The right mind-set is just the beginning. Running a business also takes a sharp business sense. Knowing how to take advantage of market conditions and developing strategies to get through the tough times will help turn your great idea into a successful business.

First, you’ll need to develop a business plan. It will be the road map you’ll use to establish and guide your business. Start by defining your idea in business terms. This is not a time to focus only on the positive. You need to take a hard, critical look at your plan and all its components. Ask every question you can think of, and be sure you come up with satisfactory answers.

• What type of business do you want to own? Will it be retail, service or manufacturing?
• Who’s the competition? Is the community large enough to support another similar business? Head to the local chamber of commerce for details.
• Where will you locate your business? Is there a similar business nearby? Get information on the community’s plans for business growth, such as shopping malls and business park expansion.
• Will you be able to find enough qualified people to employ?
• Will you buy, lease or build space for your business? Buying space is costly. For that reason, it’s usually wise to rent at first in case your plans don’t work out.
• How will you identify customers for your product or service? Look at population figures–current and projected.
• How will you sell to potential customers or clients?

Find out not only if your prospective customers really are viable, but also where your product fits in the marketplace. Talk to your intended suppliers and, if possible, your intended customers. Also do some research on the Internet and through trade associations. Contact the Small Business Administration (SBA). Your goal here is to get as much information in measurable form as you can. These facts and figures can–and should–be used to make solid projections for your business.

Be prepared to revise your business plan if the information you gather doesn’t add up to a strong possibility of success. Or make discreet inquiries about the availability of an existing business.

This is no time to do it alone. Find and consult qualified professionals–real estate agents, lawyers, accountants, public relations experts and consultants–to help you make the best decisions. Ask other local business owners for referrals, or check the Internet. Even if your dream business is small and you have a great deal of experience in that particular line of work, don’t expect to know all there is about running a business. Good advice may be the difference between success and failure.