1. to know your target customers, the demographics of a certain location can help you pick what type of business is really needed
2. your location must be surrounded with a lot of people
3. budget- i think it'll be better to start with a small capital then if its a success you can gradually make your business bigger (low risk)
4. you must have a unique concept-- a selling point
and although its not necessary, open a business where there are fewer rivals
To start new business you must have working capital because its easy to plant new machinery but then you will in great need of working capital
Plans without capital is like a dream that cant be achieved. So yes, you really need capital(money) to start up your business. Everything you do online and offline, there is always money involved in the preparations you make, the advertisement, the construction and the rest of them.