Factors to consider going into business

[Ridorz]

You are correct. I think the list are the main of factors to be considered when someone going to start a business. If you want to start a business you have to make a good research to know more about the business you want to do, and to know which location is suitable for it.

 

[Abdul Naveed]

Strategic Focus (Leadership, Management, Planning)
People (staff, staff, learning, development)
Operation (process, work)
Marketing (customer relations, sales, feedback)
Finance (assets, facilities, equipment)

 

[WhiteHouse]

Lead statistical surveying

Statistical surveying will advise you if there's a chance to transform your idea into an effective business. It's a method to assemble data about possible clients and organizations previously working in your general vicinity. Utilize that data to locate an upper hand for your business.

 

[BlueNote]

Indispensable 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.

 

[Chumzy]

First of all you should consider the your knowledge and understanding in the business. Then you should consider the problem you want to solve with it and how to go about it. You can also look out for the market available and their willingness to oay

 

[Marissa]

There are a lot of factors one should consider before setting up a business. This may include the customer, the kind of product you wish to sell or service you wish to render, the location and also product availability

 

[GIFTMICHAEL]

even before you make profit in any business as a business personality you must know that before you can make profit genuinely in any business you must have something reasonable to offer to the people if not you may not likely to make the required profit

That is the advertising power of a commodity. If you don't have something reasonable to offer definitely your business will not stand solid. Products have a motivating factor some products speaks for itself.

 

[Mahnoor]

Starting a business can be a motivating idea especially for first time entrepreneurs or employed individuals who are tired of the 8am-5pm job. It’s encouraging to start a business when you think about the freedom of not working 8-9 hours a day in a confined office, not having to report to a boss, and the possibility of endless profit.

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

 

[Husnainali]

A business idea
Knowledge or skill
Market or demand.
Startup cost
Capital and finance
Competition.
Location
Staff

 

[Olamide wealth]

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

 

[Thosynho]

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

This is lovely and very educative I must say. Setting your business nearer to where you can access the needed raw materials is very important. This will help in reducing cost of production. Also nearness to market is important, the nearer you are to the market, the easier and more accessible you are to customers.

 

[MercySmith]

Here are some factors you need to consider before going into business.
First is your business idea. You must have a business Idea which you want to implement. This is the first step.

 

[Sotherefore]

That is the advertising power of a commodity. If you don't have something reasonable to offer definitely your business will not stand solid. Products have a motivating factor some products speaks for itself.

this is one of the reason a lot of people have been failing in business because they go into a business that they don't even know their responsibility in the business they are going into and as a result they cannot meet the needs and demands of people that are doing business with them.

 

[Sutrahen]

There are many factors to consider before starting a business. They include the cost of capital. One must know how much it will cost to start and run a business before venturing into it. One must also have the knowledge requirement to run the business successfully. One must choose the best location that will favor the business. One must also make sure that his products will solve a problem in the lives of those to whom he intends to sell to.

 

[Nurudeen]

This is a good idea from you. This factors are really important to look into as more people are falling into the trap of setting up a business without any strategy or all these factors at all. With these I believe it will help scale up ones Business

 

[Judee201]

The first thing to do before starting a business in Nigeria is to have a good understanding of the business idea you want to start. Note that business is not done in isolation. You will talk to people about your business, and at least prove to people that your business is worth patronizing. People are however convinced to the extent that you are convinced about what you are trying to sell to them. So, knowing your business well is key. It helps you stand bold and sound convincing to your investors and customers.

 

[Koredsman]

There are several factors to consider when going into business. They include; awareness, location, quality of the product to be produced, your profitability and easy access of the consumer

 

[Janita]

Factors to consider starting before business hour are below you must have a good capital and good location where your business is started you must need a good employees who are well educated and well experience related to the business you are starting you must have proper planning related to the business because in future in case there may be problem arise and you must be able to face on the difficulties whatever you are facing these are the main points you have to consider before starting business.

 

[Shigobad20201]

There are many factors we need to consider if a businessman wants to make it in his business, the business idea is the first thing followed by the nature of the business, then you need the start up cost (capital) to start the business, followed by location and the staff.

 

[DareIsrael]

One other factor I think is important to consider is the competition in the market. How fierce is the competition you are taking to the market. Who are you going toe to toe with. Imagine a small start up cement company wants to start competing with dangote cement company.