When thinking about starting a new business venture, there are a few important questions that you need to answer.
Â Â Â Â Â *Â Â How much is the initial amount I need to invest?
Â Â Â Â Â *Â Â Where and when I am going to establish my new business?
Â Â Â Â Â *Â Â What are the risk factors?
Â Â Â Â Â *Â Â What is the profit margin?
Â Â Â Â Â *Â Â How to minimize these risk factors?
Â Â Â Â Â *Â Â How much is the return on investment?
Â Â Â Â Â *Â Â Who is my target market?
Â Â Â Â Â *Â Â And more…
You have to find answers to these important questions before you even start in your planning process to make sure everything is ironed out and will run smoothly as well as to minimize your risks to errors and mistakes.
One best way to do this is to do a thorough research first, check the current mineral water plant project report, and seek advice from a professional business consultant. Let us discuss some of these questions below.
How much is the initial amount I need to invest?
The initial amount that you need to invest in the cost of mineral water plant depends upon the size and the type of the plant that you want to establish. You may want to build a small water bottle filling station or a full-scale water plant that produces water in pouches, bottles, and jars.
Water purification plant cost normally includes the cost of machinery and equipment. Aside from the plant cost, you also have to invest for the construction and interior cost, ISI consultation cost, ISI License & other Government License expenditure, cost of utilities, and bottles and packaging cost, among others.
What are the Risk Factors?
There are many ways your business can go the wrong way. Some of the primary risk factors, though, are mismanagement, supplies related issues, lack of proper documentation, the absence of proper planning, wrong marketing strategies, and hiring the wrong person or doing everything on your own.
How to minimize these risk factors?
Although there is no single business that is totally risk-free, you can minimize the risks
*Â Â By doing advanced research
*Â Â By educating yourself about the ins and outs of the business
*Â Â By keeping an eye on the latest developments and news in the industry that can greatly affect your business
*Â Â By hiring the right people for the specific positions and providing them the best tools that allow them to execute their jobs well
*Â Â By creating a comprehensive and detailed step by step execution plan
*Â Â By picking the best supplier and closely working and coordinating with them
*Â Â By properly delegating tasks and making sure that there is someone in charge of every critical part of the business
How much is the return on investment?
Based on the latest mineral water project report, a typical mineral water business can have as much as 30% annual return on investment or ROI. That only means that you can be able to earn back your initial investment is as early as 3.5 years, provided that your business runs smoothly.
Where and when I am going to establish my new business?
Today is the best time to establish your new mineral water plant business. As for the location, you need to pick an area that is accessible and easy to reach.
If possible, look for areas where there is a scarcity of clean potable drinking water and where people need to travel a few kilometers just to buy bottled mineral water. An area with only a few water refilling stations with large target market is also a nice location for a new water plant business.