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what are the things to consider before jumping in to the world of business.Nature of the businessThe first you need to think about is what will you offer. What are you going to sell in your business? In general, you can choose to provide the following: service, merchandising or manufacturing.Service – it can either be selling time and expertise, such as professionals, event organizers, IT, marketing, etc.; or it can also be restaurants, food kiosks, transportation, salon, spa, etc.Merchandising – also referred to as retail, wholesale, trading or distribution. Buy-and-sell of goods. Examples are grocery and department stores, retail outlets, online resellers, etc.Manufacturing – combining raw materials, labor and use of equipment, then turn it into a saleable product. Example are manufacturers of cars, gadgets, clothing, bags, daily essentials, etc.Do your research.You want to make sure you understand the industry you'll be involved in so you can dominate. No matter how unique you might think your business idea is, you should be aware of competitors."Just because you have a brilliant idea does not mean other people haven't also had the same idea," said Wright. "If you can't offer something better and/or cheaper than your competitors, you might want to rethink starting a business in that area."You should also consider your target demographic, which will be the driving force in each decision you make. You can't earn a profit without your consumers, so make them your priority."It is crucial to make sure you are delivering what your customer wants, not what you want," said Sonia F. Lakhany, attorney at Lakhany Law. "This will give you insight into your customer's buying decision and save you lots of experimenting down the road."Take care of the legal aspects.One of the first steps you should take in starting your business is choosing its legal structure, said business attorney Mason Cole of Cole Sadkin LLC. "It will dictate the taxes, paperwork, liability of the owner(s) [and] other legal aspects, as well as whether or not the company can have employees."Additionally, you should acquire proper registration from the government to open your business."This means the entrepreneur will need to create the articles of incorporation, obtain an employer identification number and apply for necessary licenses, which will vary by state and industry," Cole said.Target CustomerHaving a service or product to sell is not gonna make you profitable if you do not have customers who will buy it.If you plan to start a business and you know what to sell, before you begin, study if there is a market for it. Identify who your customers are. Remember the saying, a product or service for everybody is a product or service for nobody.3. LocationIn many business events I’ve attended, I always hear this advice “location is everything”. “Location, location, location”.Make sure you identify or look for the best location for your business. Your business must be seen by your target customer or at least near them.CapitalCapital is the amount or value you need to put in the business to get it started and operating. It can be cash or non-cash. To know how much capital you need, list down all the possible spending you need to make to start and operate, such as assets to purchase, renovation, lease payments, operating expenses etc.Understand the risk.Of course, there will always be a level of risk with a new business venture. Calculating, understanding and planning for risk is an important step to take before you start working on your business. This means assessing your industry's risks before moving forward with a business plan.Hire People or OutsourceIn my experience, people management is one of the toughest job of business owners. This may be the reason why outsourcing is in demand. If you plan to start a business, include in your consideration if you will hire people or just outsource it. If you decide to hire, consider the salary and other government regulations you need to comply with such as DOLE, SSS, PHILHEALTH and Pag-ibig. If you consider to outsource, consider the expertise and reliability of the company you will outsource to.MarketingRarely a business sell without a good marketing plan. Marketing is one of the key factor why businesses succeeds, and why it fails. Choose the right marketing platform for your business.Bank account for the businessConsider opening a bank account separate for your business. This is to simplify your record keeping and avoid mixing your personal to your business especially if you are a single proprietor. When choosing a bank, it must be accessible and available.SuppliersIdentity potential suppliers needed to produce the service or goods you will sell. Consider their price, location, reliability and operating hours.Operating ExpensesIdentify and list down all the expenses or spendings you need to operate the business such as salary, rent, office supplies, utilities, etc. Consider the monthly costs in your business plan. This step is also important in your capital requirement because normally you have to keep at least six (6) months to one (1) year of monthly spendings as capital.

Almost every individual dreams about starting his own business. Yet only 4% of the newly started businesses manage to reach the 10 year mark.In fact over 50% of the small businesses don’t even make it to the fifth year. Most people have no idea about the various things to consider when starting a new business.It is just a desire to be on top of things that motivates many to start businesses. They have no idea about the money that is required, the hard work that they have to put in, the knowledge and the experience that they have to gain, and the kind of patience they need to have, until their business reaches up to a certain level for them to break even or make profits.‘Well Begun Is Half Done’Is what they say. So if you want to start your business, you have to get all the things needed to start a business.Here is a checklist that will give you a list of factors to consider before starting a business:A Business IdeaKnowledge or ExpertiseMarket or DemandStart-up CostsCapital and FinanceCompetitionLocationStaffTechnologyNature of the businessListen to the prosOperating ExpensesRegistrationAccounting and Financial AnalysisA Business IdeaEvery business starts with an idea – a super duper idea that actually works. If you want your business to stand out, you will need to offer something that no one else has offered till date.That said not everyone can come up with a unique business idea. There might be hundreds of businesses just like the one you are going to start. Yet you can make it better by answering the following questions:What do I need to do to make this better?What is it that I can do better than what the other guys are doing?Will I be able to grab some market share in this category?You may have a great business idea; but unless it solves someone’s problem it is not going to work. So start by listening to frustrations – both of yours as well as others (your family members, your neighbors, your friends, and your associates). Once you have understood these, here is what you can do:See what best you can do to address these frustrations.Identify the skills in you that will help you offer the right solution.Find out if you are actually passionate about offering that solution.And Voila! You have your business idea.Knowledge or ExpertiseOnce you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business.This