I often hear this question from prospective small business owners. It can be a difficult one to answer for someone without a lot of experience in starting a business. The problem is that it’s also incredibly important.

There is an old saying that it will take twice as long and cost twice as much as you think to start a business. There is some truth to this. Entrepreneurial types as very optimistic by nature and tend to think they can do things much faster and much cheaper than they really can.

For this reason, research and planning are paramount. Unfortunately, there is no real easy way to do this. There isn’t a central source where you can get all of this information. There may be some industry based resources on the internet but you always have to take the information with a grain of salt. Many things like costs and regulations can be vastly different in Canada than in the United States. Much of the small business information on the internet is U.S. based so you have to keep that in mind when conducting your research.

While many details can be researched on the internet, there are a number of things will require you to pick up the phone and make a call. Don’t be afraid to call experts in your community that might have the information you need. If you need information on leasing commercial space for example, don’t hesitate to call a realtor or a property manager.

This may seem like a lot of work but that’s because it is. This initial research to investigate your business idea isn’t something you should hire someone to do. You need to learn about the basics of the business for yourself before you decide to move forward and write a business plan or have one written for you. Think of this as a litmus test as to whether or not you are ready to be a small business owner. The research and planning phase is much easier than actually running the business. If you can’t make it through the initial research phase by yourself, you are not ready yet.