- Interest
- Scope
- Support from the company
- Price of product
- Inventory shelf life
- Authentic
- Margin- survival/ growth
- Detailed investment analysis- Franchise fee, Interiors, Rentals, Employees, legal with 3 months
- The risk factor involved if the business does not go well and how easy it is to rectify
- Competition analysis, how easy it is for competitors to start
- Company background & owners history
- Time and concentration level
- Sales channel and its dependency
Interest
You must have an interest in the product and services of your business. Once you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business.
This might take a lot of research and planning, but in the end, all these efforts will ensure that you have everything in place to get your business idea off the ground.
Scope
Once you are sure of starting your business, your next step would be to explore the market and scope for your product or service.
Today if you are planning to start your business, you always need to understand what is the kind of scope it has. Scope in terms of business on a long-term basis, in terms of product line, target audience about the future, and how long would be the demand must be forecasted.
Support from the company
As stated earlier, the business support services from the company refer to the functioning of the organization, handling customers, hiring people, and procuring fresh designs at regular intervals.
Price of product
You must be wondering why the price of the product is important? Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will prosper. Get your pricing strategy wrong and you may create problems that your business may never be able to overcome.
So keep the price properly in a profit way so that a huge number of customers will come and sales will be pretty high.
Inventory shelf life
Different types of products impact how inventory is managed. For example, perishable items need to be sold or used in accordance with their expiration dates. Since these products have a shorter shelf life, they need to be ordered properly to ensure that their quality does not decline while in inventory. At last, we will end up with a loss or we have to increase the price. Hence, in the jewelry business, there is no risk of inventory life.
Authentic
Being authentic means staying true to who you are, how genuine your product is, and who you serve. In an environment in which more human elements matter it creates value and benefits for your customers as well as improves your business. Authenticity works because… It elevates your business above the competition.
Margin- survival/ growth
It is very important to know your margin first as it is the only thing that will help you to survive and will take you a long way to grow you and your business.
Detailed investment analysis
When you are looking to begin your business with the franchise, it is important to understand how much franchise fee is involved in it, what are the kind of interior cost, rental, employees costing on it, what are the legal hurdles, etc.
Risk factor
The risk factor in business might be legal and normal hurdles like the compromised quality of ingredients, contamination, and poisoning of ingredients and end products, taste not being proper and people will start complaining about the food. In the product line, if the product will not match quality it will lead to a huge loss. So in our business, there is very less chance of risk.
Competition analysis
If you don’t want to be involved with the competition and want to start your business in an easy way then better you can go with the franchise as it is very easy for anybody to start. But there must be challenges in your business. The business is very easy to do, so many people will get into the industry and there will be a lot of competition, and product lines will be easily available. So there is a huge chance of getting down your margin automatically. If getting into the industry is tough then your profit will be much better.
Company background & owners history
Reliable Background Screening has been the trusted source for risk mitigation for all your franchise background screening needs. Applying a franchise background check to company policy can protect the franchise, its employees, and its customers against destructive or inept employees.
Time and concentration level
Are you somebody who can give a whole day or 1-2 hours in a day? So based on that you have to discuss with your respective company.
Sales channel and its dependency
A sales channel is the way in which a business-to-business (B2B) sales organization goes to market, either through direct or indirect routes, to sell its product or solutions to end customers. Sales channels play a crucial role in achieving the marketing objectives of an organization. Undoubtedly the producer of a product or service creates utility but the sales channels are responsible for creating time and place utilities which is beneficial for the sales.