Things to Consider Before Starting a Business - Fatikwealth

Things to Consider Before Starting a Business

Things to Consider Before Starting a Business

Things to Consider Before Starting a Business.  Business is basically the buying and selling of goods or services for the purpose of obtaining profits. The word “business “ sounds so good that everyone seem interested right? Yes! everyone can do business. You don’t need any certificate, or qualifications. It is mainly by choice So, before going into any business they are certain things you should consider and are very important in other to thrive and succeed in any business you lay your hands on.

Things to Consider Before Starting a Business

(1) PLANNING: A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. This is the stage where you get to know the business you are trying to go into, know the structure, know what its takes to do such business.

  1. Research
  2. Determine the purpose of your plan
  3. Create a company profile. …
  4. Document all aspects of your business. …
  5. Have a strategic marketing plan in place. …
  6. Make it adaptable based on your audience. …
  7. Explain why you care.
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(2) WHAT TO SELL OR RENDER:A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals. … In most cases services are intangible, but products are not always tangible. know what to sell or the service you want to render very well.

  • Old stuff. If you don’t use it, why shouldn’t you make a little money on it? …
  • Handmade goods. …
  • Opinions. …
  • Car advertising space. …
  • Spare room in your house. …
  • “Flipping” items. …
  • Old books. …
  • Gold jewelry. etc
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Things to Consider Before Starting a Business

(3) PASSION: Passion is a feeling of intense enthusiasm towards or compelling desire for someone or something. Passion can range from eager interest in or admiration for an idea, proposal, or cause; to enthusiastic enjoyment of an interest or activity; to strong attraction, excitement, or emotion towards a person. Whatever business you want to start, ask yourself if you have passion for it. If you don’t develop it or think of another business to do. It’s advisable you do what you have passion for, so you won’t get bored or tired of doing it


(4) LOCATION: This is one of the most important part of business start up that people to fail to understand and pay less attention to. Before the start  up of a business, you need to know your potential customers, and also know where to find them this will point you to the right direction.  And also, you have to know where to site your business it could be online or offline. If it offline know the kind of people living in that geographical area, do you think they will like or be able to buy your products or service and if it is an online business know the best platform for the kind of business you are about starting up.


(5)ADVATISEMENT: This is creating an awareness of your products or service. Let people know what you do. An advertisement (often shortened to advert or ad) is the promotion of a product, brand or service to a viewership in order to attract interest, engagement and sales. Advertisements come in many forms, from copy to interactive video, and have evolved to become a crucial feature of the app marketplace.

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Things to Consider Before Starting a Business

  • Display Advertising.
  • Video Advertising.
  • Mobile Advertising.
  • Native Advertising.


(6) CAPITAL: This is the money used in setting up a business. You have to know the cost of the above listed keys or the cost of tangible and intangible assets needed in the business. So that you will know the actual capital needed for setting up the business. Capital is the key to a good business startup.


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