As you are in the preparations to go into business, you need to take time and research deeply about the kind of business you want to start and for this reason we believe you are here reading this post. Thus, we selected these 12 questions you should answer so that your research can be a little easy. However, these are not the only things you ought to know when going into business but they are among the most necessary areas needed to set you on track.
- What kind of business do you want to start?
Having an interest in starting a business is not enough to venture into it. You should identify what kind of business it is. And not just saying it is buying and selling or providing service, but also knowing the steps involved in doing the business.
- How well do you know the business and will learning more about it be an issue for you?
After you have identified what kind of business you want to start, evaluate your knowledge about it and also the things you need to learn in the process. By doing so, you can know if there is a chance for you to grow and thrive in that niche because there shall be issues along the line when you know less about what you do and you find it difficult to learn and understand it.
- Is it just to employ you alone or along with others?
This business, is it for just self-employment which is a business you will do all by yourself e.g. a shop or a home service salon. Or do you require others to work with you? Figure it out if you need to hire, collaborate or seek for volunteers. Like in Prod Minds, as it requires a lot of different categories of people, we look for workers and most of them are volunteers.
- Is the business a demand of the society?
You have a great business idea but if you are at a place where it is not in demand, your great expectations could be reduced to nothing. Therefore, do not rush into a business without you confirming that there is a demand for it at where you intend to establish it.
- Where do you know that can be a good location for the business?
After checking the demand for the business, the next step is to look for a suitable location to establish the business. Suitability include: easy access for customers and suppliers, safe environment, affordable cost of rent.
- Who are your customers?
Identify, classify, distinguish your customers. The very audience you intend to capture in your business. Do not do business without figuring out who exactly your customers are.
- How much do you need to start?
You need to make an intensive budget for how much you need to start the business. And not just a head budget, but a written budget so that you can itemise the money according to what you listed. By writing a budget, you can know where you can get the money from, what is a must to buy at the start, what you need later and even evaluating if the cost is worth investing for the business.
- Where can you work first or what pre business would you do to raise the money for the main business?
It could be that the business you have in mind is very big and as a result a large capital is needed to start doing it. This should not be a hindrance for you to aspire for it. However, you can see it as your long-term goal and make a financial plan that can help you realise the business. 2 Things that can help you manage your money properly When the business you want to start requires a huge amount of money to start you can think of doing another work or business first to raise the money you need for the main target.
- Do you know others who are successful in that kind of business you want to do?
It is important for you to know even if is one person who is successful in the same kind of business you have interest in so that you can take some of his strategies as a lead to build on your own strategies. Today the internet has made it possible and easy to learn from others even when you are not in the same place. Therefore, if you know nobody around you who is known for what you want to do, I am pretty sure you can find one online to follow.
- What are your business’s Advantages and disadvantages?
What are the things that makes the business advantageous and disadvantageous or in other words what are the risks involved in venturing into a business like the one you have in mind? What can lead to a profit or loss.
- What are the do and don’t?
There are rules and laws guiding almost all that we do. Find out the rules of doing a business like the one you have in mind and also the laws governing the practises or operations of a business like yours both locally and internationally.
- What are the partnership and collaboration options available?
It could be that you need to partner or collaborate with other businesses to carryout yours. Therefore, if you need or want to partner and collaborate, find out the available options for partnerships and collaborations so that you can evaluate their suitability and convenience for you. And also know how you can work with them.
When you answer these questions and put necessary steps in place, you are good to begin doing your business but always remember that you must not stop learning. The successful businesses you know today are successful because the people running them are in constant learning and applying the knowledge they got.