The most important factor when building a business

[Iroh]

Every successful businessperson, or let me say, anyone who wants to start up a business, must at least know these: have a clear business idea by conducting market research to understand the customers and create a business plan that will bring out your strategy and financial needs. You also need to secure funding, then target the right audience in a suitable location.

I think creating a business plan is very important. That way, you'll be more prepared for whatever comes your way. With a business plan, you could have an estimate on how much capital you would need to effectively launch your business and stay afloat irrespective of the several competitors in the market.
Of course, knowing your customers, what product or services they mostly need and how to go about efficiently obviously helps as well. Lots of capital should be kept as well cause you'll be competing with already established businesses for customers. That can be costly.

[ejikeme24]

Identifying what will be needed within your environment at a particular time gives room for increase in profit therefore, the most important factor to consider in exterblishing a business is identifying what the people within that area needs before considering other factors like the price in other to attract more customers. Once the above mentioned factor is recognized, then we talk about customer service, treating customers with respect is also a good marketing strategy that helps in business development.

Agree to say that identifying what the customers need is very essential, and this will determine if there will be a progress in your  business or not. Because you can't be selling goods that has a low level of demand, I have seen Alot of people diving into any business that comes in thier mind without bothering to know how the business works and also the things they need. They feel that having the capital to start up is what matters the most, that is the reason why some business after the first month that the business is been established if you come back the following month you will discover that there's no improvement in the business instead you will be experiencing some shortage of goods. and this mostly happen due to lack of knowledge and lack of business planing, so for one to establish a successful business you must have this quality.

[Fredomago]

Every successful businessperson, or let me say, anyone who wants to start up a business, must at least know these: have a clear business idea by conducting market research to understand the customers and create a business plan that will bring out your strategy and financial needs. You also need to secure funding, then target the right audience in a suitable location.

I think creating a business plan is very important. That way, you'll be more prepared for whatever comes your way. With a business plan, you could have an estimate on how much capital you would need to effectively launch your business and stay afloat irrespective of the several competitors in the market.
Of course, knowing your customers, what product or services they mostly need and how to go about efficiently obviously helps as well. Lots of capital should be kept as well cause you'll be competing with already established businesses for customers. That can be costly.

Having a right sets of plan will give you that understanding on what actions to take if situation happened when starting a business, if you anticipate correctly you'll be able to bring decisions and solutions to cater the concern, having the right knowledge about the business and keep continue learning about competitions and all the factors that affects your business will allow you to expand with that experienced will established your business along the way.

[Emitdama]

Not only in business but when starting any work, we must set goals. And when we start a business, it is essential to determine the target audience. If I understand the needs and preferences of those who will receive my product or service, then my business will run in the right direction.
Target audience analysis increases sales and provides valuable information for future business decisions. It also results in better implementation of product development, pricing and market strategies.
I think target audience is the initial and important step of business. It reduces business risks and leads to success.

You're right, and to be able to properly analyse your audience and to understand their needs and demands, it's important for you to have proper knowledge and understanding of the business you are starting. This makes it easier for you to understand their interests or be able to grasp what they want even if they aren't able to specify it properly. This is the reason why for you to have a successful business, it's essential that you get into the industry of your interest, and don't jump anywhere only because you believe there is scope. Remember, there is scope in everything; it just depends on how you do it.

So many people start certain businesses only because they have seen other similar businesses doing very well, but they don't realize that the businesses that are doing good are being run by people with experience in that field, and if you don't have that experience, you are only going to waste your resources and won't be able to get anything out of the business. So when it comes to businesses, you don't really need to get out of your comfort zone.

[Cgrexp]

The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.

Determining the target audience is very important in business. Because who will I serve? If I start a business without knowing what kind of product or service they need, then I will not be able to provide the service or product that they need. The purpose of business is to meet someone's problem or need, so first you have to create a product according to their needs. When someone studies the target philosophy, he can successfully pass the first stage of his business. As a result, you understand what they want, how much it can cost and what they need the most, as a result, the business survives in the long run and expands. Therefore, determining the target philosophy at the beginning of the business serves as the basis for the success of the business.

[Mr_Brilliant$]

One important thing about business is starting a business while the other is making profit from it, some people go about exterblishing a business without proper investigation on what will yield high turn over within a particular environment. Identifying what will be needed within your environment at a particular time gives room for increase in profit therefore, the most important factor to consider in exterblishing a business is identifying what the people within that area needs before considering other factors like the price in other to attract more customers. Once the above mentioned factor is recognized, then we talk about customer service, treating customers with respect is also a good marketing strategy that helps in business development.

Good point. Knowing what people around you actually need is actually the first step to building something that will last..  You can not just start a business based on what you like, it has to solve a problem or meet a demand around you..  Another thing is a lot of businesses start strong but fall off because they can not keep up with quality or customer satisfaction..  Once people trust your brand and see that you deliver every time, they will keep coming back, and that is really where growth starts..  So yeah, identifying needs is key, but trust and quality are what sustain the whole thing..

[Berry2d]

One important thing about business is starting a business while the other is making profit from it, some people go about exterblishing a business without proper investigation on what will yield high turn over within a particular environment. Identifying what will be needed within your environment at a particular time gives room for increase in profit therefore, the most important factor to consider in exterblishing a business is identifying what the people within that area needs before considering other factors like the price in other to attract more customers. Once the above mentioned factor is recognized, then we talk about customer service, treating customers with respect is also a good marketing strategy that helps in business development.

Good point. Knowing what people around you actually need is actually the first step to building something that will last..  You can not just start a business based on what you like, it has to solve a problem or meet a demand around you..  Another thing is a lot of businesses start strong but fall off because they can not keep up with quality or customer satisfaction..  Once people trust your brand and see that you deliver every time, they will keep coming back, and that is really where growth starts..  So yeah, identifying needs is key, but trust and quality are what sustain the whole thing..

Yes I agree to the above point, the best business strategy that brings more profit is identifying what is need around your business area and never what you like to deal on. For example when dangote started his esterblishment he first went into cement production without putting factors like the availability of finance for constant patronage and the poverty rate at that point in time, which made him lost much than gain in his first quarter of production before changing his strategy to eatable products the same way Bus did that made him one of the successful business man in Africa