Ten Questions To Help You Clarify Your Desires When Starting A Business
1. Are You in It Just for the Money?
 Of course money is an issue when getting into your business. But just looking at the money part is the wrong way to go about starting a business.
If you start a business that you’re not interested in and are just focusing on the money, you’ll find that even if you make money there will still be a void. You won’t have the satisfaction of running a business that you like and that also makes money.
Another reason is that, e problems start happening, you’ll start looking for an escape rather than a solution to the problems.
Find a business you like.
2. Are You Just Looking at the Revenue?
Don’t focus on JUST the revenue.
Some people just look at the revenue of a business rather than the expenses and sacrifices involved to get that revenue.
For example, you get your car towed to the next town your bill is close to 100 dollars, you think that guy just made an easy 100 bucks for a 40-minute drive.
You can’ think that way. You have to factor in the cost of setting up the business, the times there is no business, maintenance costs, employee costs, advertising, etc. etc.
There are many expenses and it probably took that business a long time to get to where it is today.
Don’t just focus on the revenue; factor in what it takes to make that revenue.
3. Have You Assessed The Risks Involved?
You need to assess the risks involved in the business. What if it doesn’t work? What have you risked to start? How much money are you out? How will you pay that money back? Risk is a huge factor that banks look at when lending you money.
They loan out thousands of dollars and they know the risk factors. If your banker doesn’t give you the money for your business then you should look closely at the reasons why.
4. Do You Understand The Inner Workings Of Business?
Some people get into a business without knowing enough about it. You should research the business you’re planning on getting into. Or visit a business that is already in operation to get a feel for what’s involved. You could even try to get a job working for someone that has the type of business you’re considering.
Or talk to a business owner that is far away from your location, i.e., you’re not a threat to his business in terms of competition.
5. Will You Require Employees?
 You need to figure out if you require employees to help you run the business and how many. You can also consider subcontracting. With subcontracting, you won’t need to hire employees and thereby take on the responsibility of pay roll, taxes, benefits, etc., etc. You’re better off paying someone or a business for the services you need.
6. Will You Need Expertise to Run Your Business?
You may have many skills, but do you have all the skills needed to run the business? If not, you’ll need to know what it’s going to take to hire the right people or subcontract the services you need.
7. Where Will You Get the Money to Start Your Business?
Where will you get the money for start-up? Will you use your own money? Will you get a loan? Will you mortgage your house? Will you sell cassettes to get started?
8. Will the Business Support You Now?
Many businesses, especially start-ups, take time to start producing enough money to stay afloat and produce an income for you. You need to make plans to support yourself in the early stages of your start-up business, because your business probably can’t.
9. Are You Willing to Put In the Extra Hours?
Aside from the daily tasks of running your business, you’ll need to take time to do other business tasks. For example, if you’re running a retail store, You’ll be taking care of customers, sales, suppliers, keeping the stock up to date, etc., But you also need to take care of accounting, scheduling staff, record keeping, filing, advertising, etc., These tasks will take extra hours after you have closed. Are you prepared to do this?
10. Is There a Demand for Your Business Idea?
Have you done your research to assess if your business is in demand? Are there a lot of similar businesses? If so, what would make your business different? What would be your competitive advantage or your niche?
Anyone can start a business. Make sure you don’t start a business where there’s little demand for your product or service.
That's the Way I See It!
Acey Gaspard
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