5 Major Factors To Consider When Starting Your Small business
In my last article, I discussed six profitable small businesses that one can start in Nigeria that can make you rich. For those of you who have made up your mind to start the journey, I will like to bring to your attention important information before you leap into any business.
Today, I will like to share with you five major factors every Nigerian must consider before going into any business. Just continue reading …
1. Knowledge: This is the first factor and it is very important. A prospective businessman must have the knowledge of the business he wants to go into.
Knowledge, according to the Oxford learners dictionary is understanding and skills that you gain through education or experience.
2. Capital: Every person who has the full knowledge of the business he wants to go into must also consider capital as the second factor.
It is also important because all businesses must have capital in order to purchase assets and maintain their operations.
3. Location: This is the third factor that must be considered by anyone before going into any business.
It is good to have the full knowledge of the business before going into it and it is fantastic also to have considerable capital but the importance of the location can’t be overemphasized.
4. Prospective clients/customers: These are referred to as customers who have the ability to buy your products/services and at the same time have the willingness or the interest or the need on your products or services.
This is an essential factor also because you can’t consider a certain group of people as prospective clients without meeting the above conditions.
5. Competitors: It is said that nothing is new under heaven. What seems to be new to one is old to another. And of course, a good business is not meant for one person.
Having this knowledge is good. It is advisable to know all the categories of people doing the same thing that you are about to do or doing. This will make it possible to know the weakness and strengths of the competitors.
Hence, you can work on the weakness of other competitors to make your business become better than theirs. Success is guaranteed for any person that knows all these factors and puts them into consideration when beginning any business in Nigeria or anywhere in the world.
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