Four things to research before starting a business

[Abigael]

It is no doubt that the management of a business starts right from the time you have an idea and not after it is established. Research and survey is one important thing to do in the beginning of a business. The things that you need to research about your business ideas include;

1. Knowledge on the products or services you are going to sell.

Now that you have an idea of products or services you want to sell, you need now to research and know everything about them. It could be raw materials needed, machines needed to make the products, the suppliers you need to link up with or the skills you need.

2. The amount of capital needed.

You need to research about the prices of products, the amount you need to pay rent and every other thing that needs money in the business. Then you can calculate it all and come up with the amount of total capital you need.

3. Your target audience.

The money you need as profit is found in pockets of people. But not everyone may need the products or services you are selling. So you need to know your target audience, who are you going to sell to?

4. The location of your business.

Lastly, you need to know the place where you will set up your shop. Knowing your audience will help you know the best location for the business. It is here that you will also decide whether you should have an online presence or not.

 

[Mika]

I think you missed the obvious one competitor analysis. You might develop a great product but if the product is already being sold by a lot of people it is very difficult to generate sales for this product, and it is very likely that your product will fail. failure of the product means failure of the business.

 

[btaliat]

I think you missed the obvious one competitor analysis. You might develop a great product but if the product is already being sold by a lot of people it is very difficult to generate sales for this product, and it is very likely that your product will fail. failure of the product means failure of the business.

There is need to put into consideration the competition factor. But I don't believe that if a business is sold by many people that it may lead to the failure of the business. The best way to fight the competition factor is just to make sure that you are one step ahead of the competitors.

 

[fareedkhan]

It is no doubt that the management of a business starts right from the time you have an idea and not after it is established. Research and survey is one important thing to do in the beginning of a business. The things that you need to research about your business ideas include;

1. Knowledge on the products or services you are going to sell.

Now that you have an idea of products or services you want to sell, you need now to research and know everything about them. It could be raw materials needed, machines needed to make the products, the suppliers you need to link up with or the skills you need.

2. The amount of capital needed.

You need to research about the prices of products, the amount you need to pay rent and every other thing that needs money in the business. Then you can calculate it all and come up with the amount of total capital you need.

3. Your target audience.

The money you need as profit is found in pockets of people. But not everyone may need the products or services you are selling. So you need to know your target audience, who are you going to sell to?

4. The location of your business.

Lastly, you need to know the place where you will set up your shop. Knowing your audience will help you know the best location for the business. It is here that you will also decide whether you should have an online presence or not.

that's is fabulous I can try this website

 

[btaliat]

Then I think there should be risk management analysis as well. A business owner must know how to manage his risk. He should learn how to back off when the business is not yielding profit. This must be done at some interval to avoid running into loss most time. Because business is about profit and loss.

 

[kayode10]

I am expecting you to talk about competitor research because it is very important. You need to know the strength and The weakness of your competitors in the marketplace so that you will know how you are going to plan the exploit to make more profit for yourself without spending so much. Something like this is called blue ocean strategy.

 

[Alexandoy]

For me, the most important is the market base. Before checking on the location there is a need to research if there is a demand for the business that you are planning. It is not easy but it would be a disaster if you open a business of car wash when there are very cars in the village. If there is an existing similar business then that is a good start.

 

[Jasmine]

I agree on this four point guide to starting a business. You need to do product research and development, you need to build capital, and also learn about your customers. However, I would like to add one more point. You need to build a marketing plan and market your business and products.

 

[Deleted member 13140]

I think you missed the obvious one competitor analysis. You might develop a great product but if the product is already being sold by a lot of people it is very difficult to generate sales for this product, and it is very likely that your product will fail. failure of the product means failure of the business.

Well I think competitor analysis can be classified in different terms, first it's a good thing to know that what you're planning to do is excelling online, that people are doing it and are successful, one shouldn't fear competition, instead you should be motivated by it, I probably know what you're thinking, which is it's better to get into something no one else went into, but it's very difficult to establish in a new market

 

[Good luck]

You are very right with all the things to be considered before setting up a business.Location is the key,if you don't have a nice place that may attract people,it may affect your business.You also need a good start up capital which you can always work on.Y you also need to be serious with the business and put effort in making it grow.

 

[Janita]

I think research is very good option before starting business other the business is related to the selling goods and products or or other it is related to the opening of agency. We should try to see around everywhere that what kind of things are being selling on daily basis and how much the quantity is required on daily basis.

Second thing is that if the same items and goods are already selling in the market so we should need to improve our way of selling just for suppose I am starting business of of selling makeup and cosmetic products .
But I know that it infront of my shop where is already the same shop so how my products will be sold I need little bit wise ideas and concept should be clear related to these things that I need to to talk with my customers in a very great way I have to give them a good discount where ever I am getting profit so maybe this can become the great way of starting business while we are continue with the research about many more things as well.

 

[Carson20t]

I think you missed the obvious one competitor analysis. You might develop a great product but if the product is already being sold by a lot of people it is very difficult to generate sales for this product, and it is very likely that your product will fail. failure of the product means failure of the business.

How do you easily capture some of the information you have highlighted here?For example if you were to be an affiliate marketer they would tell you to sell a particular product which has been recorded as the most booming product.Does it not mean that you would likely sell also if you were promoting the same or similar product.