Top 25 questions you should answer before you leap
Top 25 questions you should answer before you leap
You have determined that your competencies are right for starting your own business. But then there are a number of other questions which must be mulled over and answered before you move forward:
1. Why am I starting a business ?
2. What is my most significant goal in life and will the business help me reach the goal ?
3. What business sector is my area of interest and competence ?
4. Who kind of customers do I want to serve ? Area or region I will serve ?
5. Who are my competitors and what are the products/services they produce ?
6. What products or services should my business provide?
7. Am I prepared to spend the time and effort needed to get my business started ?
8. How is my business idea and the products or services different from others in the market?
9. Where will my business be located?
10. How many employees will I need?
11. What types of raw material suppliers and service providers do I need?
12. What kind of machinery and equipment do I need ?
13. What is the area of building and land required for my business ?
14. What is the investment required for my business? Capital? Working capital ?
15. Do I have the necessary funds for investment in the business ? How much can I raise?
16. Where can I raise the rest of funds required ? Loans ? Equity ?
17. How soon will it take before my products or services are available?
18. How long do I have until I start making a profit?
19. How will I price my product compared to my competition?
20. How will I set up the legal structure of my business?
21. What taxes do I need to pay?
22. What clearances, permits and licenses should I obtain before I commence the business?
23. What kind of insurance do I need? For Machinery ? For Stocks ?
