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It is not as easy as it seems to make a business flourish to a successful one. Proper market study and planning are essential to make sure that you get a good return. Below are some factors to consider when making a foray into the business world:
• Market research – Study the requirements of the service or products that you are offering, compare these with already established competitors and plan your budget to assess your expected profit.
• Location – Once you get a prime location, success is closer. Ensure the place is accessible for all types of customers and there are enough parking areas.
• Expert staff – Never compromise on hiring qualified and experienced staff. This rule should be followed when selecting staff for all levels and categories. Plan ahead to keep the labour costs within your budget.
• Design – Ensure your office’s interior and exterior designs complement each other and reflect the type of business you are offering. Get professional advice on utilising the space wisely.
• Decision making – Be very careful when making even minor decisions. Discuss these with the experts. Consider the future impact of your decisions before coming to a conclusion.
• Legal formalities – Process documents, permits and licences in a legal manner to ensure complete protection and validity of your business. Hire a business consultant or legal advisor to help you.
• Do a market research and plan your overall budget
• Look for a good location with ample parking areas
• Ensure all documents and licences are legally valid
Source: Asha Dhas, Special to Classifieds
The writer is a freelancer