tarting a business often means juggling a million tasks and not enough time to do them

Starting a small business has several benefits. You get to be your boss, work as you please, and bring your ideas to light. It can be one of your most exhilarating and rewarding experiences. However, setting up your business can be stressful if you don’t plan things properly.

Starting a business often means juggling a million tasks and not enough time to do them. Although thousands of startups get built annually, according to the BLS, 45% of businesses fail within five years. These enterprises shut down primarily because of improper planning and rash decisions in times of trouble. However, when you invest your time and energy in building something from the ground up, you must also take steps to ensure its survival and success.

Not surprisingly, you’ll learn most business tips and tricks through trial and error. But to set your company on the right track from the get-go, it’s helpful to direct your efforts towards the appropriate tasks. And so, to guide you, here’s a list of 5 things you must do before starting a small business.

Would-be business owners often get so excited about their startup idea and vision that they dismiss logically thinking of how viable it is. You don’t want to invest your hard-earned money into an idea that crashes and burns soon after it starts. And this is where conducting thorough market research comes in handy.

 strong track record for a company that didn’t exist three years ago. SK On was spun off as its own company last October from SK Innovation, a holding company for both traditional and alternative energy businesses under SK group, one of Korea’s largest chaebols. There’s still a long way to go. “Of course, our competitors are also working very hard,” Jee says.