Starting and managing a business takes motivation, desire and talent. It also takes research and planning.

To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well thought out business plan that will help you reach these goals.

Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success. Before starting out, list your reasons for wanting to go into business.

You need to determine what business is "right for you." Ask yourself these questions:

• What do I like to do with my time?
• What technical skills have I learned or developed?
• What do others say I am good at?
• How much time do I have to run a successful business?
• Do I have any hobbies or interests that are marketable?

Then identify the niche your business will fill. Conduct the research to answer:

• Is my idea practical and will it fill a need?
• What is my competition?
• What is my business advantage over existing firms?
• Can I deliver a better quality service?
• Can I create a demand for your business?

Now develop your plan is the pre-business checklist. You should answer:

• What business am I interested in starting?
• What services or products will I sell? Where will I be located?
• What skills and experience do I bring to the business?
• What will be my legal structure? (see overview below)
• What will I name my business?
• What equipment or supplies will I need?
• What insurance coverage will be needed?
• What financing will I need?
• What are my resources?
• How will I compensate myself?

Your answers will help you create a focused and well researched business plan. You must detail how the business will be operated, managed and capitalized.