Factors to consider before venturing into any business

[MastetG]

The first thing you need to do if you want to embark on this journey is to source for your product. Here is what you should know. Most of the supplier’s website are China-based.

You probably might be thinking why China? Well, China is the number one source for hot and fast selling products around the world.

You can call it an international warehouse or manufacturer

 

[Alexandoy]

The market base is the most important in a business. Without the market there is no business. That was emphasized by our professor in salesmanship class. The question is how about selling an air conditioner to the Eskimo in the mountainous region of Alaska? That is a pretty good example of finding your market base. That AC business is wrong to be in Alaska. For the general approach to a business you need to research on the planned location of the business if there is a demand for your product or service.

 

[Goodday]

Those are good factors you can always consider before starting up a new business. But I would also love to add the risk level as one. When anyone wants to enter into a business, one of the important things to consider is the degree of risk that particular business has and try to figure out how to control the risk when he or she is in the business.

 

[Eamodu]

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.

In entering a business,one as to look at the business type or form..one as to look at cost implications of running such a business,gains after such cost as been spent,factors that can determine if the business lives or dies, policies that can affect the running of the business,raw material getting etc.many things are involved.do a in-depth feasibility studies before going into any business.
[automerge]1609905846[/automerge]

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.

In entering a business,one as to look at the business type or form..one as to look at cost implications of running such a business,gains after such cost as been spent,factors that can determine if the business lives or dies, policies that can affect the running of the business,raw material getting etc.many things are involved.do a in-depth feasibility studies before going into any business.

 

[Hasan Raza]

Factors must be kept in mind while you are going through any business or project. 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 because risk is the part of it.

 

[Keibah]

These are impressive points you have listed. I'd definitely want to add logistics and location to that. You need to consider the nearness to market of your services and audience.
Also, how to get purchase delivered to buyers is something people don't think of often but usually results into a situation.

 

[Ridorz]

This is the great article.
Before you can start a business you must put some factors in to consider and the first thing is business idea, knowledge, capital, the kind of product, target customers, location, price etc. All this factors need to be considered before starting of any business.

 

[Linet]

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.

Know your target group and how to reach them. It is important to understand your market and how you can be successful in it. Know how you can reach your customers to make marketing easy.
Also watchout on your competitors. Being aware of your competitors makes you ready for it,finding what can stand out and how you can be better option to anyone above your competitors.

 

[Damismiling]

Before you venture into any business some things must be critically examined, of which we have detailed knowledge of the business, risk associated with the business, profit maximization techniques etc

 

[Hammad1245]

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.

You beautifully explained the aspects need to start a good business. Either a man should be skill full or he should try to become skilled. There should be demand of your work and you should have enough capital to start a business.

 

[MastetG]

Without identifying risks, it is difficult to successfully define your objectives and set out strategies for achieving them. It is best practice to integrate business risk management with your strategy formulation and business planning processes.

Understanding and managing risks allows you to control, and often prevent, the financial, organisational, legal and other ramifications associated with risks.

 

[Highflyer]

There are many factors to consider when setting up a business, some of these include;
Location of the business
Proximity to market area
How to hire your staff
Capital required to setup your business

 

[Kamon c4]

All the above mentioned are very important criteria to consider before setting up a business. Understanding your market is a very crucial point to take note. This will give you a conceptual understanding about what possible value your services or products will create in the market. Also your capital will determine you’re business set up.

 

[Richard92]

Some factors to consider before venturing into business are: the location of the business, your start up capital, the type of business, your raw materials market and also proximity of the market from the location of the business. All these factors must be considered by a business owner before starting a business, most times all these are included on your business plans

 

[Shaffy]

These are good points every business owner should start with, especially skills.

This is one aspect that most people starting an online business neglect.

With so much stiff competition these days, it's best to equip oneself with skills to stand out and get clients faster.

 

[Pirate]

I think the most important factor to consider when starting a business is capital because you can't venture into a business without money another factor to consider is environment you have to check the type of business you're doing and if the type of customers you expect live in such areas.

 

[Janita]

I think there are so many factors to consider before venture in any business but there is always solution of every problem so before involving in these kind of things must remember to avoid bad people near by you.
Second do concentrate on the location that where is your business located .is the location is best to start business or not? There are several things to consider than also depends on your business to ,that what kind of business you are starting or which things you are selling

 

[Kelvin7656]

Here is a checklist that will give you a list of factors to consider before starting a business:

• A Business Idea.
• Knowledge or Expertise.
• Market or Demand.
• Start-up Costs.
• Capital and Finance.
• Competition.
• Location.
• Staff.

 

[Tariq Shehzad]

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.

I am strongly agree with you, regarding the stratup of a business, that three things are much important skill, capital and marketing trends. A professional business man should considering these things, before starting a business.

 

[Holluwaphemmy]

there are many things to put into consideration I mean a house of them. Below are the necessary things you need to follow when setting up a business:
1. The availability of the product you sell or your competitors in your field of business
2. The nearness of the product you sell to the market or the location of your business