Are you ready to start a business? If you’ve been bitten by the entrepreneurial bug and you think you’re ready to get started on your journey there are six questions to answer before starting a business so you get off on the right foot and you’re ready to move forward.
1. Am I ready to commit the next few YEARS to this project?
The number one question to answer before starting a business is whether or not you’re ready to legitimately commit to this idea for the next few years. You could be in business for a short time if it fails, but if you succeed this could be your gig for the rest of your career or until it’s big enough to let go. Are you prepared for this? Is this something you can commit to?
2. Why are YOU the person to do this?
A great business idea is one thing, but without the right person behind it the chances of it working out is much less. When it comes to questions to answer before starting a business, ask yourself what sets you apart. There isn’t necessarily a right or wrong answer but it’s important to know why you should be the person behind it.
3. How can this idea be monetized?
Another great question to ask yourself is how can your business idea be monetized. It’s not enough to ask if it can because, quite frankly, you can monetize anything if you do it correctly. But figuring out how is the key.
4. Can I start this as a part-time venture?
Unless you happen to have a comfy nest egg that you can contribute to your business AND still manage your personal finances with, then you’ll probably want to start your business out on a part-time basis. So, you’ll want to figure out if this is something that needs all of your attention right from the start.
5. What skillsets am I missing for this venture?
Chances are you don’t have every skill that you’ll need to build and grow your business, so one of the questions to answer before starting a business is an honest list of the skill sets that you don’t have and how you can get access to them or manage without them until you have the funds.
6. Do I have the funds to start this?
The final question that you want to ask yourself is whether or not you have the funds to start a new venture. Business takes money and while many can be started on a small budget that’s not the case for everything. So, figure out if you have the money or if you have to get it elsewhere before you get started.
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!