Food & Grocery Best Posts in Thread: When To Start a New Business?

Few things I see as an issue and/or to think on.

1. You have a full-time job. Opening a business and getting it off the ground the first year is two full-time jobs in itself. You'll likely fail if you don't have the time to invest yourself in your new business.
2. What is the business and what is its local competition and chance of success? Is it an eatery right next to 10 other eateries selling the same thing? Is it a cell shop right next to 100 others? You'll shoot yourself in your foot right off opening something next to other competition if to much and you can't offer something more then the others. That must be something locals want and need as well and you need to be able to do it cheaper then the guy next door (its the Philippines after all).
3. A great location is not always a great location. Some locations are simply better for certain things. You could have a prime spot on the highway but not near much residential and an internet cafe would be horrible. You could have a great spot across for a major college but a motor repair shop would be a horrible idea. Location must fit the intended business and those who you hope to frequent.

Among that and other things suggested I'd write up a business plan, check on permits needed and so forth which can eat quite a bit into your investment capital. Maybe you'd need to be willing to take on a partner or investor. Partners can be great but very risky as well so shopping for the right partner is a must along with setting terms of what/who has what kind of control. Investor's can be good but also problematic and you'd need a way to buy them out eventually along with specific timeline on a return of their investment. After all you don't want your billion peso plan being controlled by a person who invested 50k and sat on the sidelines.

Its very risky and a properly written up business plan and assumed fair profit margin should be figured out. That alone can help you write off many business idea's.