What are the things to consider when starting a business?

For business-minded persons, what's your technique when starting a business and how did you make it last?

I've saw people with investing their money for their new business but eventually, their business went down. There might be a plan or strategy that will aid you to keep up with your business. This might also involve good management.

What can you share about it?

 

This question is so broad, how can you answer it? I guess I would say market research and knowing your industry. Too difficult to give a legitimate answer to such a broad questions.

 

As above.

1.) Research
2.) Research and
3.) Research

I'd say make sure you have some form of income before you start, part-time work etc. Things like adwords cost money, maybe only a few quid but it all adds up!

Truth is, some people thing being self-employed and owning a business is a pure get rich quick scheme, however this is not the case. Rarely people make it so good they make millions, mostly, it provides a modest income to provide one with a home, stable family income etc, which for most, is fine.

However, it doesn't come without relentless work, hard work at that, with a determined attitude to succeed.

 

I guess you are all right. Research really is important and the determination to achieve your goals and to succeed. Sometimes, dreaming alone won't help. It needs actions to implement what is being planned. I'm starting to think that most businessmen do really have a strategy to keep up with their business.

It might include man power, analyzing the problem, the investment of course, and a secret ingredient that seems to work out. I guess that's what I want to know. But thank you for your answers. You gave me an idea on what to do first before venturing this kind of field.

 

i think for start a new business you need a proper home work. You aware about all market risk which belongs to your business.

 

Things to consider...

Liability
COSTS
How will you generate income?
How long before income equals cost to run the business?
Do you have enough cash/time to make it to profitability?

 

i think which business you fully know as well as interested with time and money and current time inst rested people for which requirement.

 

Technology and Capital and Efficienc

 

Make sure, whether you intedn on getting investors or not, to first write a business plan so YOU know what to expect. It's easy to think that your idea is so novel and simple that you don't need to write a formal plan but you'll be surprised at how much you've looked over once you force yourself to put every detail in writting about how exactly you intend on making your venture work.

 

Thank you everyone for your answers and advises.

You got me inspired. Having a plan really helps a lot. This will get me into the right decision and monitor things. Thanks

 

For me the two things that must consider are the type of business that you want to engage with and the season! ^_^ ---Concrete Floors

 

From my point of view there is no specific "Strategy", you need to build with trail n error, the strategy which you can find on google works for someone and sometime doesn't. You need to build your own paradigm layout how your business going to work. Maintain the quality work and expense.

Thanks.

 

As a lot of ppl mentioned before... Three Things i would look into when starting a new business

1)How would i make money?

2)How much investment(money and time)

3) What are the risks?

 

You are right, both knowledge and luck are important to make the business successful. But don't forget to consider that you need to have enough resources to be successful in any business ventures too.

 

Thanks everyone! I will keep these all in mind.

 

Market research! Not only to make sure that there is a market for your product but also so you can tailor the product to exactly what the market wants.