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Factors to primarily consider when starting a business.

Discussion in 'Business' started by ahmedo24, Jul 29, 2017.

  1. ahmedo24

    ahmedo24 New Member

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    Starting your own business isn’t as easy as taking a slice of apple. It’s stressful and pretty much demands your complete focus. On the plus side, it can also be a fulfilling experience professionally and personally. Here are tips to consider starting your business:
    Nature of business
    There are two categories every business belongs to .They are either service oriented or product oriented business. Therefore it is important for you to first know the category your business belong to. This will enable you to have focus and strategize easily.

    Environment.
    Not every environment is suitable for every business, it is very important for you to make sure your environment support or accommodates your kind of business.

    Capital/ Budget
    The strength of starting business is mostly determined by the financial resources
    A budget is essential for efficiently managing your financial resources. It is necessary to first do some research to find out about the standard cost factors in setting up or starting the business, then develop a budget to run your business based on this information. Once you are able to efficiently manage your financial resources, there is a higher chance of success in your business venture.
    Legal Responsibility
    It is very important you take care of every legal aspect of the business. Secure the necessary permits and licenses, determine your tax obligations and get a good lawyer to guide you legally every steps involved in business registration, approval from concern agencies etc
     
  2. Barida

    Barida New Member

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    I have to add also that making a pilot survey of the said business will come handy before going into full scale of the business. The pilot survey has to do with test running the said business on a very small scale to see how good it is going to fare, if the results and feedbacks are okay, then it is a good one.

    Your main points of the environment and capital are huge factors to consider too. Thanks for the insightful write-up, ahmedo24.
     
  3. Folorunsho

    Folorunsho New Member

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    Starting a business can be a fun and exciting time but there are some key factors you would need to consider if you want to be successful at it. Starting a business requires you to have a considerable amount of expertise in the field you have chosen. Another thing to consider would be "market" i.e try to find out if there is a market (demand) for the product or service you're going to be offering. After drawing up your business plans and all, then, of course, you would need to finance the business. Finance is a major concern when starting a new business; you need to determine how you're going to fund the business and there are many options in this regard e.g personal, borrowing,
     
  4. walter12

    walter12 New Member

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    A lot of people dream of starting their own business whether be it to pursue their goals in life or to be their own bosses but as any important decision in life there are a lot of factors that need to be taken into consideration in order for the business to succeed and grow. First off, how familiar are with the field you have chosen for your business, do you plan on leasing or buying the building or the site your business will operate from, what will your profit margins be for the next few years, all of these factors should be understood beforehand.
     
  5. Van

    Van New Member

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    Factors to consider when starting a business are as follows:

    Environment: it's very important to consider where you want to start your business the surroundings. You should consider if the surrounding will enable the business to be a success or not.

    The capital: you should consider if you have enough money to start the business or not.
     
    Last edited: Sep 20, 2017
  6. ajosh

    ajosh New Member

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    One important factor that i think is more fundamental when starting a business is a point of difference.this is so important when starting your own business. You need to work out how your business can be distinctive, and offer a point of difference compared to the competition. You need to find something to offer which will ensure you build up a loyal customer base and customers come to you over others.
     
  7. potentialwriter

    potentialwriter New Member

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    A lot of factors can be considered while starting up a business. These factors, in most cases, determine success in business and can help greatly in times of trials and challenges. There is a probability of 0.5 that any business can face terrible challenges at a future time, but certain factors can help out and must be taken into consideration. The first factor is location. Once you find an excellent location for your business, there's no cause for alarm.

    Another factor that needs to be considered in starting up a business is the type of products or services that you will be dealing in. Thorough market research must be done to ensure that hot selling products are given the highest priority when deciding on which products to deal in.
     
  8. MarkCorrea

    MarkCorrea New Member

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    Starting up a business is not that easy. I am proud to be certified entrepreneur now. But after I earned my status right now, the process that I take was not that easy to the point that I wanted to go back to work. Out of 100%, 90 percent of that experience is a failure but instead of getting tired of it I've turned my failures into motivation. What really makes me successful in my business right now is the determination that I have during the process and of course the right timing. Heres are things that you have to consider during startup of your business.

    1. Product
    2. Target Market (Market Research)
    3. The Cost vs Revenue
    4. Taxes Involved
    5. Marketing Plan on how you will penetrate the targeted market

    These are the thing you have to accomplished for you to have a successful business and most importantly never ever try to give up. Always do what you believe, never mind the process and everything will take into place at the right time.
     

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