40 Questions you should ask yourself before starting up a new business.
Posted by Angela Clarke | Filed under Accounting, Budget, Grants, Latest News, Marketing, Payroll, Start ups, Tax, VAT
1: Do you think you are ready to start a business?
2: Have you ever worked in a business similar to what you are planning to start?
3: Would people that know you say you are well suited to be self- employed?
4: Do you have support for your business from family and friends?
5: Have you ever taken a course or seminar designed to teach you how to start and manage a small business?
6: Have you discussed your business idea, business plan or proposed business with a business coach or enterprise board?
7: Do you have a family member or relative who owns a business?
8: Do you consider yourself a leader and self-starter?
9: Would other people consider you a leader?
10: Are you willing to invest a significant portion of your savings or net worth to get your business started?
11: Do you have enough confidence in yourself and your abilities to sustain yourself in business, if or when things get tough, could you sleep at night knowing you owed the bank or suppliers money?
12: Do you like to make your own decisions?
14: Are you prepared, if needed, to temporarily lower your standard of living until your business is firmly established?
15: Do others turn to you for help in making decisions?
16: Are you willing to commit long hours to make your business work?
17: Would others consider you a team-player?
18: Do you have a business plan for the business you are planning to start?
19: Do you know and understand the components of a business plan?
20: Do you know what form of legal ownership (sole proprietor, partnership or corporation) is best for your business?
21: Do you know why some consider business planning to be the most important factor determining business success?
22: Do you know if your business will require a special license and how to obtain it?
23: Do you know where to find demographic data and information about your customers?
24: Do you know how to compute the financial ‘break-even point’ for your business?
25: Do you know how to compute the start-up costs for your business?
26: Do you know about the various loan programs that are available from banks?
27: Do you understand how a business loan can impact on obtaining personal loans?
28: Do you know how to prepare and/or interpret a balance sheet, income statement and cash flow statement?
29: Are you sure your planned business fills a specific market need?
30: Do you know your target market?
31: Do you understand the tax requirements associated with your business?
32: Do you know how to prepare a marketing strategy for your business?
33: Do you know how to learn about your business competitors?
34: Do you understand marketing trends in your business industry?
35: Do you feel comfortable using a computer or other technology to improve business operations?
36: Do you have a payroll process planned for your business?
37: Do you have a customer service strategy in mind or in place?
38: Do you know if your business should have some form of intellectual property protection?
39: Do you know where to obtain information about regulations and compliance requirements that impact your business?
40: Do you know how to register your business with the revenue?
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Tags: business idea, business plan, enterprise board, self-employed, Small Business, start a business
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