What do you think about first priority for starting your Business?

Discussion in 'Starting a Business' started by TimeRider, Feb 19, 2013.

  1. TimeRider

    TimeRider
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    Hello BAF members! I want to know what do you think first priority before you do a new business. For me, it's the fund so It gives me extra strength to work on. More some people they need manpower and so on.

    What do you think you need first. Please Share.
     
  2. Fergal

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    When I consider any new business my first priority is whether not potential customers will use the service or buy the product. If the business is attractive to customers and you work hard at it, you can probably find a way to make it work. If it's not attractive to customers, chances of it working are probably pretty close to nil.
     
  3. GeekGhost

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    The very first thing you need, after confirming you have a viable product/service to offer, is a solid plan. A plan that will outline for you and your potential staff and/or management team how you will market your services and to whom, how you will answer to growth and how you will fund the business during the infancy stages.
     
  4. Rocky

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    When you are starting a business from scratch the first thing would be to decide on the line of business. What industry you want to be in? What product or service you want to sell. And if you have decided about this then priority would be to arrange for capital to setup the business and get assets and allocate working capital.

    It would not be possible to sustain a business without adequate capital considering it would take some time to break even and become profitable.
     
  5. brandy

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    I first consider the market. I find out a profitable market niche. It is always good to create potential buyers first. Once I know the profitable market niche I will then know the kind of products or services to offer, the amount of capital needed to start the business and where to locate the business.
     
  6. partho

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    Before start any business i will see the volume of competiton in the market. How much capital i need for my business and how much return gain. All this things are important for one business
     
  7. Luz012

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    For me it is finance and some knowledge on handling business.In Finland country there are many new businessman that already have a some of knowledge on how to handle planning,idea's and managing specially doing some project management.Which in part of Helsinki there are many of services providing project management.
     
  8. Eric Wolfe

    Eric Wolfe
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    The first thing you need is a viable concept. What this means is that you have to have something that you have the means to deliver, that there is a demand for, and that you can insinuate into the market. So the first thing to actually DO is research. Determine the demand for your product or service, who your competitors would be, how you will get the edge in the market, and what it will take to deliver the product or service you want to deliver. You can't be successful without a good plan, and you can't have a good plan without good information. So the first step is definitely research.
     
  9. Beth

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    Personally, I would like to consider the following things before starting my business:
    -Determining the type of business suitable.
    -Funds available and required.
    -Using a break-even analysis to determine whether the idea of business can make money.
    - Write a business plan, including the profit/loss forecast and a cash flow analysis.
    -Finding sources of start-up financing.
    -Setting up a basic marketing plan.
     
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  10. alicemenezes

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    I think for me the product or service will take first priority. Initial funding is essential but post that further profits or anything else is possible only through better business.
     
  11. Bharat Book

    Bharat Book
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    For the starting any business you must have the idea for the business which should be clear enough to star over, try to to find out more details about its this business,
    like its market values its market place where it has good or great demand, collect your strength for that with the financial support and required man power.
    decide right place for the setting up the business.
     
  12. Cpwaterstone

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    well in my opinion good customer service counts a lot..
     
  13. 2misi.com

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    Here there are many interesting differences. For me, what one needs to first think about before starting a business is Am I prepared to carry out this business?
    Am I prepared to deal with problems in this business? Will I be able to satisfy the customer? If you can answer these questions with confidence then start doing business.
     
  14. kimmy burgess

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    I think client attraction should be the first priority before you do a new business. Set goals for your business and you have to make general business plan so that you don't lose focus.
     
  15. LarryStone

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    Look for a partner and make a strong business plan.In Norway many people who are starting a business considering those two including giving customer service and getting customer loyalty.
     
  16. amwarner

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    In my opinion, you obviously need to have a strategic plan in place for whatever your business is going to be about. You need to determine who your target audience is, how you're going to acquire them as a customer and how you're going to turn them into a repeat customer. I feel that with out sound planning, you may as well just call it quits before you even begin. Any business and business owner that wants to be successful, has to have at least that.
     
  17. clydefreeman

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    The first priority for starting your business is the blueprint of your business. Blueprint means the outline of your business. Also budget and the partners of your business are one of the important points.
     
  18. Mark T

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    Your first priority is your business plan.

    You may have the fund, but no plan - then nothing will happen.
    You may have the fund to start your business, but you don't know where you will start.

    So in short, before doing your business - make sure that you have a solid business plan which will be the very foundation of your business.
     
  19. CloudLIX

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    In my opinion First priority is Idea, then market analysis, business plan, searching partners, quality service and so on.
     
  20. Ted37

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    For me it would be passion. I wouldn't want to get into a new business if it wasn't something I loved. Knowing that you'll spend 10+ hours working on it each day it would be terrible to do something that won't provide a huge return on the emotional investment! I would look very closely at what you love to do, what you think about when you have nothing to think about and launch that. Because in the end you won't be selling that "what" but he "why"!
     

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