What is the first thing to consider in starting a new business?

[Maven Tiger]

@marcusfe learning from other people experience. Listen to what others have to say—friends, family, experts, even yourself. When it comes to things that have to do with your entrepreneurial goals, be a sponge. As you learn, start to work out the idea in your head. Write things down. Keep notes from all the resources you come across to develop a detailed plan.

When you tell people about your startup, read their body language. Do they like the idea? Or, are they just being nice and really think you’re going in the wrong direction? Encourage your listeners to be honest with you. The collective opinion you get from peers could be a reflection of how consumers will react.

Don’t ignore the power of advice from experts and veteran business owners.

 

[sincerem]

When starting up a business, we should take into two things. Having the required capital and the business ideas. Not for me the business capital comes as first priority cos without the money, you can't execute the plan. At same time too, without the ideas, you can't take it far, one doesn't start up a business without plans or idea.

 

[Samuel72]

The first thing to consider when starting a business is the interest rate of the business if it is a profitable business or not secondly you will have to consider a good location for the business because not all business you can invest in any location, then you have to consider your method of production, the amount of product you like to produce in a day or month.

 

[Mellorando]

A lot of businesses crumble as a results of wrong planning, wrong location, and low initial capital,these are the things a business owner or someone who determined to go into business should consider before setting up his or her business failure to consider these things will lead to short business lifespan, and low profit, and low patronage from members of the public

 

[TOZZIBLINKZ]

Many people go into business without consideration, I think the first thing to consider before starting up a new business is for you to know what exactly you want to achieve in this business the type of business you want to run, where you were established business and the daily income you will be gaining when starting up the new business, also when starting up a new business you must have in mind that you may lose anytime so you get prepared for it.

 

[Ummigal]

I also think having a "PLAN B" is also important. But sometimes, having a plan B makes it looks as if you think it might fail. Don't get me wrong, having a plan b is very necessary because the plan B will prevent you from falling totally if the business you are venturing into does not work as planned especially when you don't know much about the business. But if you passed through apprenticeship before starting the business, then you might not need a plan B as you would be very equipped both strategically and mentally.

 

[Alexandoy]

A business needs capital and I think that is the first and foremost consideration. If you have mastered the operation of the business including the management and you already have a list of your potential customers and also the list of probable suppliers you still cannot start up your business if you have no capital. As the saying goes, money makes the world go round so capital is the most important part of a start up. Without capital there is no start up.

 

[Deleted member 28873]

The first thing to consider when starting a new business making your research,getting to know the kind of products you would like to introduce to the audience and also identifying your targeted audience or costomers.people who would buy your product or service you are offering then I think the capital is the next on the list.advertising making the media know that your product is available. Then all other processes could follow

 

[Peppul]

Here are few things to consider first as an entrepreneur.
1. do your research. you want to make sure you understand the industry you will be involved in so you can dominate. no matter how unique you might think your business idea is, you should be aware of competitors. just because you have a brilliant idea does not mean that other havent also had the same idea.
2. determine your audience. spend time considering who your target demographic is. this audience will be the driving force in each decision you make. understanding who needs you product or services can help fine tune your offerings and ensure your marketing and sales strategies are reaching the right people.
3. have a strong mission. standing out is no easy feat, and no one magic formula guarantees results. however, knowing your business purpose is central to guiding these decisions. by recognizing your business strength, differences, and purpose you can make informed choices to expand your services and markets down the line in a way that is harmonious.
4. choose a structure.
5. map your finances
6. understand your tax burden
7. understand the risk

 

[Kennysplash]

I'm an entrepreneur and being in business for some years but I feel I might not know everything as touching business since no man is an island if knowledge. Some of the things I know are, while starting a new business you must first prepare a good feasibility study so as to draw the direction and master of the business. Another thing is you must define your source of capital. You must try to do a thorough check and survey of the proposed location of the business. Other important thing is you must get the business registered under the appropriate government agency, this is very important.

The first thing to consider before venturing into a business is Capital. You have to know and be sure of the capital you will like to invest in your business. Don't start what you will not be able to finish. Once you know your capital range you will be able to avoid any discrepancies in finance. There are some that start out a business but failed before they could even begin, this is due to lack of proper financial planning. So plan your finances well before any other thing.

