Things to consider before starting a small scale business.

Before starting a small scale business there are things, strategies that should be employed for sustainability and productivity of that business. There are as fellows

Is there a need in my neighborhood for this and that business: some people start businesses without carrying out a proper feasibility study on the need for the product and services in that environment. This is wrong. Every business must answer the question of who? Locate your market by finding out who needs your product and services.

What are the existing company doing wrong that I could do better: despite the fact that there are competitors, these competitors have weakness. Study the weakness of your competitors, make their weakness your strength and start a business that will teach your competitors what they need to do right. Use that as a leverage to get customers.

What assets do I bring to the community: every community have one or more needs especially in the rural areas. Find that need, render solutions to that need and make it an asset.  An asset is something that values to people. It could be the creation of jobs, organizing seminars and poultry farming. Build a business that suite them because when you build a business you’re building an assets.

Price:  sacrifice is the secret to every successful business. Businesses that are productive today have sacrificed one thing or the other. Sacrifice by offering discounts or promos. Sell your products lower or cheaper than your competitors. That’s the only way to get customers especially when you’re new in business.