Around the world, thousands of startups are launched every year. Unfortunately, many of them fail within the first few years because they do not have the solid foundation for sustainable growth. Building a successful company requires a lot of planning and preparation. If you have an excellent idea for a new product or service, take these three steps before launching your business to give it a stable foundation.

In the business world, embarking on a venture like launching a new business entails figuring out if there’s even a need or demand for the product or service you’re selling; checking out your local area to identify a business location; and checking out who your competitors are as well as figuring out how you can set yourself apart from them.