Things you must have before you start a business.

[Setho]

Starting a business is not really as easy as a lot of people usually project that it is going to be. You are going to be taking a very bold decision which might go wrong or it might go right depending on the type of preparation that you have put in place and how you are going to be able to constantly change along the way.

1. Experience . Experience is one of the most important things about business and that is why people who have been successful in business keep on becoming more successful . You can be able to gain much more valuable experience before starting a business by becoming an apprentice or even enroll for mentorship programs.

2. Capital. It is not just enough to have experience but then you should be able to have the necessary amount of money that is required to buy the major equipment and to be able to afford for entry-level marketing in your business . These are the things that a business cannot be able to survive without .

3. Research . It is not just enough for your business to start without having the necessary knowledge about industry-specific data and how you can be able to make projections.

 

[Jasz]

Before you start a business, there are a few things you should have in place.
First, do some research. What is your competition like? Is there opportunity to be successful? How much will it cost to get started? These are all questions that need to be answered before jumping into the deep end and starting a business.

Next, if you haven't already, develop your business plan. Your business plan should include your company's purpose, goals and strategies as well as information on how much capital you will need to get started or continue operations.

Third, create a budget that includes the start-up costs and monthly overhead of your business. You will want to make sure that your expenses are less than your income.

Last, find investors or secure funding for your business through loans or grants so that you have enough cash flow to support yourself and pay for the costs of operating a business until you start earning profit.
You should also have the following:

1. Passion for whatever you're selling
2. A thick skin, because there's going to be some people who don't like what you're selling
3. An understanding of how your business works from the customer's perspective
4. A reliable network of people who can assist you
5. A good handle on what your business needs in order to succeed.

 

[TOZZIBLINKZ]

Even even though you presently have the capital to establish your desired business Enterprise or outlet . it is still important that you acquire the basic skill on the type of business you intend to establish . For example someone who intend to own a barbing saloon might have the capital there by renting or building a shop and even go ahead to furnish the environment making it comfortable and satisfying for customers and clients to patronize them . But when these customers and client find out that the salon barber lacks the requisite skill to effectively and stylishly cut their hair into their desired style . Possibilities are they might choose not to patronize that business outlet anymore .

From from the above scenario and illustration I believe we have come to see why it is important that skill acquiring is one thing that we must have in our fingertips before establishing the business of our choice . Another factor we must have is the capital . Most business organisation today liquidate , go bankrupt and even shut down ,as a result of not having sufficient capital to facilitate the inflow and outflow of business activities and practice is going on with my environment . That is why the government can help businesses like this , by making in availability business banks who can loan and Grant business loans to potential business owners whose business needs rehabilitation .

 

[eldavis]

Before starting a business, you should also have a goal. Most business owners today start up their business without having a concrete goal or aim hence they easily give up on the business when things do not go as planned or in some cases, they are not able to grow the business beyond their limits because they do not have a goal to achieve.

 

[Rachael]

There are different challenges that comes with starting a business. Even when the capital is readily available, there are certain other criteria to put in place. Before starting a business, you must have a business idea first which would guide you to know the amount or capital which would be required for funding. The experience before starting a business is required. it is wrong to assume that you can operate a business simply because you have seen other people in the field. Without conducting a market research, you might never know the ordeals those business owners face in their daily businesses. Without the needed experience a business is bound to fail.


The experience must not directly come from you but through asking questions and making your personal finding, it would give you a guide on how to spark in creativity into your own business. The capital for fund is necessary, without it, a business cannot exist. It is best to avoid all kinds of loan and focus on other creative means of raising capital. Taking loans to start a business is not entirely bad but due to the pressure that comes with it which makes the whole process tedious. The motivation is also essential when starting a business.

 

[Sikapa]

To me before you start a business you need to have a capital before any other thing. Although is important to doe any other things like research and to also have experience but the needed one is capital. Money is what we use to start a business and before any business can move you need money.

 

[Chibson]

Starting a business is a serious journey and therefore before you venture into any you really need to have high level of knowledge and understanding of how such a business works.

There is no way you can be able to succeed in any business that you do not have proper knowledge and understanding of and this is one of the mistakes a lot of people make.

There are a lot of ways in which you can gather experience before venturing into any business and one of them is attending seminars. Seminars will open you up to a whole lot of opportunities and strategies in which you can use to become very successful in business. Another thing is to have a mentor, having a mentor as a potential business owner is very important because they will help you to give you insights about how businesses works and how to probably succeed and manage your business very well.

We also have the internet in which you can do a lot of research and get a lot of knowledge. There are several business forums on the internet in which you can venture into and ask questions and there are a lot of people that are ready to give you valuable answers that would make you succeed in a business.

 

[Austinaldo]

To start a business, you have to be prepared financially, mentally, emotionally, and otherwise. The preparations defer from person to person. The most important thing to prepare for is the finance part of it. You need money to sustain any business.

You can learn the emotional aspect when already in it. I think one always have to make friends with people in similar business to learn from them. You don not have to be alone. The research process will be highly reduced by simply connecting with people of like-minds. You will then watch their growth process and imbibe those things into yours.

Again, capital is highly needed. You want to be able to sustain your business with enough capital to go a long time. I will advise keeping record of your sales and revenue. I will strongly advise against leaving your business in the hands of others. I also will advise against not budgeting for any purchase. You have to also form a team. This will make your job easier. A team is much more effective than doing it alone. Deligate some duty to team members so you can have enough time to focus on the most crucial aspect of the business. You have to be resilient at all of these.

 

[vuongthong]

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[Activator230822]

Before you start a business one must consider the following points:
Availability of capital
I think this is the most vital and core key point to consider before setting up of any business. The amount of required capital solely depends on the type of the business you want to set up. For instance a butchery business may require a bit less capital than a hardware and and selling of buildings materials for that matter.

Secondly is the availablity of market.
Market again acts as an engine for any business. Any business that is started it depends on the market Available for its fate.
It's more advisable then to start a business where there is no such existing businesses in the locality or if any the there a must to be a significant distance between the two.
However the higher the market Available the higher the profits to be made from the business and thus the sustainability of the business is likely to be reached within a short period of time of time since the start of the business.

 

[Miki1]

Starting a business is quite difficult and can even be frustrating. First of all, you to first plan on the type of business you want to do. You have to do more research about the particular business. After this is achieved, you now start to raise capital. Then you look for a suitable place to set up the business. Then start to acquire assets for the business. You'll have to register your business to make it legal