Let’s take a crucial first step before you spend any money on the new venture that you have been thinking about starting…
Decide what business you are in and focus on it. 
In these uncertain economic times, a lot more people are entertaining the dream of starting and running a business of their own.
Unfortunately, quite a few of these “would-be” entrepreneurs do not take the time to evaluate the time, money, and resources which will be needed in order to succeed.
They get so caught up in the idea of owning a business, they never really get around to doing the things which are necessary to ensure the business succeeds!
Many “newbies” will attempt to start and run a business based on emotion only without doing any of the pre-planning and personal assessments needed to determine if this is the right business.
So after considering the take from the SBA, I have compiled a list of 20 of the most important questions you should ask yourself before you embark on starting a new business.
I should also add that it pays to be honest with yourself as you answer these questions.
You may have a different take on it, but I believe that there’s not much point in pretending to know something if you don’t.
So if you find that you are answering “I don’t know” more than you’d like, simply admit that you don’t know – and then go about finding the answers, until you do know.
I would suggest that you not a spend a dime on your “business”, unless you have answered these questions entirely and with honesty to yourself.
- Am I prepared to spend the time, money and resources needed to get my business started?
- What kind of business do I want?
- What products/services will my business provide?
- Why am I starting a business?
- What is my target market?
- Who is my competition?
- What is unique about my business idea and the products/services I will provide?
- How soon will it take before my products/services are available?
- How much money do I need to get my business set up?
- How long can I have to finance the company until I start making a profit?
- Will I need to get a loan?
- How will I price my product compared to my competition?
- How will I market my business?
- How will I set up the legal structure of my business?
- How will I manage my business?
- Where will I house my business?
- How many employees will I need to start up?
- What types of suppliers do I need to contact?
- What kind of insurance do I need to invest in?
- What do I need to do to ensure I am paying my taxes correctly?
Hopefully, you now have a master plan for a business that is both exciting and profitable!
