There are quite a number of articles that have explained how a business is being set up but in this particular one,we would consider in-depth what setting a up a business in a compressive way.There are various businesses out there that attract customers or consumer to get the product of that firm or an individual,Before starting up a business somethings or some factors are to be considered first before anything else such as capital,demand of the prople,market and marketers, etc,all these will be looked into in this very article
Before anything,let first define what business is?
A business is the act of buying and selling a product for the purpose of making profit.It is an act of rendering goods and services for profit making.
To set up a business there are factors to be considered which are ;capital ,business idea,the demand of the people,competition ,location, marketers,being educated, experience and legal requirements
FACTORS TO CONSIDER IN SETTING UP A BUSINESS
There are various things an entrepreneur will need before setting up business and they are;
Capital: refers to the money needed to start up the business which requires an efficient source of income.
It can be gotten from loan or family members
Having a business idea in aspect of offering what no one has offer that's something new which will eventually solve people problem. It can be done by listening to people demands or priority
The demand of the people: refers to the desire of customers to buy goods and services at a particular period of time.
It also refers to the pressing need or important things that people want and are willing to buy.Competition: is one of the factors to be considered when setting up a business, and it comes from people selling the same product and rendering the same services.And in a situation whereby there are many competition, there should be more strategy plan on how to market one's product and also convince the buyer about it.Location: is one of them too , it is where we start up the business and it can be situated wherecustomers demand for the product or services we are rendering
It also include having a well populated area that is easily accessible. For instance rearing pigs for sell in a Muslim area is a turn off on its own.
Marketers:the way a seller advertise his or her product can also attract customers to buy that same product which requires convincing them about the product
NEARNESS TO MARKET:it is very essential that a place one operate his/business should be accessible to where people can buy the product and demand the goods and services,one need to be strategically choose a best place for people to have access to the product one is producing.
Good Road:Good roads needs to be considered by an entrepreneur when setting up a business,when roads are accessible people from various places would have access to the product being produced and as such that product being produced will increase in sales.
Types of business: one go into will determine the start up cost use in financing the business
Target -Market: refers to the product some consumer prefer buying which is also consider when setting up a business.
Economic Situation: refers to the present things happening in a county, in a situation whereby there is inflation, the demand will be low
Legal requirements: may be required if eventually one decided to open a restaurant shop which deals with foodstuffs.
Being educated, having the experience and skills is require before going into the business or better still looking for someone in that field that can guide you through it. Having a positive attitude towards your customers can also influenced more buyers to come and patronise you
.WANT:is one of the factors to be consider while setting up a business
It can be define as the pressing need or desire of people to satisfy themselves.
In a community where by people living there are professional lawyers, bankers, doctors and engineer and those people don't have any provisional shop to buy whatever they need.
Also one has to be prepared if eventually the business is successful or experience loses
If it is experience loses, we can take that as a lesson and sees what goes wrong.
ADVANTAGE OF SETTING UP A BUSSINESS
1.You are your own boss which means that you don't take order from anyone on how to go about doing things.
2.Independence,this means that you are not dependant on someone or a boss who would pay your salaries,hence you can choose to go or not to go to work.
3.You give room for employement In your business unlike in a business you are employed to carry out some tasks,here you employ people to work for you and get them paid either through wages or salary.
4.learning opportunity: since you are the boss here you can travel to attend seminars that would help and boast your business in anywhere in the world since you have no boss who would restrict your movement.
5 Time:you have time to do some personal things you have always wanted to do,like hanging out with family and friends,holidays and touring because you have money and people working for you.
Are you willing to be a boss?,then set up a business and be free from dictation from a boss.
Strongly agree with the points you explain.To maintain a business you must have an organization and planning, do research before undertaking the venture.And if possible, have the guidance of a mentor or someone to help us with their advice to do things better.
I must say, these factors you listed here are very important when setting up a sustainable business. I believe everyone that wants to go into any form of business should have these tips at hand.
Thanks for sharing buddy