With the new year come new plans, new ideas, and new goals. And while this is all great, before you go starting any new venture or business, it’s important to carefully consider various things. Starting a business is no easy task, and often, lack of planning is what eventually drives many new businesses to close.

So, what can you do to make sure that if you start a business in 2018 it will still be around in 2019, 2020, and beyond?

Research your market

Start off by conducting some market research. If you’ve already got an idea, it’s important to research more about it to make sure that there is an actual demand for the service or product you will be offering. If you aren’t set on anything yet, market research can help you identify gaps in the market that can later inspire new and innovative ideas.

Develop a business plan

When starting a business, people often have the goal in mind; however not everyone is as good at visualizing the path they need to follow to reach that goal. A business plan can help you clarify this path. A solid, sustainable business plans should take into consideration aspects such as financing and costs, logistics, marketing, initial investments, target audience, value proposition, distribution channels, and potential revenue streams. The business model canvas can be a good starting point.

In addition to this, also consider elaborating your company “one-pager”. This is an overview of your business, and in one page you need to clearly explain your service or product, your competitive advantage, and your target market.

Check for licenses and permits

Whether you’ll be selling a product or offering a service, make sure you check local as well as national laws and regulations. Establish whether you need any specific license or permit to operate, make sure you are clear on which tax structure you will be filing, and make sure your brand is registered under the right category.

Pick a location

There’s a reason the old adage of ‘location, location, location’ is just as relevant today as it was years ago. Where a business is located can help make or break the business. You need to strategically choose your location; consider if you need parking space or if your business would be better suited for a busy street where people are constantly walking by. Your location will have a significant impact on your costs, as well as on different permits, depending on your city or town.

Depending on your line of business, you can set up your office in a coworking or shared workspace environment. Specifically, these spaces can provide new businesses with networking opportunities and can help alleviate some of the initial costs.

Once you’ve covered these bases, it’s time to start working, operating, and marketing your business