Essential Considerations for Starting a Business

1-Kind of Biz

The first thing which man is extending to enter into a biz has to consider is the kind of the business he should take up. There are so many classes & subclasses of Biz. And to pick up the best and most profitable line out them requires considerable knowledge experience for sight.

2. Forms of Biz Org :

Once the actual biz is to launched upon is decided the next logical question coming up for consideration is the form of biz establishment is to take up other words it has to be settles whether is to be one man's biz or partnership or JSC.

3. Estimation of profitability of biz:

Next is to estimate the profitability of the biz which the product and service are going to be sold.

4.Size of biz:

There are 3 type of biz via manufacturing, Non, and services. All 3 minds mah be large, medium or small. It depends upon the resources which a biz man is going to invest.

5)Finance :

Financial consideration is very important before starting a biz, unless sufficient funds are not arranged it wouldn't be possible to operate the biz.

6)Knowledge of the market:

The KOTM available for the particular product is necessary part for the biz man to know. He should have info regarding target customer, income pattern, buying habits, and tastes, no. Of competitors etc.

7) Location:

Another worth considering factor is the location. If it is a manufacturing biz, one must consider the availability of raw material, skilled labour, transportation etc. If retail biz, then factors like nearest to market, sale promotional devices come under consideration.

8)Organization & management:

The managerial & organizing capacity must be considered very carefully.

9)Government Regulations:

The government has formulated some rules and regulations for the particular type of biz to regulate the activities of biz.

10)Staff of the office:

The biz may require the service of some clerk, salesman etc. Special care should be bestowed on engaging staff.

11)Office Equipment:

Every biz has to maintain an office, in these days of rapid development, stationary etc must be provided.

12)Business Ethics:

Morality in biz as anywhere else has a distinct role to play in the shaping of a successful business career.