Tne question to ask before starting a business!
thethinker subscriber Posts: 2
edited October 2008 in Selecting a Business
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
Take it from us the chances of your business being successful
dramatically increase with just a small amount of planing and action.
Bret McManus www.28ideas.com
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