20 Questions You Must Answer Before Starting A Business
Can You Honestly Answer These Questions?
Here are 20 business decision questions that every future business owner should be thinking about before starting a business. They will put you in the right frame of mind no matter what type of buiness you have or the size of it. Review them and see how many you can answer.
- 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 will I need to pay?
- What kind of insurance will I need?
- How will I manage my business and home life?
- How will I market my business?
These questions were gathered from the Small Business Administration's (SBA) website. Go to http://www.sba.gov/content/20-questions-before-starting-business for more information.
Print this page and try to answer each of these questions as best you can. These are common questions that every business owner should be able to answer clearly. They help to determine the needs of starting a business. If you're serious about be successful in business, you really shouldn't start a business if you can't answer them.
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