Asking questions before you launch your business enables entrepreneurs to put in strategies within their control to launch, run and take care of the day-to-day affairs of the business. In addition to trying to think up a business plan, you may be asking yourself whether you should even start a business at all.
Can I give my business 100 percent?
Starting a business requires a great deal of commitment and motivation for the tough times. Are you willing to give 100% to your business?
Can you clearly communicate your business’s value proposition?
By now, you must have heard of the elevator pitch. It’s about being able to explain to anyone in miuntes what your business is about, and why they should care. Have you identified your audience and what they will gain from your business? Finding out the genuine reason why anyone should spend money and time on your product or service will ensure you do not run out of business when you start.
How committed are you?
To be successful, you need to get really good at something. To get really good at something you need to be motivated to continue and to do that, you need to be committed in your resolve to start a business.
How much cash will you have at risk?
Starting a business costs money. Knowing how much costs you will run into helps you prepare and plan ahead.
How much time will running your business consume?
Money is not the only valuable resource. Questions like whether your business provides value for your time spent will ensure that business owners and employees feel validated by their work.
Is there a much better time for you to start a business?
Part of starting a business is understanding trends and being able to read the best times for you to enter the market whether it is the next day, next month, or next year.
Do you have an alternative plan?
If after you have invested time, money and resources, do you have plans in place for dealing with disappointing results if the business don’t turn in great results?
What differentiates your product from the competition?
Like it or not, having an advantage means delivering more value than your competitors do. Whether its lower prices, more value, immediate responses etc.
How diverse are your suppliers?
With the recent clampdowns on borders due to the ongoing Covid19 pandemic, it has become more evident to have a diverse portfolio of suppliers for your business. Depending on more than one vendor/supplier can soften the blow when unforeseen circumstances show up.
What are your limits?
Deciding where your limits are will create a framework for your business to operate in. For example, you may decide not to start any business requiring above 5 hours of committed time, will not cater to less than 100 customers a year, or you may decide your limit is to not invest more than a certain amount of money. Have you identified what constraints your business has or should have?
What’s the smartest way to fund my operation?
Have you identified ways to get the most out of limited capital? Bootstrapping and seeking investment capital comes with their unique challenges. Being prepared whatever route you take is important.
What are you measuring?
What defines success for you? Growth of customers? Increase in sales? Millions of impressions? Finding ways to capture the status of your business is essential in order to pinpoint what works and what doesn’t on the road to success.
Can you attract the right people?
Having dependable people and processes in place builds systems which will ensure that business goals and culture are communicated and effected. Finding ways to ensure that your business has the people and processes that it needs to maintain longevity is necessary to ensure success.
Even in the early stages of thinking about your business, you have to plan, do research, understand the industry and also weigh the risks vs. the rewards of starting your business.