Basic Steps in Starting a Business

varron104 By varron104, 14th May 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/1f691ier/
Posted in Wikinut>Business>Starting A Business

The third consideration is the availability of the market. This market refers to the wholesalers, retailers or direct buyers or those who are considered as end-consumers, these are the people who use to purchase the commodity or services offered by the business establishment.

Basic Steps in Starting a Business

There are certain things to be considered in starting a business. First, you need to have a survey about the needs of the community. An entrepreneur must investigate the needs of the community including the resources that are available and those needs that are considered to be limited or even the needs that doesn’t exist at all.

After having the survey data collected, then it will be ready to take a feasibility study. The feasibility study is conducted to determine if a particular business plan will be successful or will meet its own objectives or goals.

Goal or goals for a business should consider two things. First is the profit and the other is the service. In opening a business, the entrepreneur tries to think if the business will be profitable and if he/she can get profit in the future time. Providing services to the community is one of the considerations in a business goal. A newly built business establishment can give more benefits to the community considering that the people may save time, energy and money for transportation if they can avail the products or services in the near vicinity.

In doing a feasibility study, an entrepreneur set three conditions once the information of the needs of the community is being identified.

The first condition is the financial requirement that is needed to start the business. Business capital could come from individual’s own money, borrowed or shared with partners.

The initial capital to be considered will include the land and the building expenditures of the establishment, the facilities and equipments and other needed materials. It will also include the cost of raw materials needed for production or the cost of materials for direct selling.

The second in consideration is the technical requirements that are needed in order to workout the project. It includes the skills and knowledge in the business operation such as the training of the workers and the competency of the management such as dealing with different customer types, knowledge in market trends and principles and methods of selling and buying.

The third consideration is the availability of the market. This market refers to the wholesalers, retailers or direct buyers or those who are considered as end-consumers, these are the people who use to purchase the commodity or services offered by the business establishment.

The size of the market will be the bases for the quantity of the production of goods and services. A successful business should maintain a good market for its successful operation.

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And, Business, Business Plan, Consulting, Entrepreneur, Feasibility Study, Small Business, Startup, Statistical Survey, The

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author avatar varron104
I'm a content writer. I also write for other sites (triond,bukisa,factoidz,redgage, and in expertscolumn) http://expertscolumn.com

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