1. Is This the Business I Want?
As yourself: Am I considering this business because I like it or because there's money to be made?
While it's important to make money at a business, it's more important to make money at a business that you are passionate about.
With passion, you'll have the extra drive necessary to keep you going in difficult times.
For more, see 5 Reasons for Getting Into the Right Business
2. Where Will I Be 5 Years from Now?
Considering your future will help you identify your true desires. For example, if you say: "I'll be doing something else, this is just temporary, I really want to...." Well, then let me say, why wait? Move on to what you really want and put your effort into that and make work. If you see yourself as being successful in your current business idea, then you are on the right track.
3. Is this How I Want To Spend My Time?
Running a business requires time. You have to keep in mind that the majority of your time will be spent running your business. Which brings up an important question that you need to ask yourself: Is this what I want to be doing all day for the next few years?
4. Am I Willing to Put In the Necessary Time to Run this Business?
Running a business is not like a job; you don't just put in your 8 hours and then go home and forget about the job until the next day. When you own a business, you have to put in whatever hours are necessary. You‘re the owner and you're responsible; you can't pass the responsibility on to someone else.
5. Is There a Market for My Business Idea?
You may think you have the best business idea in the world, but if no one wants what you have to offer, then you're going to spend a lot of time and money for nothing. You need to ensure that there is a demand for what you're doing, without the kind of competition that will prevent you from succeeding.
6. Will Licensing and Registration of My Business Idea Be a Problem?
Make sure your business idea is legitimate and you are able to register it. There are laws and regulations for where, and what type of business, you can and cannot operate. Be sure to check with your local business registration office.
7. Do I Have Family Support?
Running a business takes time money and dedication. Running your business can easily disrupt your family life and put pressure on relationships. Be sure you have the support, because if you don't, you may hear, "I told you so," every time you hit a bump.
8. Will this Business Support Me?
You need to figure out if this business will support you. Will you need to stay at your job until you business takes off, and when it takes off, will it be enough? This issue has a lot of variables involved but you need to have an idea if your business will support you or not. And don't just look at sales; you need to look at profits. Because if your sales are $500 a day and your profit is $50 then you can only count on the $50.
9. Where Will I Locate?
Just like location is important to real-estate, location is a very important issue when it comes to starting your offline business. If you're located to far from your customers, then you'll have a hard time surviving. Your customer will go to where it's convenient for them.
You need to find a fit between affordable lease payments and the best location possible. There is no sense in saving thousands in rent and ending up with no customers; nor is there any sense in paying a lease that is so high it's almost impossible to make a profit.
Location is important. Give it the time and research it requires.
10. How Much Money Will I Need to Start My Business?
When you are starting a business is one of the times when you'll need lots of money. You need to register your business, rent a store front, decorate your store, stock your business, acquire the equipment necessary to run the business, advertise, etc. So as you can see, there are many issues when starting a business. Begin by listing everything that you need, then start looking at prices. For more information, see: Estimating Start-up Costs - Are You Missing Anything?
11. How Much Will You Need for Monthly Operating Costs?
Every business has operating expenses. A successful business makes a profit after paying all the expenses. You need to know what and how much your monthly expenses are. Being aware of your expenses is a great start to keeping your business financials in check.
When starting out, you'll most likely encounter a few unexpected monthly expenses. It's important to record all your expenses so you'll be able to balance your budget the next month.
Operating costs are an ongoing expense and the better you manage these expenses the stronger your business will be.
12. How Will I Finance This Business?
If you're running a business and run out of money, you'll be out of business. If you start a business without enough financing, you could be out of business before you get started. You need to figure out how much money you'll require and you need to figure out how to finance your business. See our free guide on Business Financing - How to Find the Funds for Your Small Business
13. Will I Need Employees? How Many?
Will you be able to run this business on your own? Or will you need employees? If you need employees, what skills will they need, and will you be hiring them full time or part time? Keep in mind that whether you make money or not an employee must get paid.
Employees are a major expense in any business. It's important to get the help you need without over-hiring. You also have to keep in mind that you may not be able to handle all the jobs in your business and you may have no choice but to hire. See How to Get the Help You Need to Operate Your Business
14. How Will I Get Customers?
It's easy to start a business; I could have a registered business up and running in a few days for a few hundred bucks. The problem is generating profitable revenue. To do that, you need to offer your products and services to the right customer.
If you have an excellent product or service, but you don't have customers for it, you will fail. Your customers are you business. Have you considered who your customers are and how you will reach them? For More Details See How to Get the Help You Need to Operate Your Business
15. Will I Need a Website?
In this day and age a website is necessary. Even if you don't sell anything online, it's good for promoting your offline business, providing news about your business, and providing a way to contact you. Plus you could have a mailing list to promote sales. If you are not doing business online, you can put off the website for a while. On the other hand, it would be a definite benefit to put your website address on business cards and flyers during your grand opening.
16. What Will I Name My Business?
Naming a business is important because your name is what you build on. Choosing a good business name means it will last for years to come, while choosing the wrong name could mean having to change your business name which is a bad thing. For more on choosing a business name, see: Choosing A Business Name
That's About It for the 16 Questions
There is so much involved in opening a business. This article was meant to help you identity key issues you may run into. You don't want too many surprises, but on the other hand you don't want to over-analyze. There will always be risks when you're running a business, but keeping on top of things helps increase your chances of success!
