There are a ton of reasons to start a business, but with every business, there are a few questions that you need to ask yourself before you start. I’m going to go over some of the essentials business questions to ask yourself before you get started. These business questions can help you realize if you truly have a great idea, push you forward even more or help you realize maybe I need to go back to the drawing board.
Essential Business Questions to Ask Yourself
What problem are you solving?
Why do you want to go into business?
Who is my ideal customer?
What products or services am I providing?
How soon will it be before my products or services are ready to sell?
How soon will I be making a profit?
How will I get customers?
How will I advertise to my customers?
How much time am I willing to spend on this endeavor?
How much time do I need to spend on this endeavor?
Do I have any obligations right now that will keep me from giving this business 100% of my attention?
What sacrifices and/or risks am I willing to take to make this business successful?
What are my financial goals – personally and for the business?
Where will my business be located?
Can I work on this business part-time before leaving my current job?
How much money do I absolutely need to start this business?
What are my monthly/yearly operating costs for this business and personally?
Who is my competition?
How will I differentiate myself from the competition?
What taxes do I have to pay?
What kind of insurance do I need?
How will I setup my business legally?
Do I need a permit?
Will I become an LLC or sole proprietor or corporation?
Do I support have from family and friends to start this business?
If you’re thinking about starting a business, take some time, copy and paste those questions into a document and write out some answers. You don’t need answers to all of them the first time you sit down to do this exercise and you may need to do some research to get all the answers, but it’s definitely a starting off point.