Here are the key factors which you need to consider or follow before you embark on any business development.
what is business and business development
Business as we all know has many different ways it can be done depending on the location and funding, which will succeed when management has all the qualities needed in that particular business he/she wants to do.
What is business and business development
Business: Business is the act of buying and selling which normally took place between two or more patterns, and this can be done either offline (face to face transactions) or online (where it can be done electronically on a platform known as e-commerce ) etc.
Business development are those processes or way that you put together to ensure that you set up a little or big business which will be of assistance to the well being of one’s financial life. Or it’s the step by step format organized together in other to set up a business in any geographical area thereby promoting development and growth of the society at large.
The dos and nuns in business development
Finding, funding and starting time business
Expanding of developing integrated business.
BUSINESS PLAN: For every business they most be a business plan. Before starting any business you need to draw a plan which will serve as a guide or mirror in-which you will use to fix or set your ideal well for your business.
Things that will be in your business plan
Means of publicity
Cost of products (the grand total of the capital that can start up the business)
However, in your planning you need to have plan B in other to succeed when planning
FEASIBILITY STUDIES: feasibility studies are the most important thing you need to put into consideration before opening any business, these are the necessary research carried out which serve as a pillar to all successful business today.
OR feasibility studies are the pre-study carried out to ensure a successful business.
THEY ARE 7P’S OF BUSINESS
Place: Business location is one of the most important thing to consider or look into before setting up a business.
These are the four factors to be considered in the choice of site selection (location)
Environment: Before starting any business in any geographical area you need to check the type or kind of products the people living there demands most. For instance; setting up a charging center where there is a steady power supply will not progress, rather you set up a mini mart where you sell all kinds of electronics and electrical gadget.
Culture: Before starting any business in any geographical area you need to consider what the culture demands most which will be as a business acumen to the success of your business. For instance; the culture of the society demands that all individuals will never put on shoe and you establish a business selling shoes in that community, the business will not grow. However, you will adapt to what the culture demands for business to grow.
Politics: The types of business you do in a well known political environment will make your business grow if and only if you sell what the ruling political party uses.
Religion: In any business set up always ensure that you favor all the religions around you, which will make your customers to believe in your shop or products.
Products: As a business man or woman the type of products you sell in your shop will attract more customers to you thereby making your business to grow.
Hence your products is your business ideal and your products should be in line with your environmental demand.
Price: The price of your products should be pre-determinant to your environment.
Promotion: In any business set up you have or doing, always organize a promo tag or prize which you will attach to your products for sell and give to all your customers thereby promoting your firm because it will make your business to grow more faster.
People: In every business, you have to work with these five personalities;
Internal people :Internal people are those works you employed in your business, note: for your business to grow rapidly you need to let your worker’s to believe in you and you believe in them and also give them the room to steal from you (reasons for this, if you handover your business to your employees, with an initial agreement that you just need a specific return at the end of the day, week, or month. By doing so, it will help to promote your business because your employees will work to fulfill your desires and his as well.
External People :External people are those that patronize your business (customers).For you to maintain your customers in other to grow your business, you and your employees must be kind, social and also has a good quality of management.
Vendors :In any business set up you need to have two or more vendors which will help you know when the quality and also when the products adds money in the market.
Competitors :Before setting up any business, you need to establish your business on the ideals gotten from your competitors which you will add to your business acumen, thereby making your business to be more digitalized to that of your competitors.
Government :For every business, always map out your VAT money in other not to have drawbacks in your business because of government Task force.
Publicity: Publicity helps to promote ones business. Always advertise your business especially online, banner etc. Thereby it will make people know about your business. note: always maximize your time of publicity in other to favor your audience, let your publishing time as follows :
2.Between 12pm to 2pm
3.Between 6pm and above.
Packaging: The way you packaged your business will determine how people will patronize you. Note: focus on what people demands for.
Integrated business :integrated business are those new skills you bring in, in other to grow your business.
business development are the ideals used in increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions