1 Answer | Add Yours
When thinking of starting a new business there are a number of basic and universal considerations to take into account.
First, you will need to decide what type of business, generally, you are interested in starting: manufacturing, service or sales-oriented.
Next you will have to specify within the general business type. Will you manufacture furniture or cheese? Will you clean houses or do accounting work? Will you sell coffee or clothes?
A next major category of decision relates to audience, market, customer type. Who will your business serve? Will you produce goods for institutions like schools and hospitals or for home use? Will you offer your services to individuals, to large businesses and companies or to small businesses? Will you sell products retail or wholesale; to "high end" customers or to average income earners?
You will also need to consider the competition in the niche you have defined by answering the above questions. If you are going to make cheese for schools, who else is making cheese for bulk sale to educational institutions? Is there a lot of competition or a little? How will you position yourself in this specific market, as the cheaper alternative to existing competitors or the higher quality alternative?
The same type of questions apply for the other types of businesses discussed here.
After you're defined your business type with the above considerations, you will need to think about a business model. The business model will determine the size, structure, and strategies of your business (staff; building size; etc.).
These are all early or basic stages of a business plan.
We’ve answered 318,926 questions. We can answer yours, too.Ask a question