Questions to Ask If You’re Starting a Business

Do I have a feasible plan? Feasible doesn’t only mean doable. In small business, it also means “has the potential to be successful.”  The government has a website (sba.gov) to help people make a plan to start a small business and there are countless agencies that can help you with planning for little to no cost.

Have I done the research necessary? You must do research. You can ask local people about their perceptions of a small business like the one you’re thinking of. Get some friends to help you out; scope out your area, see if there’s anything remotely similar to what you want to do in your area. The Internet makes this kind of research a lot easier than it would have been 30 years ago, so utilize it!

How’s my credit looking?  You’re most likely going to need to get a small business loan. If that is the case, then you also need to have good credit and some collateral in order to get that loan. If your business fails, the bank will need something to get their money back, so you need to make sure what you’re doing is worth the risk.

Do I have the time and energy to do what’s needed? Starting your own business is toil of blood, sweat, and tears. If you’re still working a normal job alongside your start-up, you could end up working more hours than you ever have in your life. Do you have time to do the research, go to meetings, and talk to consultants? If not, then you may want to reconsider.

Do I have a fall-back plan in case it totally flops? And the question of old: Do I have a back-up plan? Don’t live in a fantasy world where you think that everything will turn out okay no matter what; make sure you have a backup in case your business doesn’t make it.