Factors to consider going into business

[Roy]

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

 

[Kaffyfolla]

Once you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business.
This might take a lot of research and planning; but at the end all these efforts will ensure that you have everything in place to get your business idea off the ground

 

[Justin]

Currently, I have no plans to go into a business. However, I might start a business 10 years later, when I build enough savings, and gain relavent knowledge and experience.

 

[Kvngsammy]

You've highlighted important points but I'll say there's one you failed to mention - which is the factor or measure of a sound knowledge of the business;
Also a good know how of the processes involved makes kick starting your business worth the while.

 

[Laurentta]

A business is not something one needs to see up I haste, it should be something that needs properly planning to set up. Certain factors that could affect the business either positively or negatively have to be taken into consideration before starting up the business.

 

[Lucy ID]

There are lot of factors to consider when to comes to starting a business, some are first proper research, nearest to infrastructure, nearest to market, nearest to the people, the high demand of your goods and services and many others

 

[Lens]

When building a business plan, the factors stated in the thread above are very important and worthy to take note of. The area I will like to emphasise is the weakness or setbacks of the business. Many do not know that this is the major area that one should concentrate on.

 

[Skysaint]

Currently, I have no plans to go into a business. However, I might start a business 10 years later, when I build enough savings, and gain relavent knowledge and experience.

That's a nice decision though. There isn't any need for rushing into a business that you know little or next to nothing about, it will surely be detrimental to you in the long run. And I always believe it's better to save up your business capital than taking a loan

 

[tyrim88]

Before going into any business, it's important for you to have a good knowledge of how the business works, without that it might be difficult for you to succeed in the business. Also you will need to do a feasibility study to check if the business will be successful in your location, who the competitors are, what they are doing and how you can make your business stand out. And most importantly, how much is needed to start and sustain the business till it start making profit.

That is very correct about any business you want to start,and also you willl need to understand the terrian and the customers prefrence to be able to know how to satis fy them in the market.

 

[Godspower]

You are right in your analysis of the factors that one should consider before starting a business. Many start-ups fail because the entrepreneur failed to assess all factors and the risks involved before commencing the business.

 

[Justin]

That's a nice decision though. There isn't any need for rushing into a business that you know little or next to nothing about, it will surely be detrimental to you in the long run. And I always believe it's better to save up your business capital than taking a loan

One of the biggest mistakes committed by people is they rush into business. IN orde to do business you need a stable income first, and also have knowledge and skills, you cannot depend on other people to make your business successful.

 

[Kingstone]

You have actually said it all. These factors are the most important and common. Knowing what your customer needs is very important. Only then can they be satisfied. Availability of good roads and electricity are also very important.

 

[joy101]

There is a lot of factors one need to consider before going into business, because you need to consider about the product your customers, most important the growth of the business.

 

[Skysaint]

One of the biggest mistakes committed by people is they rush into business. IN orde to do business you need a stable income first, and also have knowledge and skills, you cannot depend on other people to make your business successful.

You're right about that. Although I don't totally blame some of them as they are mostly driven by some internal or external factors and pressure to have made such a rash decision. But that won't change the fact that there are some things that needs to be considered

 

[Justin]

A lot of people go into business because they think that business will make them super rich, that's why they hurry. But becoming successful with business is not always possible.

 

[Hrtbeat]

Having a deep idea of the business your are going to set up. Don't buy any idea of setting up your business with a Loan of any kind, you might do that later. Locations also matters.

 

[kinqzbitz]

They are so many factors to consider before going into a business like the amount of money needed, the time to put into it,the importance of the business to people,the location of the business place,the strategy to put into it,the advertisement,the knowledge you have about the business etc

 

[Ghost1]

Funny enough is used to think that the sole factor to consider before going into a business is capital. There are a lot of well funded business that is no more today. The best thing is to plan

 

[Skysaint]

A lot of people go into business because they think that business will make them super rich, that's why they hurry. But becoming successful with business is not always possible.

Becoming successful with a business is actually possible just that most people go into a business and end up offering products whose quality is almost same with what's already in the market or even products of lesser quality.

 

[Justin]

Having a great product does not guarantee a success in business. I have seen a lot of businesses fail even though that had great products. Marketing plays a great role in success.