Dear M & M:
I am considering starting a small business what kind of questions should I be asking myself before I take the plunge?
So you have what it takes to be an entrepreneur. Starting a business can be a rewarding experience or you can find yourself in the worse nightmare you can imagine. With it comes many advantages, like being your own boss, setting your own schedule or making a living doing something you are good at and enjoy. Being successful requires creativity, hard work and planning.
Characteristics or traits to be a successful entrepreneur include some of the following; risk taker, independent, persuasive, creative, flexible, and being determined can all be helpful. Selling people something they want at the right time, place and price helps a lot. Now, ask yourself these 20 questions the SBA has drafted that you should know the answers to before you start.
Here they are: 1). Why am I starting a business? 2). What kind of business do I want? 3). Who is my ideal customer? 4). What products or services will my business provide? 5). Am I prepared to spend the time and money needed to get my business started? 6).
What differentiates my business idea and the products or services I will provide from others in the market? 7). Where will my business be located? 8). How many employees will I need? 9). What types of suppliers do I need? 10). How much money do I need to get started?
11). Will I need to get a loan? 12). How soon will it take before my products or services are available? 13). How long do I have until I start making a profit? 14). Who is my competition? 15). How will I price my product compared to my competition? 16).
How will I set up the legal structure of my business? 17). What taxes do I need to pay? 18). What kind of insurance do I need? 19). How will I manage my business? 20). How will I advertise my business? Source: SBA 20 questions to ask before you start a business