I think investment is the very first thing to do before starting any kind of business. You surely need a good amount of money if you want to establish your own business.
In my opinion, the very first thing you need to consider before even starting of business is making the right choice of which business to start.
The first thing you need to do when you decide to have a business is to consider what is your passion or what do you want to do because even if you are in losses when the time comes, you will still be determined to work because you will not just consider it as a job but a passion and you will not easily waiver when there will be difficulties coming your way. Next to consider is the location. You should consider if your location can be easily accessed or the people can easily see it because if they don't know you have that kind of business then it would just be a waste of time. You should have feasibility study first so that you will know if the business you are planning will have customers or may be in demand in the future. After this, you can find then a capital to your business maybe find investors or fund it yourself.