Factors to consider before going into large-scale business.

TOZZIBLINKZ

VIP Contributor
Many small scale business owners have the sole vision towards their business to increase it by going into large-scale business . For this to be possible the business owner must put some factors into consideration . Initially the business owner might run a small scale business to see if what his or her business has to offer is among the pressing need of the public , and after making and analyzation the individual might then decide to turn his small scale business into a large one provided there is availability of capital and the business objective is a positive one . Below are the major determinant a business owner must consider before turning a small scale business into a large one :

THE MARKET : the size of the population and inhabitants surrounding a particular small-scale business which constitute the market influences it potential to go into large scale , if the market is small in terms of effective demand the operation of the firm is bound to be small but if the market is huge the firm scale is bound to the large.

OWNER'S ABILITY : the owner of the firm must have the ability to undertake risks and to manage his or her business if it goes into large-scale . the ability to undertake looks and to manage large-scale business is an important factor that determines the size of a firm . A firm will only grows depending on the knowledge and experience needed for planning the operation provided by the owner of the firm.
 

Sotherefore

VIP Contributor
Large-scale business is absolutely profitable but experience is also needed in this area of business because it is experience that will really help you to manage the business successfully. I have seen a situation that some entrepreneurs engage in businesses like this and are doing well perfectly because they are able to organise their business perfectly and they locate the business in a good and suitable environment that helps in the progress of their business.

Another thing is just the capital because there are some business that you can't possibly start with any amount of money but you must at least have the required money that is needed to start up the business successfully. Whenever I am interested to start up a business I must try as much as possible to have at least hundred percent of the required money depending on the business .

Environment really matters and sometimes when the population is very high the possibility of making money with your business will also be higher and also the other way around if the population is very low. All these things must be put into consideration when starting up a business. Some locations are also more competitive than others .
 

Wiserr

Active member
This is a very good and idea, I believe there a lot of things one has to consider, infact there are different things one has to know before engaging in large scale business, though you have already mentioned the major ones which include the nature of the market, and owners ability towards the business, but still I will like to say more about some factors which are also essential before engaging in large scale business. Also location do matters in terms of large scale business
The major one is capital, we all believe that it is beyond having knowledge about business but also capital is needed, one is not just expected to have knowledge about the business without having the necessary capital to run the business, even though business idea is also essential but I believe having the two will be much better and will contribute to the success and achievement of the business, also location do matters, that is why it is very good to set a business were there is high demand of that particular product you are selling, also in large scale business it is also important that you make sure the product you are selling have good qualities, most people are after qualitative goods.
 

Kingsley

Valued Contributor
Unless starting a large scale business is not a child's play, I have seen so many that had wished to have a very big business but they never want to start small the truth is for one to start big you must first consider starting very small. When you can not start small and grow do not think of getting big. One must always consider starting small first. There is a lot of benefits we stand to gain when start out small. Starting small doesn't mean you will have to remain small rather you will be considering ways of becoming big. And you will be able to gather more experience that will be useful for you when you eventually grow big.

Then another thing you will have to consider mostly if you want to partnership with other people to expand the business is to ensure your potential partnership has or shares the same dream with you, as that is the only way for you to be able to sustain your vision and mission. And ensure your goals and objectives are been achieved.

Then you must consider the location where you will be sighting the business to ensure that there is good proxity to raw material and also to the market.
 

Setho

VIP Contributor
It is not an easy thing to wants to commit yourself into a large-scale business . On a general perspective large scale businesses are usually characterized by high phones and also it is going to be very popular. This means that there is usually not going to be any room for error or if possible just a slight room for error and you have to be very careful in your dealings .

The first thing to consider is that you must have actually planned a lot for this business which is going to include the customers that you plan to target and also their demographic and financial status information .

The second thing is that you should ensure that you have the right amount of money in order to compete with your competition in the market . This is very important because if you do not have them they are going to bully you or if possible even still your idea .

You should also ensure that your business is something that is legally accepted and one of the first things you should ensure that you do is to register it with the appropriate authorities . This is going to clear my doubt that might be arriving about your business in the future.
 

Jasz

VIP Contributor
If you are planning to start a large-scale business, there are several things to consider before taking the leap.

First, decide whether you have been in this field for long enough to understand the market and potential pitfalls. If you do not have the needed experience, it will be hard to compete with other more established businesses.

Second, make sure that you have the capital needed to sustain your business over its life cycle. If you don't have enough money, it will be hard to keep your operations going.

Thirdly, think about whether or not you can find employees who are willing to work at low wages and under unfavorable conditions so as not to lose their job during an economic downturn or natural disaster such as a hurricane or earthquake. In some situations, these workers may be able to command higher salaries than what they would receive if they worked elsewhere due because they would not want their family's livelihood threatened by unemployment; however, they might still want some security in their lives which means that they will need some insurance coverage against illness or injury.

Fourthly, decide if there is a customer base for your product/service and whether it is large enough for you to sustain yourself without having any outside investment coming into play (especially if your idea requires significant upfront costs.
 

CALVINDOL

VIP Contributor
I totally agree with you in the part where you said that the owner's ability to manage a large-scale business is actually one thingan individual who is probably considering to go into a large-scale business or who is probably considered of changing his small-scale business into a larger one . large-scale business actually made large-scale maintenance , management , facilitation , and controlling and if you have a business owner is unable to provide all these for your large-scale intended establishing business then such business is considered not to last long because sooner or later because of poor management and wrong facilitation a large-scale business is considered not to survive or stand the test of time in existence .

Even if you have the capital to invest in your small scale business thereby changing it into a larger one it is still not enough to determine the success rate of your intended large-scale establishing business . what actually determines how successful were the large-scale business will betotally depends on your ability as a business owner to provide reasonable and valid business decisions and is totally calls for creativity in using your mental faculties to sort out ways to boost your business productivity and ability to produce and result out good incentives.
 
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