1. Is This the Business I Want?
As yourself: Am I considering this business because I like it or because there's money to be made?
While it's important to make money at a business, it's more important to make money at a business that you are passionate about.
With passion, you'll have the extra drive necessary to keep you going in difficult times.
For more, see 5 Reasons for Getting Into the Right Business.
2. Where Will I Be 5 Years from Now?
Looking ahead to your future will help you identify your true desires. For example, if you say: “I'll be doing something else, this is just temporary, I really want to....” Well, then let me say, why wait? Move on to what you really want and put your effort into that and make work. If you see yourself as being successful in your current business idea, then you are on the right track.
3. Is this How I Want To Spend My Time?
Running a business requires time. You have to keep in mind that the majority of your time will be spent running your business. Which brings up an important question that you need to ask yourself: Is this what I want to be doing all day for the next few years?
4. Am I Willing to Put In the Necessary Time to Run this Business?
Running a business is not like a job; you don't just put in your 8 hours and then go home and forget about the job until the next day. When you own a business, you have to put in whatever hours are necessary. You‘re the owner and you're responsible; you can't pass the responsibility on to someone else.
5. Is There a Market for My Business Idea?
You may think you have the best business idea in the world, but if no one wants what you have to offer, then you're going to spend a lot of time and money for nothing. You need to ensure that there is a demand for what you're doing, without the kind of competition that will prevent you from succeeding.
6. Will Licensing and Registration of My Business Idea Be a Problem?
Make sure your business idea is legitimate and you are able to register it. There are laws and regulations for where, and what type of business, you can and cannot operate. Be sure to check with your local business registration office.
7. Do I Have Family Support?
Running a business takes time money and dedication. Running your business can easily disrupt your family life and put pressure on relationships. Be sure you have the support, because if you don't, you may hear, “I told you so,” every time you hit a bump.
8. Will this Business Support Me?
You need to figure out if this business will support you. Will you need to stay at your job until you business takes off, and when it takes off, will it be enough? This issue has a lot of variables involved but you need to have an idea if your business will support you or not. And don't just look at sales; you need to look at profits. Because if your sales are $500 a day and your profit is $50 then you can only count on the $50.
9. Where Will I Locate?
Just like location is important to real-estate, location is a very important issue when it comes to starting your offline business. If you're located to far from your customers, then you'll have a hard time surviving. Your customer will go to where it's convenient for them.
You need to find a fit between affordable lease payments and the best location possible. There is no sense in saving thousands in rent and ending up with no customers; nor is there any sense in paying a lease that is so high it's almost impossible to make a profit.
Location is important. Give it the time and research it requires.
10. How Much Will I Need to Start My Business?
When you are starting a business is one of the times when you'll need lots of money. You need to register your business, rent a store front, decorate your store, stock your business, acquire the equipment necessary to run the business, advertise, etc. So as you can see, there are many issues when starting a business. Begin by listing everything that you need, then start looking at prices. For more information, see: Estimating Start-up Costs - Are You Missing Anything?
11. How Much Will You Need for Monthly Operating Costs?
Every business has operating expenses. A successful business makes a profit after paying all the expenses. You need to know what and how much your monthly expenses are. Being aware of your expenses is a great start to keeping your business financials in check.
When starting out, you'll most likely encounter a few unexpected monthly expenses. It's important to record all your expenses so you'll be able to balance your budget the next month.
Operating costs are an ongoing expense and the better you manage these expenses the stronger your business will be.
12. How Will I Finance This Business?
If you're running a business and run out of money, you'll be out of business. If you start a business without enough financing, you could be out of business before you get started. You need to figure out how much money you'll require and you need to figure out how to finance your business. See our free guide on Business Financing - How to Find the Funds for Your Small Business
13. Will I Need Employees? How Many?
Will you be able to run this business on your own? Or will you need employees? If you need employees, what skills will they need, and will you be hiring them full time or part time? Keep in mind that whether you make money or not an employee must get paid.
Employees are a major expense in any business. It's important to get the help you need without over-hiring. You also have to keep in mind that you may not be able to handle all the jobs in your business and you may have no choice but to hire. See How to Get the Help You Need to Operate Your Business
14. How Will I Get Customers?
It's easy to start a business; I could have a registered business up and running in a few days for a few hundred bucks. The problem is generating profitable revenue. To do that, you need to offer your products and services to the right customer.
If you have an excellent product or service, but you don't have customers for it, you will fail. Your customers are you business. Have you considered who your customers are and how you will reach them? For More Details See How to Get the Help You Need to Operate Your Business
15. Will I Need a Website?
In this day and age a website is necessary. Even if you don't sell anything online, it's good for promoting your offline business, providing news about your business, and providing a way to contact you. Plus you could have a mailing list to promote sales. If you are not doing business online, you can put off the website for a while. On the other hand, it would be a definite benefit to put your website address on business cards and flyers during your grand opening.
16. What Will I Name My Business?
Naming a business is important because your name is what you build on. Choosing a good business name means it will last for years to come, while choosing the wrong name could mean having to change your business name which is a bad thing. For more on choosing a business name, see:
Choosing A Business Name
There is so much involved in opening a business. This article was meant to help you identity key issues you may run into. You don't want too many surprises, but on the other hand you don't want to over-analyze. There will always be risks when you're running a business, but keeping on top of things helps increase your chances of success!
That's the Way I See It!
Acey Gaspard
A Touch of Business.com
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