1. Give your market what they're craving for
Do your research thoroughly. Your business will boom rapidly if you're providing the meal that the starving market is craving for. It will be very easier that way. Passion alone won't be enough. So, what do people want in your market? Then, sell it to them!
What nagging problem in your vicinity will your business solve? In these present days, solving societal problems come with a lot of rewards. The bigger the problem you solve, the more you'll be compensated. So, you have to think deep about your business.
Even if it is a very common business or profession, how can you improve your own method to make it better? Are you ready to give the market what they're craving for?

2. Choose a niche that will still be relevant in a long time
What is the present and projected (future) market demand for your product/services?
It's the rule of thumb that a high-demand business is likely to be more successful than a low-demand one. Also, ask yourself how relevant your products/services will be in the next few years.

3. Be ready to sacrifice for the growth of your business
Success always comes at a price. At times you'll need to make sacrifices for the growth of your business, be it paying for publicity, miscellaneous items, placing ads etc. Are you ready to do that? You just have to be.

4. Learn the act of selling
This is very important. As an entrepreneur, a professional or business owner, your number one responsibility is to sell.
The money in any legit business today isn’t in the product/service you offer/render, it’s in the selling of that product or service.
The fate of your business lies not just in having the best product or service, but in your ability to market your products or services to the public.
In other words, we are all in the business of selling!
The mistake many people make when starting a business is that they wanted to do a business without defining their market and how to sell to them.
Ask yourself.. can you sell the business you're venturing into to the waiting market out there? What marketing strategies will you use? Are you even ready to learn how to sell?

5. Prepare yourself for the competition
There's hardly any new innovation or idea in these present days. That business you wanted to do, that profession you are into, someone somewhere else or even in your vicinity is already into it. So, brace yourself up for the competition.
Business is not just about being passionate about it. You need willpower to forge along through the thick and thin of every business. Even when the odds aren't in your favor, your willpower will keep you in business.
Are you mentally ready for the competition? If the competition seems overwhelming, what are your plans to beat it?

6. Find a good location for your business
Location of a business is also very important. There are some businesses that you'll need to set up in a school environment to thrive, some business will only do well in big cities and so on. Therefore, you need to brainstorm on the best place to position your business to maximize sales and profit.

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Add your own to the list.