Questions to Ask When Starting a Business
Starting a new business is not for the faint of heart. Just because you are good at providing a product or a service does not mean that your business will be successful. Being an entrepreneur requires a significant commitment to the “business of running a business.” Before you take the plunge, here is a list of 20 important questions to ask yourself to assess whether or not you are ready for this life-changing move:
- Why am I starting a business?
- What kind of business do I want?
- Who is my ideal customer?
- What products or services will my business provide?
- Am I prepared to spend the time and money needed to get my business started?
- What differentiates my business idea and the products or services I will provide from others in the market?
- Where will my business be located?
- How many employees will I need?
- What types of suppliers do I need?
- How much money do I need to get started?
- Will I need to get a loan?
- How soon will it take before my products or services are available?
- How long do I have until I start making a profit?
- Who is my competition?
- How will I price my product compared to my competition?
- How will I set up the legal structure of my business?
- What taxes do I need to pay?
- What kind of insurance do I need?
- How will I manage my business?
- How will I advertise my business? Source: U.S. Small Business Administration
Once you’ve considered these questions, you can find additional resources on our website and links to other sites that will provide you direction and assistance in getting your idea off the ground. For additional help you can contact SCOPED directly.