What factors should be examined before opening business? Note: The answer should be in simple language.

What factors should be examined before opening business?

Note: The answer should be in simple language.

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Expert Solution

Answer) The factors that should be examined before opening business are as follows:-

1st factor is Idea - Everything starts with an idea you should have a thoroughly examined idea which you have researched well. How are you going to differ from your competitors? What will be your unique selling price?

2nd factor is Finances - You should know about your financial situation Because that will determine what type of business you can do or what type of franchise you can qualify to hold.

3rd factor is Skills- For your business to succeed in the long term you need a team of People who will possess relevant skills that are needed for your business to grow like managing daily chorus etc.

4th factor is Market- Before starting a business you should research market demand for your product or service. You need a market survey before jumping into the field.

5th factor is the location - you need to choose a location that would be easily accessible to your customers or suppliers.

6th factor is competition- You should know your competitors beforehand and what are the strategies you need to apply to overcome in the long run.

Rahul Sunny answered 6 months ago

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