The process of starting a business begin with inception of idea to start out a business. you are reading this article it means you have made up your mind to establish a business. Although, its a vast subject, you have to consider various key factors before starting. Lets discuss them.
- Legal structure of your business
This depends that which country you belong to and what type of entity you are going to start. For example if you are single owner you can start with proprietorship firm. if more than two persons are there than you can open partnership firm or company. You will also be required to do some registration work with the government to establish your business as legal entity.
- finance for the business
How would you finance your business. In proprietorship business entrepreneur brings some capital and also can finance from banks.
- Product and services to be sold
What product or service you are going to sell. where to buy them. and who will be your supplier are the major points to consider regarding your business.
How the products and services you sell will reach the end consumer. In competitor analysis, marketers build detailed profiles of every competitor within the market, that specialize in their relative competitive strengths and weaknesses using SWOT analysis. Marketing managers will examine each competitor’s cost structure, sources of profits, resources and competencies, competitive positioning and merchandise differentiation, degree of vertical combination , historical responses to industry developments, and other factors.
Marketing management often conduct market research and marketing research to perform marketing analysis. Marketers employ a spread of techniques to conduct marketing research .