Friday, October 7, 2011

Getting Started - 20 Questions

Now that we know you want to start your own business, ask yourself these important 20 questions. Your answers will help you determine if you are ready to become a small business owner or where you need to spend more time in planning.

1.Am I prepared to spend the time, money and resources needed to get my business started? It is recommended that you speak to many other small business owners and ask them about their time/money/resources investment...

2.What kind of business do I want?

3.What products/services will my business provide?

4.Why am I starting a business?

5.What is my target market?

6.Who is my competition?

7.What is unique about my business idea and the products/services I will provide?

8.How soon will it take before my products/services are available?

9.How much money do I need to get my business set up?

10.How long can I have to finance the company until I start making a profit?

11.Will I need to get a loan?

12.How will I price my product compared to my competition?

13.How will I market my business?

14.How will I set up the legal structure of my business?

15.How will I manage my business?

16.Where will I house my business?

17.How many employees will I need to start up?

18.What types of suppliers do I need to contact?

19.What kind of insurance do I need to invest in?

20.What do I need to do to ensure I am paying my taxes correctly?

These are questions that if you don't answer now, you will find you need the answers as the issues arise - oh, and in small business language, "issues" means problems! I don't mean to make this sound like a bad idea, I just know that more often than not, people are excited about owning a business and haven't really taken the time to know what it truly entails. Do your homework, lay a strong foundation and if you decide to open up shop, you will do so with ease.

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