Opening a business, no matter on whatever scale involves risk and uncertainties. A well-devised strategy and careful approach however, can lead to success in a small business. The planning phase can be the most hectic because of so many different elements are involved. The first step is to decide which product or service can prove to be the most lucrative in terms of sales aiding in generating high profits. The second phase involves arranging funds to invest into the business. The third phase is to decide which place can be the most suitable to sell the product. Promotion and setting price of products or services are among one of the key factors involved in planning a small business. In this article, we will discuss about the key factors involved in starting a small business. Please continue reading to find out.