I told you before that business is one of the fastest way to make money if you are serious about it. However, there are various factors you must always consider before embarking on any business because you can lose money if you do not plan it properly.
Due to globalization, everything has become more competitive, I even think that in future , doctors can lose their job due to advancement of biotechnology and pharmacology. To start a new business, you must consider the following,
1) Uniqueness- is your business going to be unique and special. If you are following what other people are doing, abandon your business ideas because you are unlikely to be successful!
2) Can you make money from your business idea? This is always the hardest question to answer, but as a simple rule to remember, if you get back what you invest in 5 years, go all out because it is a feasible business plan.
3) Marketing strategy- do you have a market to support your business? If you think that the market is so small, is it possible for you to expend to other countries by using internet marketing?
4) Viability- can your business still survive without you? Try to set up a business that can run on its own even without you because you can sell it in future for profit!
5) Cash flow- do you have enough cash flow to sustain your business? Generally, you need at least 6 months to get a positive cash flow in your business. Do not start a business if you do not have enough money!!
I am planning a business and I hope to make some money from it. If you have any business idea, kindly post your comment here!
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