So people will excel in business while some will fail due to decisions they made when starting the business. With this small article you are going to make difference in your world of business and you become a reference entity to your world.
Here some factors that people neglect when starting a business hence some centers their interest on the capital to start a business.
1. First of all draw a business plan and know the type of business you want to embark on. Some people rent a shop without knowing the type of business they want to venture on and that is wrong hence it will affect the business development plan.
2. The site of the shop or the company. This has deal with the people around the area, are they people that actually need your products. People don't really way this as option but is very important. Another fact about this choice of site of shop is whether the place has a parking space , is it in a place that people that people are allowed to park. What is the convenience of people while they try to patronize you.
3. The cost of rent of shop in that area, Are you going to meet up? I have seen people that will tell you that they borrow to pay their rent which is not proper. Every business venture should be able to generate revenue that will be able to settle its bill and when this happens you have to question the plan.
4. Identifying competitors around the place. This is very important because if is not carefully done, you may be forced to be pushed out of market. This can be derived through cost evaluation, customer satisfaction, promotion. Looking for a competitive advantage to embark on. This area must be strictly taking care of because every business owner will always want to attract the highest customer and will always look for opportunity to sweep you out of market.
5. Capital: This has to put into consideration when starting a business and this will determine how type of business, the choice of shop and the area for the location of shop. The amount one is using to start a business should be guided on so that you will not go on unplanned borrowing which will trample the business.Start with the little capital you have to the type of business it venture on. Then the business by turn up and never start removing money from the business from the onset or spending higher than the income the business generate per time or better less, hold on until the business grow
5. Make a.plan on the business development strategies. This will keep you stable in the market and help you in guiding competitive advantage. Plan on seasonal promotion, cost monitoring market research about the product and building on customers requirements.
7. The area of recruitment cannot also be over emphasized hence this will affect the growth of your business. This must be an experienced human resource manager. If this is not properly it will definitely affect the business and low customer retention.
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