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And also COMPETITION; This will depend heavily on the type of business you are going into. But regardless of the industry, local competition will always be a concern. Opening a business selling particular products can be highly competitive if there are other businesses selling similar products or services. While it might be a great thing for the customers who will now have more options, the involved businesses will not be getting much from their sales. This means that you have to pay attention to the level of competition and if you cannot find a good market, ensure that you make your business different to get an edge over your competitors.