13 Killer Factors To Consider When Starting A Business
Irrespective of whether you want to start an internet business or simply a “physical business”, one thing that is constant in both situations is that there are certain factors to consider when starting a business that is unless you want to go all Renegade without any plan whatsoever and you know what they say; “Failing to plan is planning to fail”.
It really doesn’t matter whether you want to become the next Bill Gates or Mark Zuckerberg, taking some time to look at the factors to consider when starting a business is and should be your top priority if you want to become your own boss and we shall in this post be looking at some of the most crucial factors to consider when starting a business in the hope that they’ll go a long way in helping both you and your friends (hopefully you’ll share this post with them) know what to do when you get to the “bridge” of self-employment.
Factors To Consider When Starting A Business #1: Your Attributes i.e. Interests + Hobbies
The number one thing that anyone planning to start a business ought to consider is their individual interests and hobbies and this is because opting to venture into a business that isn’t related with who you are is pretty much the best way to contribute to your failure in the future.
You should always ensure that your business corresponds with your attributes which is inclusive of your hobbies and interests so that you can develop a higher aptitude for it as time goes by. This in the end greatly increases your chances of becoming successful.
Factors To Consider When Starting A Business #2: The Type Of Business
After you have keenly assessed your personality, the next step involves picking a business idea (from your other ideas) which you feel you are able to execute perfectly e.g. if you are a social person, then choosing a business that will see you interacting with others would be a good move. You should also ask yourself whether you want to have an internet business or a “physical” type of business.
Factors To Consider When Starting A Business #3: Capital Required
After you’re certain which type of business you would like to start, the next step involves brainstorming on the amount of capital that would be needed to jump start it. You can also come up with ideas on how to raise the capital e.g. savings, donations from family and friends etc.
Factors To Consider When Starting A Business #4: Input Required
After you’ve got the capital creation covered, the next step involves figuring out how much input will be required in making your business venture successful e.g. how much of your time will it require?
Factors To Consider When Starting A Business #5: Potential Revenue
The next step which I’m sure you’ve all been waiting for primarily involves coming up with a sample business model to see how much revenue that business can generate e.g. if you want to be an internet marketer, then you need to know how much money internet marketers make in a given period of time.
If for one reason or the other you aren’t satisfied with the amount you arrive at give the input that is required, then simply go back to step 2 and choose a different type of business.
Factors To Consider When Starting A Business #6: Business Name
Once you’re comfortable with the type of business that you’ve chosen, the next step involves coming up with an awesome name for it. The name can correspond to your type of business (optional) but if you feel you want to use your own name then feel free but my advice for anyone planning to later on sell their business is to choose a business name that isn’t their name and this is because doing so makes purchasing by interested investors quite difficult.
Factors To Consider When Starting A Business # 7: Goals
As with any other activity, setting of goals is compulsory when coming up with a business. Remember that a goal is a dream with a deadline and anything other than that is just wishful thinking.
Factors To Consider When Starting A Business #8: Skills
You should also consider whether your skills meet the required threshold to start and operate that business. It would be best to choose a business that you’re highly skilled in.
NB: Skills here refers to experience
Factors To Consider When Starting A Business #9: Target Market
As with any other form of business, it is important to have in mind which is one’s target market and this is because customers are the lifeblood of any business. You should therefore know who your business needs so as to grow e.g. is it young people, married couples etc.
Factors To Consider When Starting A Business #10: Marketing Techniques
After you have a clear understanding of who is your target market, the next step involves coming up with an effective marketing plan that will see you getting to as many of them as possible i.e. have a marketing plan that will give you the lions share.
Factors To Consider When Starting A Business #11: Location
I must admit that internet entrepreneurs have it easy when it comes to choosing a business location and this is because they can opt to work from home. You need to ensure that your business location corresponds with type of business you’re in e.g. it wouldn’t be advisable to have a home office and you’re a lawyer.
Factors To Consider When Starting A Business #12: Internet & Technology
Let me quote Bill Gates and say that “If your business is not on the internet then your business will be out of business”.
You see, we are living in a very competitive world and not embracing technology in your business is like pointing a revolver gun with one bullet to your head and pulling the trigger; it’s suicide!
Factors To Consider When Starting A Business #13: Laws
You also need to ensure that your business is in good terms with the law in whose county you plan to carry out its operations in.
Last Word On The Factors To Consider When Starting A Business
The above are just a few of the factors that one ought to consider when starting a business and which I saw fit to share with you guys but rest assured there are plenty of others factors to consider when starting a business though I think the above pretty much covers it.
Remember that no matter how good a business idea is, without capital, it’s like a Ferrari without an engine; it simply won’t go anywhere.
As always, feel free to share what your thoughts are on the “Factors To Consider When Starting A Business”; I’d certainly love to hear from you!