Factors that one need to consider before setting up a business

[Mastergp]

There are many factors that determined this they include the following :

Proximity to source of raw materials ;

We have come to also see that cement producing industries should be located close to source of raw materials to reduce cost of transportation. Perishable goods like fruit palm oil industries etc should be located near their raw materials.

Nearness to the market :
There should be ready market for the product of any industry to be sited in a place.
Fragile goods like glass, bulky goods like cement and other perishable goods should located near the market. And such of the product located or directed towards the market are called market oriented.

Having much capital:
There should be enough capital to purchase industrial input before and after setting up industries. Entrepreneur must have great access to loans and industries which have or use heavy machines or which require large capital for their operation are refer to as capital intensive industry.

Nearness to source of power:
It is important for one to consider the nearness of his industry to power most this industries make use of big machine and source of power should be there as standby so as to keep the work flowing.

 

[Augusta]

Well stated, when you need to start a business apart from having a business plan you need to take into consideration some factors that you know will help you run your business successfully

lt is always good to put in place this thing's It will help you succeed like the ones you have mentioned above this are the real factors that one need to consider and how put them in place before starting out in a business you should always consider the capital you need to use to start a business also need to consider the manpower, the workers you will be using if they will be capable of running the business then you need to consider where you get your products which is nearer to the market you need to also consider products to sell. You need to try to make sure they are of standard quality to be able to run the business successfully.

 

[TOZZIBLINKZ]

Establishing a business is absolutely not an easy activity and one will have to think wisely and think considerably before he or she can establish a business that is sure to become prosperous and successful. For starters you need to put into proper consideration the environment in which you intend situating your business and most importantly you need to put into proper consideration the test and preferences of individuals residing in the environment you intend of locating your business so that you would know which kind of product you can sell or which kind of services you must render to make profit and income.

Second of all you need to have sufficient and adequate capital to look into the business to make sure that it is firm and ready to make profit, list of all you need to be qualified as a business owner and as a business manager. Management is the most important thing in business and you need to be good at it if you want to business to become prosperous and successful.

 

[Miki1]

Establishing a business is absolutely not an easy activity and one will have to think wisely and think considerably before he or she can establish a business that is sure to become prosperous and successful. For starters you need to put into proper consideration the environment in which you intend situating your business and most importantly you need to put into proper consideration the test and preferences of individuals residing in the environment you intend of locating your business so that you would know which kind of product you can sell or which kind of services you must render to make profit and income.

Second of all you need to have sufficient and adequate capital to look into the business to make sure that it is firm and ready to make profit, list of all you need to be qualified as a business owner and as a business manager. Management is the most important thing in business and you need to be good at it if you want to business to become prosperous and successful.

I totally agree with your point. Starting a business isn't an easy task because you have to carefully plan and take into consideration so many things like you rightly mentioned environment to situate the business is very important because your business location can affect your business growth. Another factor to consider is choice of products or goods you trade in. If you don't study your environment and know the type of products that will sell faster to give you value for your money, you may stock products that may not move faster and that will affect your value for money. Good marketing skills, incorporating good customer service will draw customers to you. So one needs to be skillful in business in how you render your services.

 

[Jasz]

There are many factors that one needs to consider before setting up a business. One of the most important factor is to know what type of business you want to start. You can either start a regular business or an online business. The type of business you want to start will depend upon your skills and experience.

You have to have sufficient capital for starting up your own business. This capital can be obtained from family members, friends, banks etc. You should also consider obtaining loans from banks and other sources if required.

Another factor that you need to consider is whether or not there is any competition in the market for your products or services that you intend to offer. If there is no competition then it will be easy for you to get customers as well as make profits from them. However, if there are several competitors in the market then it would be very difficult for you to do so without making any profit out of such activities.

The third factor that one needs to consider before setting up a business is whether or not there is enough demand for products or services which you intend selling in the market place at present time? One should always check out this aspect before starting up a new venture because if there are no customers who need such goods, you might make little or no sale which is bad for a business.

 

[Holicent]

There are many factors that one needs to consider before setting up a business. The following are some of the most important factors:

Cash: You will need enough cash to start your business because you will be paying for the initial investment in your business. This amount should be more than what you have in your savings account. You can borrow this money from family or friends. However, if you want to go into business with someone else, then you will need to sign a formal contract and pay interest on this loan.

Location: When setting up a new business, location plays an important role. It has been observed that companies which start up in urban areas grow faster than those who operate in rural regions or small towns. Therefore, it is important that when starting up, you choose a location which provides all the necessary facilities and infrastructure such as electricity and water supply.

Legal Framework: It is important that before starting up a new business, you should know about laws applicable to your industry and country so that you can avoid any kind of legal issues during operation stage of your business.

 

[Holicent]

If you're like most people, you've probably tried to do your best to live a more productive and meaningful life. But if you're like most people, you've probably also found that your efforts have been less than successful. And the truth is that it's hard to find the time, energy and resources needed to make real progress in any area of your life — whether it's studying for a test or finding ways to make your business grow.

But what if there was a way to do both? What if there was an opportunity where you could earn a salary from working online — while still being able to spend time with family and friends? What if there was an option where you could keep working remotely even if things don't work out for whatever reason?

Digital nomads are people who choose to move abroad for extended periods of time (typically 12 months or more) without giving up their careers at home. It can be anything from working remotely in another country, working remotely from a coffee shop (yes, really), or even traveling around the world with one job while managing other projects back home.