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Business Management analysis

Things to consider before starting a business

In business you either get profits or losses. Experienced business people make more profits than losses because they have been in the business for a long time and they know all the dos and dont's. For starters, it's good to seek advice from the experienced before venturing into any business to avoid making losses. Every business has experienced people. Below are some of the things to consider before venturing into any business.

1. Market

You need to look for space or area where your products is easily accessible to market. The customers need to spot your services. A pork business doesn't have market where there are Muslims.

2. Location.

Situating your business in an area that fits your products is very important. For example the coffin makers need to situate their business near hospitals for them to get market.

3. Competition.

How competitive is the business you are about to start?. If the business is very competitive, you need to get another option since it will be difficult and will take a long time to establish yourself in the market.

4. Accesibility to the source.

A source is where you get your products from. For example a wholesale for shops or a slaughter for butcheries. You need to be around a reliable source to avoid getting out of stock.

5. Seasonality

There are products which are more needed during certain seasons than others. A jacket seller won't get market during hot or sunny season. You need to choose a business which is all seasons based.

Content created and supplied by: SENIORBIGMAN (via Opera News )

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