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What To consider Before Starting A Business

Discussion in 'Starting Your Startup' started by eProject, Feb 10, 2016.

  1. eProject

    eProject Entrepreneur

    I'm order to be successful, you should consider the following before starting your business.
    - The plan
    - Skills
    - Business Goals
    - Financing
    - Registration and Licences
    - Potential Customers
    - Competition
    - Season
    - Partnership

  2. terryse

    terryse Entrepreneur

    I cannot stress enough the importance of having a plan and researching your market before starting a business. Identify and defined what you want to accomplish in your business. Set a date for your goal's achievement. Identify also the people, groups and organizations you need to work with together with the skills and knowledge needed to help you manage your business. Then , take action that will move your business to the next level. Without question, you will meet obstacles. Don't be discouraged, for this is all part of the process. The obstacles you overcome, the discipline you learn in running your business can be valuable in the future and success of your business.
  3. dyanmarie25

    dyanmarie25 Entrepreneur

    You're absolutely right about the list. It's really important to have a solid plan so you won't be confused and disorganized, and for everything in your business to go smoothly. Aside from having funds, and goals, you also have to prepare yourself mentally, emotionally, and physically.
  4. briannagodess

    briannagodess Entrepreneur

    True enough, when you plan your business first, you are able to strategise ways on how to set it up and make it a success. Always, always have a PLAN A and a PLAN B, just in case the other one won't work.

    With skills, you can either hire other experts or hone you own skills. The former requires money, the latter requires patience and persistence.

    You cannot visualise if you don't have any goals. Goals are what make us want to pursue and continue. Have a goal for yourself, your business and your family.

    Finances are one of the most important part of any business. Decide on whether you'll have a loan or have some angel investors. Or maybe you'd want to save up first before starting your business.

    Of course, in order to be in the clear with the government, you have to have your business registered. Obtain all the licenses needed as well. Pay your taxes in time as well.

    What are your future clients? When you know who you want to provide for, then it's easier to innovate your service or product.

    Knowing your enemy is the best way of defeating them. Research, research and research about your competition in your niche.

    You have to know as well which seasons are best for your business. Some seasons you might go up, and some seasons business might be low.

    Have you also decided on a partnership? Or would you rather have your business all to yourself?

    Good luck everyone!
  5. remnant

    remnant Entrepreneur

    The cardinal element to consider before starting a new business is the market as well as your personal experience and competencies. Without this, everything else is hot air. The best startups are those which address an existing but unfulfilled need or create a need. All other factors like marketing, location and other logistics are secondary and will easily fall into place.
  6. Pablo Diaz

    Pablo Diaz Entrepreneur

    Completely agree with you. I think without a plan, there's no business to be made and you're just wasting your time. It increases efficiency, reduces risk, it also helps when overcoming problems and helps to achieve the objectives proposed. I believe planning is necessary for the correct functioning of every organization regardless of its size and objectives. It is the key to achieving your goals as a business owner.
  7. bria1

    bria1 Entrepreneur

    Financing the business is probably the most important. You can have all the plans, goals and dreams you want but without money to finance those big plans..that's all they will ever be. It is not just a source...you would probably need many sources to come up with enough money needed.
  8. Trixen

    Trixen Entrepreneur

    I have worked in a construction business when it started to branch out to a different area. One thing I realized is Financing is important. It should be prioritized during the Planning stage especially when you handle a very risky business. You can come up with various solutions but you need money to back them up.
  9. emuzeskylow

    emuzeskylow Entrepreneur

    Nothing goes well without a plan. No business suceed without a well thought out plan in place. A great idea is doomed to fail if it is not well planned out. The success of any business start with its creative and constructive plan.

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