Where to start a business? What are the types of consumers and how is their demand? It is important to have answers to these questions in your planning.
1- Business Type
First of all, you have to decide what type of business to start. What are you going to sell in business? For this you will have three options. You will do service, merchandising or manufacturing. Which business will you choose from it?
Service : You can do service related business according to your skills and preference. There can be event organizer, IT, marketing, restaurant, food, nutrition, kiosk, transportation, spa, kids game etc.
Merchandising: In this type of business, you can choose retail, wholesale, trading or distribution of a product. Can also start business as grocery and department stores, retail outlets, online sellers.
Manufacturing: Producing products by taking raw materials. In this, related machines etc. will be required along with the appointment of employees. This includes children’s toys, clothes, bags, daily necessities. Also, the need for appointment of skilled employees and modern machines.
In many business events, it was recommended that the most important thing for your business is location. So you too can identify and see the best place for your business. This increases the number of your target customers, and nearby people join them as well.
2- Targeted Customer
If you take space on rent, you have to pay rent for that. You have to deposit security guarantee money for advance rent and lease. It can be equal in 3 to 6 months on a monthly basis. Also you will have to spend to make that place according to you. Normally in a rental place, some repairs and some improvements are made to it. Add it to the cost of your business.