Factors To Consider In Business

  Establishing our own business is not easy. But being guided with this post “Factors To Consider In Business” it totally help you in this chosen career. Enjoy!

Why business is important? What are the factors to consider in business?

    Business plays a very important role in helping to increase the economic growth of a country. First, it creates employment which is one of the most problem of most country. Second, It helps the government to gain tax revenues whether its small or big businesses.  And lastly, it helps attract foreign investors to engage business in a country.

Factors to Consider in Business Includes:

business-success-quotes* Funds or Capital

   – This is probably the most important reminder above all. It is our money we will use to start the  business. And this fund or  capital will determine the size of our business, the location, the number of employees we will hire, and the entire operation of the business.

* Best Location of the Business

   – Choosing the best location for the business is also one of the most important reminder. Because even if how good your product / services will be   without a good location it will probably fail the entire operation.

So how to choose a good location for your business?

   A good location must be located in a crowded place like in a school, churches, marketplace, malls, company offices and more efficiently in the heart of your city or community.

* Needs and Trends of the Public

  – Adapting to the trends and new technologies can make your business extra effective. Especially today, where entrepreneurs are advertising there brands, products/services in social media like Facebook, Twitter and etc. But always remind yourself of what people need and not just what you want in your future business. Like small business: coffee shops, catering services, laundry, and many more.

* Hiring Good Staffs

  – Basically, when you have good staffs in your business it will help the business succeed.You don’t actually need the best accountants, the best attorney and academically greats staffs. All you need is someone who you can trust because were dealing with money here. A person who can you rely even without your supervision and a person who are actually understand the flow of the business.

* Considering Other Constructive Ideas

  – When you are having a business, always put yourself in the shoes of the customers. Considering their feedback’s and compliments for the better of your business and for your future customers. And once your doing well, always owe this to your customers because their support your business will not exist.

* Business Permits and Licenses

   – Lastly, along with every businesses in the world is licenses and permits. These part is must be done for any type of business whether its a small or big one. Additionally, the type of your business will determine the additional permits you need to have. And always remember to do extra research for your chosen business because you’ll never know what the government or any organizations will do if you don’t have necessary permits along with your business. To be more guided check these: 10 Steps About Starting A Business”.

   For every businesses that will start, more employment will be given the people. And before engaging in any of these, there a lot of things to do and a lot of things to have. Like acquiring the traits of entrepreneur where that post tackles about on how to assess ourselves in taking entrepreneurship as a career. Hopefully you’ll find these post “Factors To Consider In Business” helpful and I wish you all the best for your future success! 🙂

Photo Credits: Here!

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11 thoughts on “Factors To Consider In Business

  1. Hi Mark! I have a small business myself. Just an addition to your points, the capital should be able to support your business for at least a year while you may not be yielding enough revenues to pay for business expenses yet during the first year. For example: your projected monthly expenses is P30k. Your capital must be at least P360,000 otherwise you could close down the business after a couple of months for lack of revenues. (I’m talking small time, big business would prepare for 3-5 yrs of projected expenses)

    If you generate lots of revenues and eventually income at the onset of the business, then very good!

  2. These are all useful tips especially for the budding entrepreneurs. Yeah, you’re right starting your business with enough funds to cover monthly operational costs for at least 3 to 6 months is a good idea. We have to let the business pick up first so it’s nice to be prepared.

  3. I am thinking of opening a business. It is still in the planning stage. I do not have time yet to create the products. I have to to take note of the points raised here.

  4. We have a small business but not yet registered. As we all know, having business in the Philippines is not easy. There are lots who are discouraged because of the corrupt system that we have. I even heard our boss saying, starting a business now is so difficult. Pagkuha palang permits grabe na daw ang hirap. If only our system get better then ang sarap siguro magbusiness.

  5. I want to be a businesswoman before and I know that these actors should really be considered when establishing a certain business. My problem is the capital. And time as well .

  6. I have a small business the number one factor is capital not just in the items that you need but there are a lot of unforeseen expenses. kailangan mahaba ang pisi mo 🙂

  7. These are great tips. I believe in every business, location is always the key.

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