Question
Imagine that you are an entrepreneur who is planning to start a lawn care business. What steps would you take in order to
carefully assess the costs and benefits of your business before launching?
Answer
1. Research the local market to determine the demand for lawn care services.
2. Estimate the start-up costs, including equipment, supplies, and labor.
3. Calculate the potential revenue and profits.
4. Analyze the competition and determine how to differentiate your business.
5. Develop a marketing plan to reach potential customers.
6. Create a budget and financial projections.
7. Consider the legal and regulatory requirements for starting a business.
8. Assess the risks and potential rewards of launching the business.