This is the first of a series of articles pulled from the SBA website addressing the preparation and mindset of those preparing to become entrepreneurs.
Many people dream of having their own business. To see if starting a business is right for you, ask yourself these important 20 questions. Your answers will help you determine if you are ready to become a small business owner or where you need to spend more time in planning.
- 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?
Now that you have answered these 20 questions, you should have a better idea as to whether you are ready and suited to establish your own business. Keep these answers as they will be very useful in writing your business plan for your new business. Check out the next article, “Is Entrepreneurship for You?” to answer more key questions.