might take a lot of research and planning; but at the end all these efforts will ensure that you have everything in place to get your business idea off the ground.Having a business plan can be highly advantageous at this stage. It will tell you whether your business has a place in the market and if the idea is worth or profitable enough to go ahead with.If you have the knowledge you can construct one, all by yourself. If not, you can always hire a professional business consultant to do it for you.Meanwhile you will have to continue with your research to keep your knowledge up-to-date.Market or DemandOnce you are sure of starting your business, your next step would be to explore the market or the demand for your product or service.Start by answering the question, who are your customers. If you are selling your product or service locally, you may have to assess the demand for it. In case you are taking up on an international level, you may have to understand the rules and regulations of dealing internationally.A market survey should reveal all the details that you may need about the market for your product or service. Basically you are looking for:The current size of the market (the approximate number of potential buyers)Its growth potential (whether it is likely to grow in size or contract)The market share that you can expect to takeThe buying habits of the target audience (and how to exploit them)The different segments of the marketThe kind of margins that you can expect from the marketThankfully social media has made it possible to reach out to target audience, anywhere in the world, without having to put in too much of efforts.Start-up CostsEstimating your start-up costs is one of the very important things to consider when starting a new business. You will have to assess the total cost that is required to set up and run your business successfully.If you are thinking of starting a manufacturing plant, your start-up costs could be very high. You may have to think about the cost of the land or building, setting up the plant, buying the equipment and machinery, investing in furniture and office equipment, and various other things.In case of a retail business, you may still need to think of the cost of the store as well as the furniture required to decorate it. An office can be started with relatively lower cost since all you may have to invest would be in furniture and office equipment.Once your business is set up, you will have to think about the working capital needed to run your business.You will have to take into account the inventory that you need to maintain, the credit that you can extend to your customers and the supplier’s credit that you can get.In not all cases can you expect credit to be given by the suppliers, especially if you are a new name in the market.Capital and FinanceCapital is the amount or value you need to put in the business to get it started and operating. It can be cash or non-cash. To know how much capital you need, list down all the possible spending you need to make to start and operate, such as assets to purchase, renovation, lease payments, operating expenses etc.The financing pattern is one of the most important factors to consider before starting a business. This generally includes the capital that you can introduce from your savings as well as the funds that you can borrow.CompetitionUnless you know who your competitors are and what they are doing, you will not be able to survive in the market for long.If your product is a monopoly competition will not matter. Else, you will have to come up with an excellent strategy to fill in the demand and supply gap.LocationIn many business events I’ve attended, I always hear this advice “location is everything”. “Location, location, location”.Make sure you identify or look for the best location for your business. Your business must be seen by your target customer or at least near them.StaffIn my experience, people management is one of the toughest job of business owners. This may be the reason why outsourcing is in demand. If you plan to start a business, include in your consideration if you will hire people or just outsource it. If you decide to hire, consider the salary and other government regulations you need to comply with such as DOLE, SSS, PHILHEALTH and Pag-ibig. If you consider to outsource, consider the expertise and reliability of the company you will outsource to.TechnologyTechnology is one thing you can never compromise on when it comes to starting a new business in today’s world.Here are a few steps you can follow, while choosing the right technology for your business:Assess the requirements of your businessMake sure the technology you choose helps in making things run smoothlyConsider leasing technological equipment if you want to stay up-to-dateAlways have a backup planMake sure you have the required support for installing, upgrading, and troubleshooting the technology that you chooseInvest in training so that you can make maximum use of the technologyNature of the BusinessThe first you need to think about is what will you offer. What are you going to sell in your business? In general, you can choose to provide the following: service, merchandising or manufacturing.Service – it can either be selling time and expertise, such as professionals, event organizers, IT, marketing, etc.; or it can also be restaurants, food kiosks, transportation, salon, spa, etc.Merchandising – also referred to as retail, wholesale, trading or distribution. Buy-and-sell of goods. Examples are grocery and department stores, retail outlets, online resellers, etc.Manufacturing – combining raw materials, labor and use of equipment, then turn it into a saleable product. Example are manufacturers of cars, gadgets, clothing, bags, daily essentials, etc.Listen To the ProsWatch Ted TALKS on entrepreneurship, listen to podcasts, attend conferences and lectures, read books, talk to other entrepreneurs at different stages in their own processes… Every little bit helps. These insights are invaluable to aspiring entrepreneurs. By listening to the real-world experiences of other entrepreneurs, you’ll better prepare yourself for your own process. It’s important to remember that each experience is unique, but making these connections will get you ready for what’s in store.Operating ExpensesIdentify and list down all the expenses or spending’s you need to operate the business such as salary, rent, office supplies, utilities, etc. Consider the monthly costs in your business plan. This step is also important in your capital requirement because normally you have to keep at least six (6) months to one (1) year of monthly spending’s as capital.RegistrationAfter considering all the capital and expense requirement, before you start operating, make sure you have the registrations needed to legalize your business. At a minimum, you must have DTI or SEC, Barangay, Mayor and BIR. If you employees register to SSS, PHIC and HDMF.Accounting and Financial AnalysisLast but not the least, when you start a business, ensure you have a reliable accounting and financial reporting process in place. Accounting is the language of business. To know what’s really happening in your business, you must have a reliable accounting and financial reporting system.I hope this article has given you some insights on the fundamental items you needed to consider when starting and running a business. Feel free to share your experience and insight in the comment box below.i hope it might be helpfull for you