Factors to consider before setting up a business

in Project HOPE9 months ago

I have seen people jump into one or two business without making proper research of what they want to embark on. This doesnt ends well as loss is what is secured at the end of it all. Some got wreck just because they thought business is just all about buying and selling. Some basic studies weren't undertaken before they embark on the business date, this ends up killing the business totally. Some days back, I asked a lady while she was selling, the dumbest reply I got was that she is selling because her neighbour was selling too. I was really surprised by this reply, this is so hilarous. With such comment, do you see that business thriving in the next 2 years, I guess No.

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About six (6) months ago, a friend chatted me and he say he wants to start a clothing business, I gave him all the guidelines that he needs, he went into the business but started applying his own principles, this help to crumble the business for him. Just like I mentioned above, some person still thinks business is all about selling and buying, in case you dont know, business is far way more than that.

For those of you who still thinks business is all about buying and selling, #permit me to tell you this - #business is all about #pushing your brand to the appropriate market for the benefit of profit making. For this act to be completed, a good communication skills have to be given birth to. If you can't please your #customers, you will end up loosing them. You have to act cool while carrying out trade with them.

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The Tree of a business

While in school back then, my #Enterpreneur lecture taught us this. She say that while running up a business, you should not think it will yield the best return for you just in a #day, #month or #year. She said, business is like a tree, you will need to plant first, then add manure, keep watering and gradually it will sprout out and grow into that level you want it to attain. Same thing applies to #business here. If you start up a business, you have to first of all give the business your #time and #effort. Do this for a period of time and see the reward your hardwork will yield.

Know this trick, when you starts up your business, make sure that you give it your own time, don't rush into employing people to run it for you, you will never have an insight on how your business is doing. If your workers have bad intention for your business, you will end up folding up when you never expected. The #buttom line is that you should give your business time during the infant stage, it will grow into something big for you which will sees you not investing much time and effort when the struggle starts paying off.

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Before you start up a business, these are some factors you should consider

You don't have to be like the lady that says she is starting up a business because her neighbour is doing same. With that statement, it shows the business is 70% gone.

Before you start any business, you should consider mapping the below strategy down. After getting this solved down, you can now head into the business.

i. Conduct market research

ii. Write your business plan

iii. Fund your business

iv. Choose a business structure

v. Choose your business name

vi. Register your business name

vii. Get federal and state tax IDs

viii. Apply for licenses and permits

x. Open a business bank account

xi. Keep day to day record of your sales

Permit to explain the above for you

i. Conduct market research: Before you venture into any business, you have to make sure that you conduct deep market research. For example, you have to make sure that what you are about selling is needed in the locality you are about selling it to.

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ii. Write your business plan: This is simply the road map of your business. Make sure you write it down and works towards it.

iii. Choose a business structure/Pick your business location: Choose a good physical structure that will attracts more customers to you. A neat environment will attrack more customers to you.

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iv. Choose your business name/ Register your business name: Make sure you choose a good project name and after that, go and get the business registered.

v. Open a business bank account: Don't use your personal account for your business. If you do that, you won't be able to keep track of your business profit or loss. With that being said, it is better you open a business account for that purpose.

vi. Keep day to day record of your sales: Make sure you have a dairy to document all daily activities. This will help to keep track of your business properly.

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If you can follow all I have said, your business will notice some useful surge in all aspect.

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#posh

Very detailed, if properly vetted, one will be successful

Yes, you are so right on point.

Hello @tfame3865

Thank you for posting within our hive. I upvoted your content already. Please spare few minutes and read how project.hope is organized and learn about our economy.

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Yours,
@project.hope team,

I will contact you on discord so you educate me more

I already did DM you :) talk to you soon

Welcome to PH (project.hope) community :)

Hope to hear more from you in the future.

Cheers, Piotr

Thanks @piotr