Ten Questions to Ask Before Starting A Business
Before starting out on the American dream of owning your own business you should ask your self these ten very important questions:
- Is business it self right for you? We have seen many people get into business an either; fail miserably or miserably succeed. I seems easy when you see someone else do it but long hours are the norm. You will have the occasional emergency and most businesses require contact with people in some way, not everyone is good with people, are you?
- Did you let your family in on your idea? it will be even harder to start that business if you are going through a divorce!
- Have you made a plan for your life? Where you want to live, the type of home, cars, vacations, etc... You should really do this before you get moving.
- Then your ready for a Business Plan, want a free one sign up for the newsletter and look for newsletter #1. I`m sure you`ll find a consensus in the small business community this is the most important thing you can do!
- Understand the 2X factor; everything in business takes 2 times longer than you ever thought possible and will cost 2 times more than you ever thought possible. You need to put the rose colored glasses away when you become an entrepreneur.
- Who is my competition? The Internet is marvelous for this; you can find out all the competition in your area, What they are doing, Where they are, there prices and a lots of times even what there customers think of there product or service. Neglect this at your own peril
- A work plan; what are the hours that your business needs you. I had a Friend start a small bar and grille he had always thought it would be cool to own one. It was so small though he really could not have more than one additional manager (def: A person who gets paid and Ad`s no financial income to a business), he found that if he didn`t work nights and weekends when the business was hopping, his sales would drop radically. You have to get a handle on your hours before you start your business, this also goes for your family life also. You have to put your family first then your business. Take it from someone with first hand workaholic experience!
- Test your Idea; don`t just ask your mom, wife or best friend. Ask thirteen year old girls they will tell you! You have to find people that will not be afraid to call your baby ugly. Make the changes come back and ask again. Keep doing this till all the objections are gone.
- Total funds to implement your business. If you need a location how much? If you need employees what are you going to pay? How much in products will you need to get going? what do you need supply wise to get going? Much over looked but usually necessary An accountant (has saved me money since the first day I have used him) Lawyer, ( partnership incorporation etc...) talk with one at least the first time then maybe use a site like we link to below LegalZoom. Insurance I don`t live without it. If your using your car or residence for your business and the insurance company finds out you may be denied unless you upgrade your insurances to note this.
- You need to have a revenue model (how you get paid and how much) opening a Kiosk at the mall for 3000$ per month selling 2$ disposable pens is not a good revenue model. May be selling the pens on eBay or through a web site might be a better model
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