10 Questions You Must Ask Before Starting A Business

By  Zainab Agha

May 30, 2022 7:44 am EST

Are you thinking about starting your own business? Before diving in, there are a few essential questions you should ask yourself. These questions will help you determine whether starting a business is the right decision for you and, if so, what kind of business you should start.

1. What Are My Goals?

Before you can even begin to think about starting a business, you need to know your goals. What outcomes do you hope to achieve by starting a business? Do you want to make money? Do you want to be your boss? After determining your goals, start thinking about what kind of business will help you achieve them.  

2. What Are Your Skills And Strengths? 

You need to be sure that you have the skills and strengths necessary to succeed. Take enough time to assess your strengths and skills, and think about what you could bring to a business.

3. What Are Your Weaknesses?  

No one is perfect, and that includes entrepreneurs. When starting a business, it’s essential to be honest about your weaknesses. Otherwise, it might turn out to be hard. Knowing your weaknesses will help you find a business partner who can complement your skills or put systems to help you overcome your weaknesses. 

4. What Does The Market Look Like?    

Before starting any business, it’s important to research and determine how the market looks. Who are your potential customers? What do they want? Finding the answer to these questions will help you create a business that has a chance to succeed.    

5. How Much Money Is Required For You To Start? 

Starting a business can be expensive, so you need to have a clear idea of how much money you’ll need to get started. Create an extended list of the potential expenses you can think of, from office space to marketing to product development. Then, research how much these things will cost. This will give you a better idea of how much money you need to raise before starting your business. 

6. How Will You Make Money?

You must have a plan for how you’re going to make money, or your business will quickly fail. You must possess a clear understanding of your business model and how you will make money before starting your business.   

7. What Are The Legal Requirements?        

There are a lot of legal requirements that come with starting a business. You need to follow all the rules, from registering your business to getting the proper licenses and permits. Not doing so can result in hefty fines or even jail time. Be sure to do your research and consult with an attorney before starting your business to avoid legal trouble.    

8. What Are The Risks?      

Starting a business is risky. But, if you’re prepared for the risks, you can minimize them. Think about all the potential risks of starting a business, from financial troubles to reputational risks. Then, create a plan for dealing with each risk if it came to pass. 

9. What Are Your Exit Options?     

Planning what you’ll do if your business doesn’t work out. Will you sell the business? Shut it down? You must clearly understand your exit options before starting your business. You can make the best decision for yourself and your company if things don’t go as planned.

10. Do You Have What It Takes? 

Starting and running a business is challenging. It requires much hard work, dedication, and determination. Ask yourself if you have what it takes to see your business through the tough times. If you’re uncertain or hesitant, then wait until you’re more prepared before taking entrepreneurship.

Conclusion

These are just a few things you should ask yourself before starting a business. Answering these questions will help you determine if starting a business is the right decision for you. If you’re still feeling good about starting a business after asking yourself these questions, it’s time to plan your next steps.


Zainab Agha

Zainab started her career in advertising as a copywriter; which taught her how valuable moxie was in the boardroom and translates that in her campaigns. Building brands has led her to explore digital marketing, communication concepts, and what it takes to grow an idea from scratch. In her free time (let’s assume she is a badass with balancing work and play) she travels in heels then complains, experiments with innovative creative solutions that sell, and does stand-up comedy.

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