Great Questions For Starting Any Business
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1007 Words ~6 Minute Reading Time • Subscribe to receive updates on Business
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Here are 100 great questions to ask yourself before starting any business. Answering these questions can help you get a better sense of what you need to do to create a successful business.
Before you do anything
- Don't hire anyone just yet
- Don't buy "Swag"
- Don't code it first
- Don't listen to your friends and family only - talk to random strangers as well
The Questions:
1. Business Idea
- What is your business idea?
- How did you come up with this idea?
- What makes your idea unique?
- Who is your target market?
- What is the size of your target market?
- What is the problem you are trying to solve?
- How does your business solve this problem?
- What is the value proposition of your business?
2. Business Model
- What is your business model?
- How will your business generate revenue?
- What are the costs associated with your business?
- What is the profit margin of your business?
- How will you fund your business?
- How long will it take for your business to become profitable?
- What is the growth potential of your business?
- How will you scale your business?
3. Market Research
- Have you conducted market research?
- What are the trends in your industry?
- Who are your competitors?
- What are their strengths and weaknesses?
- What are the barriers to entry in your industry?
- What are the regulatory requirements in your industry?
- What is the demand for your product or service?
- What are the buying habits of your target market?
4. Marketing
- What is your marketing strategy?
- How will you reach your target market?
- What is your budget for marketing?
- What channels will you use for marketing?
- How will you measure the success of your marketing efforts?
- What is your brand identity?
- What is your messaging strategy?
- What is your customer acquisition cost?
5. Operations
- What are the operational requirements of your business?
- What is the timeline for launching your business?
- What is the location of your business?
- What are the staffing requirements of your business?
- What are the legal requirements of your business?
- What are the accounting and financial requirements of your business?
- What are the technology requirements of your business?
- What is the inventory management process for your business?
6. Sales
- What is your sales strategy?
- How will you generate leads?
- How will you convert leads into customers?
- What is your sales process?
- What is your pricing strategy?
- What is your customer retention strategy?
- How will you handle customer complaints?
- How will you measure the success of your sales efforts?
7. Legal
- What legal structure will you choose for your business?
- What are the legal requirements for starting a business?
- What are the permits and licenses required for your business?
- What are the tax requirements for your business?
- What are the intellectual property requirements for your business?
- What are the employment laws you need to follow?
- What are the liability risks for your business?
- What contracts do you need for your business?
8. Finance
- What is your financial plan?
- What are your startup costs?
- What are your ongoing costs?
- What is your revenue forecast?
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- What is your break-even point?
- What is your cash flow projection?
- What is your funding strategy?
- What is your debt-to-equity ratio?
- What are your financial projections for the next 3-5 years?
- How will you manage your finances?
- What accounting software will you use?
- What are the tax implications of your business?
9. Team
- Who will be on your team?
- What are their roles and responsibilities?
- What are their qualifications?
- What is their experience?
- What are their strengths and weaknesses?
- How will you recruit and retain your team?
- What is your company culture?
- How will you handle conflicts within the team?
10. Personal
- Why do you want to start a business?
- What are your personal goals?
- What are your strengths and weaknesses?
- What is your risk tolerance?
- What is your entrepreneurial experience?
- How will you balance your personal life and business life?
- What support do you have from family and friends?
- What is your exit strategy?
Answering these questions can help you gain clarity and confidence in your business idea and create a solid foundation for your business. Good luck with your entrepreneurial journey!
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