Factors to consider before venturing into any business

[Trexxxy]

Before making any serious decisions in life there are things one has to watch out for. Systems one has to put in place. This principle also applies to businesses. Before starting a business there are factors that need to be considered.

SKILL, MARKET AND CAPITAL.

SKILL
When you are in business, it's either you are selling a Service or a Product. If you are selling a product, iti s very important that you review it before you start. Is it of high-quality? Is it of market standard? Is it good enough? Is it ok for the market?All in all,is it something that you can confidently put out?When you are selling a service,you need to also ask yourself similar questions like"Am I skilled,or just Talented.

MARKET
This basically means your target audience, people who are interested in buying your products, services or skills in whatever venture you set out to do , here you do market testing, find out ways to improve your service delivery.

CAPITAL
Capital is one of the most important aspects of starting a business. It is the backbone and the foundation upon which the business is built. Even businesses that requires zero capital to build you still have to invest in knowledge. This is definitely a factor we cannot overlook. In short before you start a business make sure you have enough capital to start with so that you won't get stuck halfway.


If you have a few more insights feel free to share below.

 

[WhiteHouse]

Arrange your Idea with a Mind Map

Psyche planning is quite possibly the most remarkable methods to conceptualize, record and sort out your thoughts. You can consider it like envisioning every one of your contemplations as a tree: your fundamental thought is the tree trunk and all interfacing musings speak to the branches which can additionally fan out also.

 

[Nurudeen]

This is a comprehensive list from you. The most important factor I think people should look at the most is the market. Prospective entrepreneurs are only focusing on products and leaving the market behind which is making them to venture into low profit business.

 

[Divulgence]

What are things you as a business starter need to put into consideration before venturing into it.
You need to know if the business is profit making or not
You need to consider how you product will get to the users
Means of exchanging goods or services for money
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What are things you as a business starter need to put into consideration before venturing into it.
You need to know if the business is profit making or not
You need to consider how you product will get to the users
Means of exchanging goods or services for money

 

[Adexgrace]

Starting of business comes with pots of considerations so there are lots of factors to be considered such as the economic factor and also some social and environmental issues. All these being considered will prevent the business from having issues.

 

[Josemendez]

Nice tips . Market is an important factor to consider when starting a business . Markets include the audience for the product , the co competitors in the market as well .
This is why most companies and entrepreneurs go for market survey prior to starting a business

 

[Sincerem]

You made good point about factors to consider before venturing into business. We need to determine the market demand of what we are dealing on. Have a targeted audience you are marketing your business to, have a good capital to invest in your money.

 

[kayode10]

It's is also important to consider the competition before starting a venture. Look out for underserved market and exploit it. This is, You should look for locate where the customers in large number with less competition. This will give you chance to dominate the market before other people realize it.

 

[Ojonuyo]

For any business to rise above failure and limitations in their field, then they should create and follow their business plan. Any business without a business plan will crash in no time, the business plan serve as the road map that guide everyone on how to accomplish the goals and objectives of their business.

 

[Fatima]

1.The place of the business is very essential. Is where the business is located.
2. Product: the product matters too that is for any good business to flourish you must take into cognisant the demand for that product you want to sell.

 

[Seun4luv]

Firstly,Business Idea.Knowledge about Market or Demand.
Start-up Costs.Capital and Finance.
Competition.Location.Staff.Turn your idea into a plan. Every entrepreneurial journey starts with an idea. Self-discipline. This may be one of the most important qualities for an aspiring entrepreneur to have. Be flexible. Follow your passion.

 

[Mary]

The first factor to consider before venturing into a business is the demand for the product, check the set up costs, also you have to consider the competition from other manufacturers, business location and finance available

 

[Eyiteepraise]

Before going into any business you have to take some things into consideration and these are: firstly the capital needed to start the business and also to purchase materials needed for the business, availability of raw materials should also be considered, then the location of your business must be close to market place so You won't have to waste resources on getting to the market.

 

[Emmanuella]

Before venturing into any business there are some factors one needs to consider, one of such is the demand. Find out if the demand for that particular services/goods is high, second, location. location is very important in business, you need a good location, somewhere that'll be easy for customers to locate and patronize you, additionally, season..... some business sells more during a certain season . All these should be considered

 

[Aniwhyte]

I would say that understanding the business you intends venturing into is very necessary, then make some research about it, then implementing a market strategy, a good location, business registration, starting small at first the list is just endless.

 

[Fatima]

1. Capital
2. What to sell.
3. How high is the demand for the goods you want to sell?
4. The place you want to sell your goods.
5. The price you want to sell your goods
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Capital
2. What to sell.
3. How high is the demand for the goods you want to sell?
4. The place you want to sell your goods.
5. The price you want to sell your goods

 

[GIFTMICHAEL]

All this aforementioned factors are very important to consider critically be setting up a business.
I can remember those days when I was in school during my secondary School days to be precise I was taught that this factors need to be considered.

Other factors to consider include:
1. Nearness to market
2. Road
3. Environment.
Etc...

 

[Donkiz]

Before venturing into any business you need to sit down and consider the requirements that is needed to make the business successful and see if it's in tandem with your personality. A feasibility study need to be carried out to the determine the capital, skill, products, location, etc that is needed to make the business a success.

 

[Dubai]

Before making any serious decisions in life there are things one has to watch out for. Systems one has to put in place. This principle also applies to businesses. Before starting a business there are factors that need to be considered.

SKILL, MARKET AND CAPITAL.

SKILL
When you are in business, it's either you are selling a Service or a Product. If you are selling a product, iti s very important that you review it before you start. Is it of high-quality? Is it of market standard? Is it good enough? Is it ok for the market?All in all,is it something that you can confidently put out?When you are selling a service,you need to also ask yourself similar questions like"Am I skilled,or just Talented.

MARKET
This basically means your target audience, people who are interested in buying your products, services or skills in whatever venture you set out to do , here you do market testing, find out ways to improve your service delivery.

CAPITAL
Capital is one of the most important aspects of starting a business. It is the backbone and the foundation upon which the business is built. Even businesses that requires zero capital to build you still have to invest in knowledge. This is definitely a factor we cannot overlook. In short before you start a business make sure you have enough capital to start with so that you won't get stuck halfway.


If you have a few more insights feel free to share below.

Although the factors you have mentioned above are necessary to be considered, I would advise those going into any business to ensure they have resolute passion for the business before they venture into it. This is because, it is the passion that will keep them going should they face challenges in any stage of the business. Also, the Location of the business should be considered. It would inform the prospective business owners how the overall market would look like.

 

[joy101]

The most important factor people should look before starting a business, you need to sit down and consider the kind of business you want to venture, and how you can run your business, and the plans you make before starting,