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15 key questions before starting a small business

It's 5 minutes past 2:00am - the alarm for work is going off in 4 hours and all you can think about is how much you hate working there


Hey - we get it. Us too. And now, you're laying in bed and thinking about all the ways you would do things differently if you owned your own business. Your mind is racing with ideas and the last thing you see before you close your eyes is that it's now 3:00am and you have to be up in 3 hours. Fast forward - it's 2:00pm and you're at work. You suddenly begin to day dream about your thoughts on opening your own business last night. You have some rough ideas, but you're not quite sure where to start. That's where we come in. Let's get the creative juices flowing! Here are 15 key questions to ask yourself before starting a small business.


1. What is your business idea or concept? Clearly define your product or service and identify your target market.

2. Is there a demand for your product or service? Conduct market research to understand your potential customers, their needs, and the existing competition. 3. What is your unique selling proposition (USP)? Determine what sets your business apart from competitors and why customers would choose your product or service. 4. Who is your target market? Define your ideal customer profile, including demographics, psychographics, and buying behavior. 5. How will you reach your target market? Develop a marketing strategy to effectively promote your business and attract customers. 6. What is your business structure? Decide on the legal structure of your business, such as sole proprietorship, partnership, or limited liability company (LLC), and understand the associated legal and financial implications. 7. What are your funding sources? Determine how you will finance your business, whether through personal savings, loans, investments, or other funding options. 8. What are your financial projections? Create a comprehensive business plan that includes financial forecasts, projected revenues, expenses, and profitability. 9. What are the legal and regulatory requirements? Research the licenses, permits, and regulations applicable to your industry and location, and ensure compliance with them. 10. What are the operational considerations? Determine the resources, equipment, technology, and personnel required to run your business effectively. 11. How will you manage your business? Define your organizational structure, roles, and responsibilities, and consider factors like hiring, training, and managing employees. 12. What are the risks and challenges involved? Identify potential risks and challenges your business may face and develop contingency plans to mitigate them. 13. How will you measure success? Define key performance indicators (KPIs) and metrics to assess the progress and success of your business. 14. Do you have a support network? Consider building relationships with mentors, industry experts, or joining entrepreneurship networks to seek guidance and support. 15. What is your exit strategy? Plan for the long term and determine how you may eventually exit or transition from the business if desired. Were you able to answer all 15 questions? If so, you're well on your way to becoming your own boss and being the next small business success story. We wish you the best!


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게스트
2023년 7월 15일

Thanks!

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