That's the Way I See It!
Acey Gaspard
A Touch of Business.com
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More Resources for Starting Your Business:
1. Make Sure Owning Business is right for You!
You have a choice as to what business you're going to start, so start one that's right for you. Getting into the right business can dramatically increase your success. Get into the wrong business and your success rate drops. Read Five Secrets to Getting into the Right Business for more information.
2. Understand How A Business Operates
How can you run A Business if you don't know much about the business? What if you run into an issue that you can't or won't deal with? Then what? You're in a business that you hate working in and that's a problem. See Understand How a Business Operates for more information.
3. Make Sure There Is a Profitable Market for Your Business
What's the use of starting A Business that is not profitable? You'll be putting all your effort in something that can't support itself or you. There are a variety of issues when it comes to setting the stage for profitability. See Tips for Identifying a Profitable Market.
4. Create A Business Plan For Your Business
A business plan is a must for any size business because it helps you stay focused, see the big picture, and get funding. It's something that you create when you start your business and then update as your Business evolves. Read our free online guide on How to Write a Business Plan
5. Set up Your Business Team
Setting up your team includes finding the right employees and professionals that will help you run your Business.
You don't need to employ everyone you work with, but you will need a team of people you can depend on, which could consist of a lawyer, accountant, banker, and consultant, as well as professionals in your industry. See Creating a Business Team for more on this subject.
6. Get A Small Business Loan if You Don't Have the Money to Start
If you don't have the money to get started, then you'll need the necessary financing or you won't have the opportunity to start your Business. This can be done as a small business loan, a personal loan, or other small business financing options.
For more on financing your Business see our guide on Financing Your Small Business
7. Legalize Your Business
In order to run your Business legally you'll need to abide by government rules and regulations on the state and local level.
You'll need to do your research, determine what type of business (sole proprietorship, corporation LLC, etc.) to register, create and register your business name, and register your Business with state and local authorities.
To go through the business registration process, see Chapter 6: Making Your Business Legitimate, starting with 6 Easy Steps to a Good Business Name.
8. Get Equipment for Your Business
In order to run your Business successfully and efficiently you'll need to acquire the right type of equipment. How can you run an online business without a computer? You can't! This is an important issue. See Acquiring Equipment for more on this topic.
9. Set up Your Accounting System
Running A Business requires you to collect taxes, and report your earnings. So it's best to set up an accounting system in before you start your Business. See Setting Up Your Accounting System for more on this topic.
10. Acquire Customers for your Business
In order to exist, every business needs customers. Getting customers is one thing you'll need to be good at. If you can master the tasks of getting customers, it's just like turning on a cash machine almost any time you want. See Acquiring Customers for more on this topic
11. Prepare To Accept Money
You'll need a way to accept money, you can't depend just on cash or checks. You'll need to accept plastic: Visa, MasterCard, and American Express. To do that you'll need to apply for a merchant account. See Setting Up a Merchant Account for more on this topic.
12. Insure Your Business
Make sure you have the proper insurance for your Business. Without the right coverage you could lose everything you've worked for. For tips on insuring your Business, see our free online guide: Insuring Your Small Business.
Important Point To Keep In Mind
Make sure this Business is for you
See: What Are Your Reasons For Getting Into Your Own Business?
And
The Pros and Cons of Owning and Operating Your Own Business
And
Five Ways to Find the Right Business for You
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Is it Better To Build or Buy?
See : Build or Buy A Business?
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Look into the legalization
See: Play By The Rules - It's the Only Safe Way To Do Business!
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Look Into Start up Cost
See: Estimating Startup Costs
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Ensure You Have Enough Money To Start:
See: How To get The Money You Need For Your Business (Start-up Capital)
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Find The Right Location
See: Finding The Best Business Location
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Create The Right Name
See: Choose a Business Name
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Consider A Tag Line
See: Creating A Tag Line
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Create A Logo And Business Cards
See: Make Your Business Card A Silent Salesman
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Choose a Bank To Do Business With
See: Tips for Selecting A Bank
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See Our Free Small Business Guides To Help Build and Run Your Business:
Street Smart Guide To Small Business Marketing - A free simple and effective small business marketing guide. Simple proven strategies without a lot of marketing theory, designed for business small business owners.
Business Insurance - If you're running a business, you need to have business insurance. Running a business without the proper coverage results a risky venture. Get the coverage you need. Read our free online guide - Small Business Insurance Simplified
Everything You Ever Wanted To Know About Starting a Business But Were Afraid To Ask - Simple, No Nonsense Steps For Getting Your Small Business Off The Ground!
How To Write A Business Plan In A few Hours - There are many benefits to having a business plan. You'll find a lot of tips and resources to help you a good plan for your business. This guide is simple and will give you a quick start to completing your business plan.
How To Finance Your New Small or Home Business - There are many options to fund your small or home based business. This online guide will help better understand your options as well as what you need to get the financing you need.
Acey Gaspard's, Guide To Starting A Small Business - Start Your Business Right The First Time
Information and tips and resources to help you start a successful business from the very start.
Eliminate Chaos In Your Business - Simple & easy things you can do to strengthen your business, while making it easy to run!
More Article by Acey Gaspard
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