Factors to consider going into business

[Samson19]

We have factors that we should consider if we want to go into a business.
Self-discipline. This may be one of the most important qualities for an aspiring entrepreneur to have.
Be flexible.
Follow your passion.
Listen to the pros.
Find a nurturing environment for entrepreneurs.

 

[Oche Diligence]

Making good decisions early before doing business can help ensure continued growth in business. Also understanding the work involved in starting a business is necessary for a successful business. Some factors to consider before establishing a business are;
1.Do your Research about the business.
2. Determine your location for the business
3.Your mission
4. Choose your structure
5. Consider the Capital involved
6. Consider the risk that is involved.

 

[olayinka]

1. Mind-set.​

Many people make the mistake of selecting a franchise based on what the business does, what the person likes or where their passions lie. It’s important to understand if a business is actually structured to be semi-absentee. If your heart is set on having an home improvement business, you’ll find that this type of venture lends itself to the owner-operator business model, requiring full-time commitment from the owner. Keep an open mind when looking for a semi-absentee opportunity.

2. Finances.​

Your financial situation is an obvious factor that determines the type of franchise you can afford (or for which you qualify). Since semi-absentee businesses tend to be retail, you might consider financing through conventional or Small Business Administration (SBA) loans.

3. Skills.​

People management skills are key to successfully operating a semi-absentee business since you will be providing oversight to a manager or managers if you have multiple locations. You need to be comfortable surrendering control and delegating the day-to-day operations of your business to the manager(s).

 

[Waqas wajid]

I think there are different factors to go towards business. There is an interest in the business, there is a need to do business first and there is a tendency to face different business situations. The dream is mostly interested in business

 

[Billy]

Sure, these are some great points you have enumerated here. I will just add a few:

• My proficiency to handle or operate the business with minimal outside help.
• My ability to inject the capital required for the period of not less than 2 years.
• My skills and expertise in running the said business.
• The future trends in the industry.

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The single most important thing that you should put in mind when going into any kind of business is your skillset and ability to handle all the challenges that the business may throw to you. Many businesses fail on the first or second year because the proprietors are not able to handle the load that comes with it.

 

[Sariana23]

Sure, these are some great points you have enumerated here. I will just add a few:

• My proficiency to handle or operate the business with minimal outside help.
• My ability to inject the capital required for the period of not less than 2 years.
• My skills and expertise in running the said business.
• The future trends in the industry.

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The single most important thing that you should put in mind when going into any kind of business is your skillset and ability to handle all the challenges that the business may throw to you. Many businesses fail on the first or second year because the proprietors are not able to handle the load that comes with it.

You are absolutely right @Billy , many businesses are not even maintained in the first year, for lack of knowledge to handle the challenges. It is of utmost importance to know in depth everything related to the company, and have the ability to perform in it. Something very important is the target audience that can not be ignored.

 

[Adventurer]

The following factors should be consider before venture into any business,basic infrastructural development needed for the day to day running of the business ,such as electricity, good road network,.
.Nearness to raw material needed for the business.
.Nearness to market.
.customers needs.
.strength of the business.
.threat to the business.
.opportunities for the business to excel.
.weakness of the business.
.competition.and
Financial strength

All these points raised are very valid, and that's why a feasibility study and market research are highly necessary. In the course of the market research you find out about all these to know if the business is viable or not.

 

[Taimoor Jutt]

I read whole article and yes you are absolutely right here. These are such important things for any new business. But such things associated with your luck factor. But here we can say that If you want location close to market or having good facilities then it's all about your luck.

 

[Hopey]

There are many factors to consider when going into a business
1. The fiest factor is to ask yourself am i solving a probleem with the service am about to be providing
2. Do people need what i am about to give them
3. What are my chances in the labor market

 

[McChris]

There are so many things yoi have to consider before moving into business like that place you want to start that business are you going to make I and also you have to go doe market survey so yjay yoi will no the kind of business that will move their and yoi can not enter an environment and start a business of your choice

 

[Godleads1]

Before venturing into a business, the things I would like to look into are the location, the strength and short comings of the business, type of customers I would like to meet their needs and the durability of the business in any of the seasons. The location is to determine how close my business is to the target audience or customers or consumers.

 

[Alihaider]

Plan carefully. Starting a business is not for the faint of heart. ...
2) Research your market. ...
3) Spread carefully. ...
4) It's all up to you. ...
Read them before you start your business.

 

[Deebabs123]

The next important factor that should be considered involves the funding of your business. You need to properly identify the sources through which you will be able to get the funding for your business. Moreover, it is better to have a plan so that the budget of a company can be properly maintained.

 

[Aotosyno]

Factors to consider before starting a business are much,but here are a few.
First financial ability,is there enough capital to start the business and to also carry on and. Promote the business? This. Is the main factor,then we. Have others like proximity to customers, electricity,also is there competition from other goods or services, proximity to motorable roads for people to easily come and buy.
Also another factor is the managerial ability in you or will you employed someone that would manage it like your own? Also creating awareness for your product by deciding on the. Means. Of advertising

 

[Pastor Samuel]

Any businessman that want to succeed with not forget to put these factors in consideration because this is her the bedrock of every business for example the nearest of the business to the market if the market is not near
3 final consumer that is weird the business

 

[Setho]

There is a whole lot of things in which one should be adamant about when trying to venture into a business. You should be wary of how to find lab our there too and skilled one at that because it would greatly reduce cost. You should also consider the ease of doing business metrics of that area and factors that could weigh you down.

 

[Adventurer]

The following factors should be consider before venture into any business,basic infrastructural development needed for the day to day running of the business ,such as electricity, good road network,.
.Nearness to raw material needed for the business.
.Nearness to market.
.customers needs.
.strength of the business.
.threat to the business.
.opportunities for the business to excel.
.weakness of the business.
.competition.and
Financial strength

You're absolutely right, this is why it's essential to have a business plan as all what you stated above will difinitely be featured in a business plan

 

[Psalmseen]

There at lots of factors to be considered before going into a business. Firstly, you need to determine and answer the question, is what I'm going into capable of solving a major problem of people

 

[Samuel77]

There are many factors to be considered before going into business, first you need to check the interest rates of that very business, and also you need to get a good environment for the business.

 

[Akinwale701]

The following factors should be consider before venture into any business,basic infrastructural development needed for the day to day running of the business ,such as electricity, good road network,.
.Nearness to raw material needed for the business.
.Nearness to market.
.customers needs.
.strength of the business.
.threat to the business.
.opportunities for the business to excel.
.weakness of the business.
.competition.and
Financial strength

all these are good but one has to also consider his ability to absorb risks and make considerable decisions in the course of running the business.