Some small capital intensive business an entrepreneur can consider starting

Starting up a business no matter how small can yield much profit in matter of time but there things to be considered before starting a business.

To be able to start and run a successful business, you need to consider what you are about to produce and the need for it in your locality or the society at large. This also can be said as solving some of the problems facing the consumers of that product. This problems in question can actually be solved by producing things that are lacking or not existing in the society.

Below are some of low capital business one can consider starting and grow it into a large business enterprise,

  1. Agricultural business (rearing of animal, growing of crops)
  2. Electrical works/material sales
  3. Automobile mechanic
  4. Fashion designing
  5. Network business (online marketing/blogging)
  6. Hair dressing
  7. Maintenance services

Factors to consider before setting up a business

Before setting up a business, below are factors to put into consideration

  • Customer base
  • Target customer
  • Accessible road
  • What will it take to start the business?
  • How to raise enough capital to start the business (how much do you and how much you intend to with repayment plan).
  • What and what will the product and services be and what will be different from what others are doing, this is because people are already in that line of business you want to start, so the question will now be where are they lagging behind and how can I satisfy the customer better than the other vendors or owners to win their confidence.
  • How do I advertise my business in a challenging environment were so many businesses are thriving while some are failing.
  • Business location – the business should be located in such a way that customers can have access and should be easy to locate. For example, someone who has a factory should have a warehouse or wholesalers close to the market or an area accessible to customers and as such will be able to advertise his/her product in the market. This is why many product producers have wholesalers in different states and location as they cannot operate at many locations at the same time.

Before you go into any business, there’s something of utmost importance that should be the first priority which understanding the line of business you want to venture into. That is learning what you need to successfully start and run the business smoothly. It can come in different forms like learning a skill (electrical works, tailoring, automobile repairs) or it could also be inform of learning a trade (how to sell any kinds of product or food stuff). No one can successfully manage what he/she does not have knowledge of, if not it is called dabbling and as such may cause the business to fail even before it started. This is the reason learning and understanding the line of business one is venturing into is of great importance. While learning that, the need to learn places to get good product at a cheaper rate. This is having a quality goods at a high rate may scare your customer away as many will see you as someone that sells product expensive especially if they can get exact product cheaper rate. Same applies to having a quality product which will make your client trust your words. All of these and many other things an upcoming entrepreneur needs to consider before setting up a business.

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