Starting a small business has several benefits. You get to be your boss, work as you please,

   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.

Investing abroad may be money well spent. Overseas factories located close to major EV markets help battery makers cut the costs of conveying their products to EV assembly lines, says Sam Abuelsamid, principal analyst for e-mobility with Guidehouse Insights in the U.S. “Batteries are large, heavy and potentially dangerous to transport,” he says. “Localizing production to where the vehicles are going to be produced and sold can dramatically reduce logistics costs.” Most major Western automakers are investing directly into cell production, he added, including Ford, Stellantis and Volkswagen. SK On supplies all three.