STARTING UP A BUSINESS

Business: According to Oxford dictionary defines “Business” as an

Occupation, Trade, Task Duty, thing to be dealt with i.e. what you engage on to earn a living. (Your profession)

Occupation: Is said to be an activities that keeps a person busy “employment”

Trade: Is said to be the act of buying and selling of goods and services.

Task: Is a piece of work to be done at a specified or specific period of time.

Duty: Is a moral or legal obligation i.e. performing or carrying out your responsibilities.

                            

FACTORS TO BE CONSIDERED BEFORE SETTING UP A BUSINESS Includes:

*Capital

* Rent

* Taste of the villagers

* Nearness to market

* Competitors

* Location

* Market Survey

* Branding/Packaging

* Advertisement

* Interpersonal relationship

(1.)        Capital: Is the money at hand with which a business is started (top part of a pillar) and it’s also known as the soul of business and it is the most important factor to be considered.

(2.)        Rent: This factor should also be considered vividly especially for new and non-financially buoyant organization, because for a new established business needs an apartment (either small or big) in which the business will be operated, so they need to cut their cloth according to their cloth and not according to their seize anymore and look for a non-expensive apartment in which they can still afford the payment even at the time of business crisis they will still be able to operate.

(3.)        Taste of the Villagers: This factor is the spinal cord of all business, because you need to know and consider the their taste i.e.(what the villagers are really in need of). For instance: Business center should not be located in an area where there is no Network, if it happens, definitely their will be no sales for such Sole-proprietorship

(4.)        Nearness to market: A good business planner should make sure that he/she operates in a close distance to the market in order to make it easier, faster and convenient for him to quickly go and re-purchase his sold items/goods back, and by so doing it will boost his sales because goods will always be available for him to sell.

(5.)        Competitors: Goods and services should be rendered and produced at the very best of all business because there are a lot of competitors out there waiting to compete with your products in order to gain more customers/sales from you. So it will now be survival of the fittest

(6.)        Location: The place where a business is been situated should be highly considered i.e. the place or environment for any kind of business must be in accordance with the business to be operated. For Instance: An Eatery is suitable for an Industrious area and not to be located in a residential place or else sales will not boom.

(7.)        Market Survey: All businesses needs to always carry out a constant and comprehensive market survey in order to avoid them selling or operating too high or too low but enable them to be perfect with other business of the same caliber.

(8.)        Branding/Packaging: Serves as a means of advertisement on its own because its depends on the kind of attractive  packaging that you give your products that will determine how attractive it will be and convince the customers and VICE-VERSA

(9.)        Advertisement: Means getting the public informed about your products and services i.e. are a means of awareness. It also serves as the key to a successful business and by so doing it makes both the literate and illiterate to be informed.

(10.)     Interpersonal Relationship/Communication: Irrespective of the business, interpersonal relationship is highly needed i.e. we need to relate/communicate in a friendly and eloquent manner (cheerfully and fluently) in order to convince and assured our customers/clients the more.