Factors to consider going into business

[Adam13]

The factors to consider before setting up business venture are quite numerous. These include the cost of produ Rion and transport. The type of people or locals who live in the area in who h you wish to set up that business and also your level of patience becaise you will most certainly be tested. One should also bear in mind that a business is all about perseverance and risk taking and one should know that as long as you keep pushing you are sure to win.

 

[Oluwasube]

A lot of factors goes into consideration before establishing a business. Availability of raw material, target audience, accessibility to the company, means of advertisment, number of staffs and so on.

 

[Noor khan]

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

Well good one I can say the first thing is what is your purpose of starting a business, who are your target audience, are they youth or adult or children are the closer, that is proximity, is your market far from the or close to them? You need to consider he market structure, you also need to consider your competitors are they giving out the same products with the same price check those things out. To gain back lost customers, you must understand why you loose them in the first place, what customers ask themselves Is; Is your products Solving my problem? Am I deriving utility for his product? Then get feedback from them.

 

[KvngMurphy]

Before going into a business, you should consider these 2 factors
-Competition
Unless you know who your competitors are and what they are doing, you will not be able to survive in the market for long. If your product is a monopoly competition will not matter. Else, you will have to come up with an excellent strategy to fill in the demand and supply gap.

-Capital and Finance
No business in this world can run without money. Depending on the type of business you are starting and the initial costs that you will have to pay up for, you will know what kind of capital you would need to start your business.

 

[Yewande]

Your knowledge or Expertise in the business you are considering starting is very important. You have to have a good knowledge on the kind of business you plan on starting. For example, if you intend going into shoe business then you must have knowledge on shoes. You must be able to identify fake and original shoe.

 

[Hena101]

Before going into any business there are things one must considerer and know how to dealt with them otherwise he will never thrive in the business.
This include
What the target customers really need because you can not just start selling anything you think
The cost of the product so that you can make a profit after selling
How often do the product you intended to sell will be in need.

 

[Umerfarooq]

6 Things to Consider Before Starting a Business

Turn your mind into a plan. Every business trip starts with an idea. ...

Self-discipline. This can be one of the most important features of an aspiring business person. ...

Be flexible. ...

Follow your passion. ...

Listen to the profession. ...

Find a nurturing environment for entrepreneurs

 

[Ziki]

One factor you have to consider is the available market for your product or service and the demand for it. This is a very necessary factor to consider. This factor can help you decide your production rate. How often do you produce?

 

[Samuel77]

According to my own point of view, before going into any business you need to consider the interest rate of the business, if the interest is good enough for you and well profitable for you, also before going into any business you need to consider a good environment for the business
[automerge]1613121267[/automerge]
According to my own point of view, before going into any business you need to consider the interest rate of the business, if the interest is good enough for you and well profitable for you, also before going into any business you need to consider a good environment for the business

 

[Mahnoor]

One of the best ways to increase savings is tracking your costs and creating a budget every month. This way, you can see where your money is going and set attainable goals without totally compromising your lifestyle.

 

[Alexandoy]

All the elements to be considered when making a business start up should be written in the business plan. The elements will vary depending on the type of business. For example a car garage with a mechanic and painter would not need to be near the raw materials because they should have sourced out the suppliers of car parts before opening. The most in focus is the competition if there is another car garage nearby.

 

[Olahab]

Since you are gainfully employed, it’s important to consider an opportunity that offers you the flexibility to operate your business on the side while maintaining the work-life balance you prefer.

 

[Igbokwe chidera]

There are lot to consider before setting up a business which includes having what customers in the area where you wish to set up the business organisation neede and are willing to buy

 

[marky]

The creation and advancement of the web has introduced a colossal inundation of changes to business, and in the way where the world cooperates. In all honesty, the web made the overall business community more accessible by methods for brisk affiliations and lines of correspondence. Though the upsides of web associations passed on piles of new good conditions for associations, the web moreover made weights for certain strategies. Video rental associations were displaced by constant highlights, the more modest plate obscured with the advancement of MP3 records and in the end streaming data, as well. Book shops .

 

[GIFTMICHAEL]

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.

Yes some people are only interested in the money and not to solve problem in business. Business is to solve a problem, if you can identify the kind of service people need and provide the basic needs and necessity your business will definitely be successful.

 

[redpogi16]

The factors to be considered first before starting up a business is the type of business that you are going into, the location of the business and your ideal customers that will come and be patronizing you and what you need do in other to keep the customers and more to come without not running out of customers.

 

[Ralphjoe]

There are so many factors to consider when starting a business and this part of need to carefully considered when you want to start up a business. They are what to produce, whom to produce for, the name of the business you want to start, the requirement to register the business, the location of the business and so many other factors to consider.

 

[Ub40]

There are certainly some things to consider before starting a business. Number one on my list is having knowledge and understanding of the said business. Then you consider the amount of capital needed.

 

[Richard92]

Some basic factors to consider when going into business are what's the produce how to produce and where to produce these are three basic factors a business owner need to consider before venturing out starting a business .

 

[Ziki]

One other factor to consider before starting up a business is location. It is preferable to position your business in a place customers can easily get to. If you start a business and then you hide it at the back of one bush, you might never get any customer.