what it doesnt know, who exactly your selling to, and why they would want to buy it from you.http://www.business-plan.com/outline.htm��SBA ( Small Business Association)http://www.sba.gov/smallbusinessplanner/��

Location...location and location! Before you start any new business you should find that said business will be beneficiary to the area and if the location is right to bring in the big bucks for you!

The reality that you are most likely going to be in debt to someone or some institution. Also that you better have a stellar business plan when you go looking for credit.

Customer service is job 1. Listen to your customers, be available as owner/manager.