Before you launch your small business, ask yourself these 10 questions (the questions--and your answers--will also help you put together your business plan):
1. Do I have the stick-to-it-ive-ness to be an entrepreneur?
~you'll need to have the type of detail-oriented personality that doesn't give up when
things don't go your way; you need to be your own advocate & bull-dog in the face of adversity and be able to forge ahead when facing doubt and criticism from friends & family (see posting on Ben & Jerry)
2. Do I have a valid business idea?
~you might have a wonderful idea, but you must do research to make sure you can make it happen; is there competition in your region? can you offer the same product/service but do it
faster? cheaper? better? this is the time to analyze your small business and make these tough decisions before investing any money, time, soul energy.
3. Do I have the skills & talent to pull it off?
~yes, we all want to succeed, but it is important to realize our limitations. If one dreams of opening a catering business, are we able to lead? to pull together & energize a small team? to book weddings, parties, and corporate events? Can we consistently provide great service & products?
4. Am I located in the right market for this type of business?
~ask yourself: Is there an audience to support the business I want to start? If you want to want to start a pet sitting service, do you live in an area of pet owners? If you love cars and want to detail them, do you live in a market (like Los Angeles or Long Island, New York) where people love their automobiles and enjoy driving around in slick rides detailed to perfection, and are who willing to pay top $$ for the look of perfection?
~you might a great idea for a business, that you can execute in a great way, but do you have the audience, customers? This leads us to the next question...
5. Who is my target market?
~who will buy my muffins? who will hire me to landscape their gardens? who will hire me to be the dj at their events? do I live in an area where the client base is broad enough to support my small business?
6. How will I promote, market & advertise my small business?
~do I have the budget to advertise? where will I advertise? how else can I promote this business? will i host a "grand opening"? send out press releases? contact local media in the effort to gain free publicity with an article/interview/editorial feature?
7. Where will the $$$$ come from to start this small business?
~ask yourself: will I leave my current job or should I keep working 9 to 5 and run this biz on a part-time or weekend basis? can i leave the healthcare benefits on my current job to strike out on my own? have I saved enough money to keep the business going until a dedicated client base kicks in for this business?
8. What will my office operational set-up be?
~will you work at home? at the kitchen table, attic, garage, spare room? or will you need an outside facility--such as a shop? this overhead will greatly increase your expenses.
9. Can I work alone?
~many would-be entrepreneurs love their business idea, but suffer great anxiety from the isolation that ensues; entrepreneurs often miss "the water cooler" conversation they enjoyed at their former workplace--what kind of person are you? will you enjoy the independence, or will you miss your former colleagues? would you pursue your small business with greater zest if you had a partner? you might turn your sole proprietorship into a partnership.
10. What will I name the business?
~what's in a name?....we live in a very quick and visual universe. a book or magazine cover can make or break a sale. the name of your new small business can make or break your new enterprise. think about it carefully and test it out on neighbors and friends. do a google search on the name to make sure it is not being used. pick a name that will make you proud of your business every time you say it, and develop a quick-pitch (15 seconds or less) to describe exactly what your business does--
Now that you have answered these questions, you can begin to work on a business plan.
A business plan is a must if you need to apply for a loan. A business plan is also a good idea because it helps you to research & answer every question you might have about the business before you get started. Good luck with these questions and let us know how you do. send us an email: smallbizstartup@gmail.com.
No comments:
Post a Comment