What to Consider Before Starting a Business

in Project HOPE3 years ago

The success and growth of every business is the topmost desire of every owners and leaders of or in the business but to achieve this growth and success, there are things that must be consider before starting the business and also during the running of the business.

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In this write up I will focus on what to consider before starting a business; you know that the beginning of anything matter alot, how you start will go a long way in determining how you will end.

So some of the things to consider are

Who are your targeted customers

It is very important for you to define the customers you want to reach out to, this will help you to know how to pursue and what is their taste and the kind of design that they will accept. For example you can make a clothes with many flowers decorations for children if your target is children but that might not work when it come to adult.

What type of services or productions will the business offer

It is important to define the nature of your business clearly so that you can know what you will be doing and avoid distraction during the course of the business. Note that undefined business will end up in a mess at the long run.

Proper definition of business give room for location choosing

You must also determine which location will be best for your business, not all location are suitable, you must look at the place where there is market for your business.

Capital requirements

What are the capital you need to start and keep the business running must also be well define before you jump into the business if you do not want to have an abandon project.

Required skills

Do you have the required skills in difference aspect like leadership and workmanship to keep the business going. Not only that have you gather a enough skills in production or service as the case may be that will make the business stand out in the market. At this point you need to be honest to yourself and access yourself.

This are few out of many but also important things that you must consider before starting a business.

Thanks for reading my post



Hi @great-a

When you mention that "It is very important for you to define the customers you want to reach, this will help you to know how to pursue and what is their taste and the type of design they will accept" as part of the main strategy to consider before starting a business, it is something that many entrepreneurs forget and end up generating wrong investments precisely because they do not know the market segment they are about to approach.

Best regards, be well.

Thanks right, thanks for your comment

These are very good considerations we must look out for before we start a business, everyone needs to classify the type of business they want to run before they set out for it at all and this is a clear consideration.

Greetings @great-a no doubt starting any venture or business requires establishing organizational criteria to keep afloat the project we have proposed, hence the importance of setting clear objectives that respond to our vision and mission of the company or project. Thank you for your contribution

Indeed, the objective of the business must be clear

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