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Business strategy
Major risks to calculate before establishing a business.
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[QUOTE="Shaf, post: 289905, member: 25467"] I've started a few businesses myself and I've worked with others who have done the same. The first thing to loom out for in every business is the market, it's size, seasonality, rate of demand and the purchasing power of the people. Without people to patronize you in sufficient quantity, you don't have a business. It's also important to take note of competition this way. This can also affect the market share you will get. If the competition is operating on a larger scale than what you have, this can be a big challenge since they have more advantages because of their size and experience. Funds that you will use in running the business is something you shouldn't underestimate. At least, have up to 50% of your intial capital as backup, depending on the type of business and of you have to hire staff. Some expenses only come up after the business is up and running, and being short of funds can set a new business back fast. [/QUOTE]
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