The Self-Assessment Stage
When answering the following questions, be honest and realistic about your commitment to owning a successful business. Remember, always do the research and prepare for the unexpected.
- Do you have enough money to start your business? If not, how do you plan on financing your business?
- Will your business be home-based or will you have a store front? Will you rent or purchase property?
- How many employees will it take to get started and to sustain growth?
- How much do you know about what it is you’re selling? What are your qualifications? Do you have an education background that provides legitimacy to your business endeavor.
- Are you willing to sacrifice leisure time to make your project work?
- What kinds of skills and strengths do you bring to your business? For example, communications, technological know-how, web site design, experience with accounting practices, marketing smarts.
- What are your personal weaknesses or shortcomings? How will they affect your business practices and policies? We all have them so don’t deny or hide from them?
- Who will be your customers? Where do they live? What kinds of characteristics do they have?
- Will your customers be consumers or other businesses?
- What kind of equipment or materials will you need? How much will they cost?
- Who are your competitors? What makes you stand out from the rest of the pack?
- Where will your business be located? Will it exist on the web?
- How long will it take before your business turns a profit? How will your business survive during tough times?
- Do you have good credit?
- Last but not least…why do you want to own and run a small business?