You have an idea for a business. It seems like the perfect project. You know what you’re going to do, and you’ve got a great team of people to help. If you have the right mindset and plan, it can feel like a liberating opportunity to become your own boss. But before you start this venture, there’s one more thing you need to do.
Ask yourself these 10 questions to make sure you are ready and fully committed.
1. What problem am I solving?
It’s important that your product solves some sort of need because that’s what determines the value.
2. How much money do I absolutely need?
Think about what you absolutely need to buy in order to start, not what you’d ideally like to have in the bank.
3. Who else is doing this?
What does the competition look like? Can I can offer something better?
4. What’s makes me so "different"?
What is going to make someone purchase your product/service over your competitors?
5. How much time will it consume?
Can I dedicate enough time to operate this business and manage my personal life?
6. Has the industry grown?
Has there been a steady or sudden growth in the last year or three?
7. Who and where are your customers?
Who and why would someone buy this product or service?
8. How will I market my business?
What kind of marketing will work best to sell this to potential customers?
9. Is there special training or skilled needed?
Do I, or my employees need to go to school or need special skills?
10. What are the taxes, legal fees, insurance, & state laws?
What taxes do I need to collect? Do I need insurance in case of injury?
It is important to determine if you are offering a solution to a problem that will effect people's lives in a positive way. If you are providing them value, then it will be worth their attention. Don't let these questions discourage you from starting a business. Use this information to encourage you to learn more about your industry.