Questions to ask before starting a business
So you want to start a business huh? Great, join the rest of the millions who do every year. While it is no doubt a daunting task, it is also rewarding and a great way to achieve financial freedom.
Just like any other endeavor, you have to plan, prepare and ask questions. Here are seven questions to consider in the business planning process.
Why am I starting this business?
You have to know your reasoning and they have to be something that you believe in. Don’t let it be something that stems from a place that will not be able to sustain what you start.
How Do I Determine Whether I Can Start a Business?
Be open and honest with yourself here. Don’t want something so badly that you ignore the truths. Are you will to sacrifice, be broke and give more than you get? These are real aspects of starting a business.
Is There A Need?
There are many businesses you can start but knowing the demand helps you to see if you can meet the supply. It also helps you to know how you best utilize your skills.
Where will my business be located?
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Where is the Money Coming From?
Make sure you either have a significant amount of savings or that you are able to secure the funds via a loan or investors. This is a very important question to ask.
Who and What are my competition?
Do not go into this endeavor blindly, you have to know what you are getting into and who are up against. Research it, talk to people and make a plan. Don’t be intimidated.
How Long Will It Take To Get Started?
This is important because being realistic about the turn around time will help you make the best choices. Don’t rush in but take your time so when you do start you will be totally ready.
These are great questions to consider. You have to be clear on what you are getting into and make a plan that works for you.
