Factors to consider before venturing into any business

[Machismo]

Skill, market and capital are truly the most important factors to be considered before starting any business. But having a good business plan and location of the business are as important as the three you mentioned.

 

[Chumzy]

The most important thing is identifying a problem that needs to be solved.
Next is a feasibility study to test possibility and profitability.
If finance is needed, then take it from there and you start your business

 

[Bilal0087]

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 have listed and described all the important aspects about business initiative, i want to add some more.
A market survey to check the demands of that business.
Your experience and planning.
Future of that business.
And also look into the reasons that may lead to destroy the business, then always avoid them.

 

[Sotherefore]

You are absolutely saying the truth but the only thing and the only one thing I will advise newbie who come into a business is that anyone who comes into a business without having a deeper understanding of how that business work should learn the basics of that business from expert before venturing into it to avoid lost of money and regret. Let me wait for others to point out their own point of view.

 

[btaliat]

You also need to consider amidst every thing the location of your business. This will enhance your sale and ensure your products reach your target customers. Aside all this, you should considering insuring your business in case of incasity.
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Starting a business requires thorough investigation and research. And capital. The owner must be mentally stable and have solid interpersonal relationship and know the best way to manage and control people in cases he or she wants to employ people along the course of doing the business.

 

[giddy]

you should first consider a partnership with someone with more experience than you The purpose of partnership agreement (orpartnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities. This partnershipagreement designates the rights and responsibilities of each partner or entity involved.

 

[Sammyesx]

A very good insight, Al's o when starting a business an entrepreneur should also look at the location he or she, know what is needed in such environment, it will a bad business for a person to start selling generator or iPhones in a rural area, he will most likely not make enough sales.

 

[Doradorwa]

So if you want to start your business, you have to get all the things needed to start a business.

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

1. A Business Idea
2. Knowledge or Expertise
3. Market or Demand
4. Start-up Costs
5. Capital and Finance
6. Competition
7. Location
8. Staff
9. Technology

 

[Ebuka Stephen]

Their are different factors to be considered when venturing into any business, for example is the business worth putting my money into, if I go into this business will I excel. Before one must go into any business you must be sure that the business is good for you.

 

[Kennysplash]

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.

This is a good eye opener, such great tips. I can also add location. The location of your business has to be strategic, that is it can attract more people, and therefore more clients. Wrong location can wreck a promising business.

 

[Oliver 20]

Some of the factors to be considered before venturing to business are capital to set up the business to run the day to day activities, availability of resources use in productive, nearest to market and good communication channel

 

[Ralphjoe]

One very important factor one needs to consider before starting any business is the knowledge that one has in that particular business that you want to start, without good and extensive knowledge of the business that you are planning to start, that business is already destined to fail.

 

[shakky2]

factors to consider are availability of the products in the market is a good factor to consider.location where the goods are to be sold should be in consideration also.profit making should also be a goal

 

[tuna89]

You are right, one has to make sure he ventures into products or services with constant demand or patronage, do make sure to also advertise online to ensure doorstep delivery, treat your employees with motivation, do some market analysis and survey at intervals and ensure great customer services.

 

[esan]

When setting ideas in motion and deciding to start a business, most entrepreneurs don’t really know where to start. Every year, hundreds of thousands of people take a leap of faith and start their own business. This path requires a lot of hard work, dedication and commitment and unfortunately many end up failing. But for those businesses that survive, the rewards of entrepreneurship far outweigh the challenges they face on the road to success. It is said that entrepreneurship is living for a few years like most won’t so you can live for the rest of your life like most never will. Basic factors to consider before starting a business are
i . Reasonable and workable business idea
ii . Start up and consistence capital
iii . Market place
iv . Product value
v . Meeting customer needs e.t.c

 

[Sammyesx]

The first thing to consider is how valuable is your product or services. Is it solving a problem? You also have to consider the the location to start up business. Location is very important because the closer you are to your customers the better for business.

 

[EMMANUEL]

Nature of the business
The first you need to think about is what will you offer. What are you going to sell in your business? In general, you can choose to provide the following: service, merchandising or manufacturing.

Service – it can either be selling time and expertise, such as professionals, event organizers, IT, marketing, etc.; or it can also be restaurants, food kiosks, transportation, salon, spa, etc.
Merchandising – also referred to as retail, wholesale, trading or distribution. Buy-and-sell of goods. Examples are grocery and department stores, retail outlets, online resellers, etc.
Manufacturing – combining raw materials, labor and use of equipment, then turn it into a saleable product. Example are manufacturers of cars, gadgets, clothing, bags, daily essentials, etc.
2. Target Customer
Having a service or product to sell is not gonna make you profitable if you do not have customers who will buy it.
If you plan to start a business and you know what to sell, before you begin, study if there is a market for it. Identify who your customers are. Remember the saying, a product or service for everybody is a product or service for nobody.

3. Location
In many business events I’ve attended, I always hear this advice “location is everything”. “Location, location, location”.
Make sure you identify or look for the best location for your business. Your business must be seen by your target customer or at least near them.

 

[giddy]

If you are an aspiring woman small business owner, there are a number of online resources that can help you learn, grow and develop business opportunities. There are numerous resources, including professional organizations, networking groups, informational websites, conferences and events, government organizations, membership clubs, and support groups.

 

[shakky2]

before venturing into any business you have to take into account creating a business plan which will capture all you need to strategize the business well in order to turn out positively.you also have to think of the best and suitable business that will fit in in the drafted location that you have outlined

 

[Gilead]

The fact is, before venturing into any business at all,you need to know the kind of product or service you want to deal with and do a thorough feasibility study on it and seeing if it's going to be profitable or not. After doing your feasibility study,you can see if your estimated budget will be enough to go on with the business or not.