explain the basis factors to be considered to start a business
Answers
Answer:
Location of Business Enterprise Plant location is an important factor to be considered at the start of the business. Availability of raw materials and labour; power supply and services like banking, transportation, communication, warehousing, etc, are important factors while making a choice of location.
Explanation:
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Explanation:
A Business Idea
Every business starts with an idea – a super duper idea that actually works. If you want your business to stand out, you will need to offer something that no one else has offered till date . That said not everyone can come up with a unique business idea. There might be hundreds of businesses just like the one you are going to start.
Knowledge or Expertise
Once you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business.
This might take a lot of research and planning; but at the end all these efforts will ensure that you have everything in place to get your business idea off the ground.
Market or Demand
Once you are sure of starting your business, your next step would be to explore the market or the demand for your product or service.
Start by answering the question, who are your customers. If you are selling your product or service locally, you may have to assess the demand for it. In case you are taking up on an international level, you may have to understand the rules and regulations of dealing internationally.
A market survey should reveal all the details that you may need about the market for your product or service.