THINGS TO HAVE IN MIND WHEN STARTING BUSINESS

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Business is a day to day buying and selling of goods. It not necessary for one to own a shop, stand e.t.c as the case maybe before he/she can start doing a business. In 21st century there are lot of businesses that does not require face to face exchange, example of some of the business is; Online selling of data, airtime, tv subscription e.c.t, Online purchases i.e order from Jumia, Konga e.t.c those not necessary needs physical contact.

The following are some of the things to put into consideration before starting a business;

Structure and location

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The nature of business is the major determinate of location. The kind of structure or pattern you want for your business must be drawn and also putting the location into consideration is a major priority of any successful business today.

Assets/Capital

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Finance i.e capital cannot be over emphasize when we talk about business. I we say that for you to get something from the table you be ready to put something on it and you may be thinking there are some business in 21st century that require little or no capital to start but may I also tell you that time is involve and there is a saying that time is money and that every time lost that not be gotten back.

Demand of the people
When one is starting a business he/she must put in mind the demand of the people because the demand of the people is the determinate of production both in quantities and quality unless you are ready to be a producer and a consumer at the same time which does not go in line with business principle.

Cost of Production
The amount spend during production is a factor that must be put into consideration because it is the determinate of price of the commodity.

Liabilities
This is a factor that can be monitor in business but may not be totally avoidable because most time one may needs to borrow to add to once capital but it is not advisable to loan to start a business without having anything at all, it has leads many to liquidation.

Risk
As one who is ready for business, risk is not avoidable unless you want to run out of market and you don’t want to grow. Risk taking helps the growth of a business.

Access to Raw Material
Starting a business you must have in mind raw material. You must be ready to answer the following questions in your mind; how easy can I access raw material, cost acquiring, and cost of moving it down (transportation) e.t.c

Transportation

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This is a very important factor to put into consideration because transportation aids distribution. You must be ready to see the possibility of the goods/commodities produced will reach the consumers.

Weather/season

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The weather or season must be put in view because is a determinate of demand. Demand is based on needs, so if this factor is not put into consideration you may end up producing and supplying the wrong product e.g
Producing cardigan/ sweater during heat period e.t.c.