Factors to consider before venturing into any business

[shakky2]

there are different factors to consider before venturing into any business which are making sure the business plan is well structured and organized and make sure you are committed to the business you want to start and it is a business that interest you and you have passion for

 

[Romanmam]

Accessibility. Does your business rely on frequent deliveries? ...
Security. ...
Competition. ...
Business Rates. ...
Skill base in the area. ...
Potential for growth.

 

[Sheyemanu]

There are a lot of factors to consider when starting a business, I will list a few of them here. You have to consider the market i.e are there a ready set of people that want to buy your product? Another factor to consider is capital, do you have enough Capital to run the business? Another one is business plan

 

[Neeta313]

One important factor to consider is the demand of that particular item you want to sell. Study your environment, check if there are competitors, because selling a product in the wrong environment will not benefit you. It is important to choose a product you know that no one is probably selling in that area and will be of great use to the people living around there.

 

[Ziki]

If you talk to a typical business owner today, five years later, you talk to them again, chances are they pretty much do the same thing.
They're still running the business, they kind of do the same thing, make the same kind of money, haven't grown that much, maybe if they're good, the sales have increased just by little incrementally.

 

[singlej007]

One other good thing you need to consider before venturing into any business is the capital involved in that business. You need to consider the challenges involved in that business, how the business work, if you can manage the business. You need to also consider if it's a one-man business or a business that you will need staff, this will help to know where to start from.

 

[Philip Omotayo]

There are numerous factors to consider before venturing into a business, one of which must be the idea of what to sell. Is it a marketable idea or not. Also, capital is another factor. How much do you want to start the business with?. Furthermore, what is the market location and the kind of people you want your business to meet their needs.

 

[Joseph555]

These are necessities that should not be avoided, factor to consider are, the market value of the environment, the need of the people living there, the type of good and services needed by the residents, you must double up to Meet the need of the society within.

 

[Xerryl]

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.

 

[Roysnickz]

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 comment your post, it's quite insightful and educative. Alot of businesses crash just after starting up due basically to some of these points you highlighted.
Thanks for a job well done.

 

[Oluwasayofunmi]

Concerning the question factors to consider when venturing into a business, firstly one must think of the available resources on concerning the business one wants to start. Secondly, one must think of marketing strategies for ones business

 

[Donolatunji]

Before starting a company, here is a checklist that will give you a list of factors to consider:
A Business Concept.
Expertise or Experience.
Business or Request.
Start-up Costs.
Finance and Money.
Rivalry. Competition.
Location. Position.
Employees.

 

[Dekadet]

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 addition to the points you stated above, before anyone ventures into any business he/she needs these factor below:

* A good business plan, this will serve as your map.
* Good knowledge about business
* Demand for the business
* Start up capital
* Competition
* Business location
* Going solo or needing employees
considering these factors and arming your self with the right tools and support from family and friends, then you're good to go.

 

[abubakar3141]

Before starting a company, here is a checklist that will give you a list of factors to consider:
A Business Concept.
Expertise or Experience.
Business or Request.
Start-up Costs.
Finance and Money.
Rivalry. Competition.
Location. Position.
Employees.

 

[Mandypaul]

when I'm thinking of going into any business the first point I always consider is the location I will establish my business ,because location is the most important thing ,it is the location that will determine if you will have people to buy from you or not that is why I always consider it first.
[automerge]1612363908[/automerge]
when I'm thinking of going into any business the first point I always consider is the location I will establish my business ,because location is the most important thing ,it is the location that will determine if you will have people to buy from you or not that is why I always consider it first.

 

[Abbas ali]

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.

 

[Ziki]

for every single piece of resources that they have, they can use it better than almost everybody else, over a long period of time. They have good judgment skills. They make the correct decisions, doesn't mean they don't make mistakes, but overall, long term, they make better decisions than most.

 

[Keibah]

When you have a business idea, the first thing to do is to get realistic about it. You need to figure out the cost of starting the business, the market for it, its competition, and its sustainability. If you do that, you are right on track to move forward.

 

[eojo2401]

The first factor to consider before starting a business is WHO ARE THE CONSUMERS OF MY PRODUCTS OR SERVICES, which means you must identity the market for your outpouts. This will direct you on what to produce, then move to where to produce. Location is very important in business setting up, if you establish a piggery in a Muslim environment, you will end up losing because nobody will patronized you. Moreso, you need to consider the source of the material to be used, are they available in your location?
Then work on how to finance it.

 

[Felixko]

there are several factors you need to consider before venturing into a business but the most important factor is the kind of business you want to run and the location of the business. in this planning is very important when it comes to business.