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Business strategy
Four things to research before starting a business
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[QUOTE="Abigael, post: 152290, member: 25357"] 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; [B]1. Knowledge on the products or services you are going to sell. [/B] 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. [B]2. The amount of capital needed. [/B] 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. [B]3. Your target audience. [/B] 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? [B]4. The location of your business. [/B] 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. [/QUOTE]
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Four things to research before starting a business
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