Factors to consider before venturing into any business

[Ifective]

First of all, Capital. The money available will determine the kind of business you will venture into.
Competitiveness also matters a lot.
The market also matters a lot. The people you are targeting your product towards will go a long way. Do they have the willingness and ability to buy?

 

[Sariana23]

Very good suggestions and also valuable. Many of us tend to ignore these points you describe. The target audience must be evaluated before undertaking, analyzing the products to be negotiated and trying to ensure that they are always of good quality, to keep customers always happy. And the most important thing is to have the necessary capital to cover all the necessary expenses.

 

[Adeyoola7]

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.

 

[Thosynho]

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.

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SKILL, MARKET AND CAPITAL.

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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.

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Wow, this is a very good write up. I like to chip in few contribution to buttress

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.

Wow, this is a very good post and great points highlighted up here. Permit me to make few contribution to what you have here. In the marketing stage, one need to 1st make a visibility study of the environment he/she wants to situate the business to know whether the product or service is needed or not in order not to waste his investment.

 

[kayode10]

Number one factor you need to consider when you want to start a business is competition. If you a business where the competition is firece, it might be hard to win customers and let alone makes sales. The next factor to consider is the access to market. It must be easy for your product to enter the market place with little or no cost. Closeness to the source of raw material is also important too.

 

[Damscooguns73]

Concerning the factors needed to considered when venturing into a business. Well, all the listed point has been detailed and buttressed on. The individual needs to survey around to have the conviction within himself that the business should solve problems in the environment.

 

[Life drama]

The first factor to be considered before any factor is whats your level of passion and commitment towards the buisness,not because everyone is doing it let me also do it.then you consider your skills and experience towards it, location is also part of what you consider and social amenities and security settings of the environment,your capital is also an important factor to be considered.

 

[Samuel77]

There are many factors to be considered before venturing into any business first you will have to learn and know more about a business before invest on the business second you must have good capital before going into any business

 

[WhiteHouse]

A cost and monetary system. Is the thing you're selling at a serious value range? Will individuals bear the cost of it? Is it a deal bargain that your clients will pay for a shiny new business? Would you be able to legitimize your estimating to a client that requests a lower cost? Is there enough net revenue to take care of overhead expenses, promoting, deals, lease, costs, charges, pay? How are you going to follow your cash and record your benefits/misfortunes/costs/charges? Will you do it without anyone's help or recruit somebody to deal with your books?

 

[eenya001]

There are various factors to consider before venturing into any kind of business, the first being what is the size of capital you have, because the size of capital determines the kind of business you would venture into and the amount needed to start the business.

 

[Bookwormlux1]

The most important of all you mentioned for me is having the necessary skills about the business you want to go into. This would help you avoid unnecessary mistakes that would have been avoided if you took your time to study the business. It's key to success.

 

[Kiwi]

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. 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. All these being considered will prevent the business from having issues.

 

[Tmanroyal]

The Target audience must be considered.
The velocity of the problem in the society and the ability to solve it.
The size of your capital and also the scope of the business. The terrain of the business site. Competition and competitors.

 

[chicnthin]

One thing I'd like to add in the list you've made, which I find very true, is the competition in the market. You might want to consider offering products or services that has not much of a competition. Or if you are confident about your product, perhaps you can enter the competition.

 

[Damismiling]

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.

I will not totally agree with this, although to be realistic capital is one of the things to consider before venturing into any business but it's not the priority, I think the priority should be what problem is the business going to solve, how relevant is the idea that you have conceived

 

[Nicklas22]

These factors to consider when starting a small business could help you to eliminate the risks and obstacles you'll face on the journey – take note to help prepare you for success
1.A great idea
2.Funding and budget
3.Analysis of competitors
4.An effective business plan
5.Legal documentation

 

[Kehinde]

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

 

[Planet408]

These factors you mentioned are the major key factors to consider before venturing into a business. Thanks for reminding us. So many people venture into a business simply because they have the capital whereas they don't have the skills to do so.

 

[Rimsha kanwal]

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.

Almost every individual dreams about starting his own business. Yet only 4% of the newly started businesses manage to reach the 10 year mark.
In fact over 50% of the small businesses don’t even make it to the fifth year. Most people have no idea about the various things to consider when starting a new business.
It is just a desire to be on top of things that motivates many to start businesses. They have no idea about the money that is required, the hard work that they have to put in, the knowledge and the experience that they have to gain, and the kind of patience they need to have, until their business reaches up to a certain level for them to break even or make profits.

 

[Kiko]

Starting a business is a good decision, however, it can also be stressful, challenging and not as simple as it looks like. 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.