 

[Annmike]

I'm an entrepreneur and being in business for some years but I feel I might not know everything as touching business since no man is an island if knowledge. Some of the things I know are, while starting a new business you must first prepare a good feasibility study so as to draw the direction and master of the business. Another thing is you must define your source of capital. You must try to do a thorough check and survey of the proposed location of the business. Other important thing is you must get the business registered under the appropriate government agency, this is very important.

What you need to consider mostly is capital, security, environment transportation those are things mostly are considered.

 

[marcusfe]

I'm an entrepreneur and being in business for some years but I feel I might not know everything as touching business since no man is an island if knowledge. Some of the things I know are, while starting a new business you must first prepare a good feasibility study so as to draw the direction and master of the business. Another thing is you must define your source of capital. You must try to do a thorough check and survey of the proposed location of the business. Other important thing is you must get the business registered under the appropriate government agency, this is very important.

 

[Maks25]

business plan is a blueprint that guides your business from start-up to growth. It highlights your goals and details of how you intend to achieve them. Every business idea needs a plan to become reality. The nature of your business and how you intend sourcing finance will decide the kind of plan you need.Traditional business plans will serve those who want funding from financial institutions and investors. It’s more thorough than a one-paged business plan often used by people who do not need external funds.
Whatever your choice of finance, writing a plan is a necessary part of starting, running and growing your business.

 

[Seyesystem]

Starting a new business I think the first question to ask or to know is to carry out the feasibility study of the business that you want to start and this we help you to know whether the business is viable to go into or not. You must also know your targeted customers in the market doing this we help you to know your potential customers that are seriously in need of your products. I will also advise the new business owner to plan his business very well and to look into the way the business will be managed because management is very important in every business so that the business we are achieve the organisational goals.In starting a new business the owner the owner must plan his business very well so that it will not fail. Before going into any business you must do your through findings which includes feasibility studies about the business whether it's viable or not, also the profit projection for at least 7 years must be done. This will enable the entrepreneur to make his decision whether to start the business or not.

 

[Segshowee]

I'm an entrepreneur and being in business for some years but I feel I might not know everything as touching business since no man is an island if knowledge. Some of the things I know are, while starting a new business you must first prepare a good feasibility study so as to draw the direction and master of the business. Another thing is you must define your source of capital. You must try to do a thorough check and survey of the proposed location of the business. Other important thing is you must get the business registered under the appropriate government agency, this is very important.

The first thing to consider before starting a business is do you really have passion for what you are aspiring to venture into. After this comes market research and feasibility study as well as funding for the business.

 

[Augusta]

For me the first thing I will consider when I'm ready to start a business is capital. It seems without having a ready capital, it will a bit difficult to kickstart a business. It is one think to start a business another is having it in a way you have or had anticipated. So without the anticipated capital it might be difficult to even start the business let alone have what is called a business to operate.so capital is very important

 

[Georgeadawara]

The first thing to consider while starting a business are ask yourself why am I starting. You need to ask for an addvies for successfull business men, look for a good location, what are the necessary need in the area how can you convince customers to patronize your goods or product?

 

[Nii41]

For you to consider starting a new business, you must have looked at the potential and also ensure it is something that you can do long term. One important thing to consider is your capital, do you have enough money to startup that business? Is the money something you can risk losing should incase the business does not go as planned. A business may have a good plan and potential but poor execution can kill the business. So you have to be sure that the capital that will be used in starting up the business is something you can bear the risk of losing should incase such business fails.

 

[Mataracy]

The first to do when you want to do business is to know the reason why you want to do the business. Which I believe to be profit making. And before you can achieve this you have to put somethings in to order like making research about the place you want to put the business (place) .
Secondly; the type of goods you want to sell.
Third;the type of advertisment method to use and.
Fifth; the price you wnat to sell the the product.

 

[Jonaville]

One important thing I feel every potential business owner should give top priority to his the location of the proposed business. He needs to survey and scout the area very well to ensure that the type of business he is about to start will attend to the needs of the people in the area and therefore will lead to a high business turnover.
Selling product or offering a service that people don't need is actually a bad idea and can lead to frustration and depression as a business owner. So one needs to be very definitive of the type of business to start in a particular area.