Realekom
Active member
Starting a business can be both exciting and challenging whether partnership or sole proprietorship, as you will have to study the marketing plans and best strategies to hit the nail on the head, below are some vital factors to consider when going into it:
1. YOUR BUSINESS STRUCTURE:- you should consider wether you will or should work with a business partner or by yourself.
If you have in mind working with anyone then you have to research what kind of business structure that best fits your situation, partnership may be the best for two or more people since the business pressure will not be on one side.
2. MARKET:- put into consideration the broad market your business can serve.
You can think about what geographic range you can cover and the kind of people who might have the need that your business offers.
3. CAPITAL:- consider the cost of your potential business and how you can raise the money for your start-up costs. It might be your personal savings or loan from the bank, credit from families or friends or governmental aids.
4. LOCATION:- location matters alot in every business, some business can be done within your own house depending on your location.
When a perfect location is choosen, it plays a vital role in the progress of the business.
1. YOUR BUSINESS STRUCTURE:- you should consider wether you will or should work with a business partner or by yourself.
If you have in mind working with anyone then you have to research what kind of business structure that best fits your situation, partnership may be the best for two or more people since the business pressure will not be on one side.
2. MARKET:- put into consideration the broad market your business can serve.
You can think about what geographic range you can cover and the kind of people who might have the need that your business offers.
3. CAPITAL:- consider the cost of your potential business and how you can raise the money for your start-up costs. It might be your personal savings or loan from the bank, credit from families or friends or governmental aids.
4. LOCATION:- location matters alot in every business, some business can be done within your own house depending on your location.
When a perfect location is choosen, it plays a vital role in the progress of the business.