| | Start-Ups Starting a business doesn’t have to be so complicated and overwhelming! Let us help you get started—and save you the time and frustration—to say nothing of the making the learning curve easier! What’s the truth about starting and growing your own business? With entrepreneurship on the rise, business innovators are looking for straight answers, resources, validation and direction. We offer answers for you, steps to take and more. When having your own business if it’s done right there is nothing more satisfying, gratifying or productive.
Start-Up Q & A's We encourage anyone with a dream to read through these pages often. You’ll find them to be inspirational and informative with straight answers, so you can take action. Here’s a quick sampling: What are the first 5 things I should do to get my business started?
How can I do effective marketing to generate customers immediately?
How and where can I get advice on the common pitfalls in my industry?
Should I form a corporation or LLC?
Where can I get well written contracts? Honest legal advise? Do I need legal assistance right away?
Here’s a quick checklist to review when thinking of going into business Thinking of owning and managing your own business? It's a good idea – if you know and have what it takes. Starting a business is risky and exciting, but your chances of achieving success will be better if you understand the challenges you'll encounter and address as many up front as you can before you start. Here are some questions and worksheets to help you think through what you need to know and do. Print out the sheet below and after you’re done answering them we recommend that you write a business plan! Check each question if the answer is YES. Where the answer is NO, you have some work to do. Before you start | Yes | No | Are you the kind of person who can get a business started and make it run efficiently? | ___ | ___ | Think about why you want to own your own business. Do you want to badly enough to work long hours without knowing how much money you'll end up with? | ___ | ___ | Have you worked for someone else as a foreman or manager? | ___ | ___ | Have you had any business training in school? | ___ | ___ | Have you saved any money? | ___ | ___ |
How About the Money? | Yes | No | Do you know how much money you will need to get your business started? | ___ | ___ | Have you determined how much money of your own you can put into the business? | ___ | ___ | Do you know how much credit you can get from your suppliers — the people you will buy from? | ___ | ___ | Do you know where you can borrow the rest of the money you need to start your business? | ___ | ___ | Have you figured out what net/loss income per year you expect to get from the business? | ___ | ___ | Are you willing to re-invest your salary/business profits to help your business grow? | ___ | ___ | Have you talked to a banker about your plans? | ___ | ___ |
How About a Partner? | Yes | No | If you require a partner for additional financing, do you know someone who will fit – someone you can get along with? | ___ | ___ | Do you know the good and bad points about running your own business, having a partnership, and incorporating your business? | ___ | ___ | Have you talked to a lawyer about a partner? | ___ | ___ |
How About Your Customers? | Yes | No | Do most businesses in your community seem to be doing well? | ___ | ___ | Have you tried to find out whether or not businesses like the one you want to open are doing well in your community and in the rest of the country? | ___ | ___ | Do you know what kind of people will want to buy what you plan to sell? | ___ | ___ | Do people like to live in the area where you want to open your business? | ___ | ___ | Do they need a business like yours? | ___ | ___ | If not, have you thought about opening a different kind of business or going to another location? | ___ | ___ |
Your Building | Yes | No | Have you found a good building for your business? | ___ | ___ | Will you have sufficient room to expand when necessary? | ___ | ___ | Can you fix the building up the way you want without spending too much money? | ___ | ___ | Can people access your business easily from parking spaces, bus stops, or their homes? | ___ | ___ | Have you had a lawyer check the lease and zoning requirements? | ___ | ___ |
Equipment and Supplies | Yes | No | Do you know just equipment and supplies you need and how much they will cost? | ___ | ___ | Can you save some money by buying second-hand equipment? | ___ | ___ |
Expenses | Yes | No | Do you know what your expenses will be for: rent, wages, insurance, utilities, advertising, interest, etc.? If not create a strong guesstimate! | ___ | ___ | Do you need to know which expenses are other potential expenses will be? Make a list, because in all likelihood they will come up. Be ready for the unexpected. | ___ | ___ | Do you know how much your employee or virtual assistance costs will be? | ___ | ___ | Do you know how much your marketing and promotion expenses will be? | ___ | ___ |
Miscellaneous | Yes | No | Are you aware of the major risks associated with your product? Service? Business? | ___ | ___ | Can you minimize any of these major risks? | ___ | ___ | What major risks beyond your control? | ___ | ___ |
Your Merchandise | Yes | No | Have you decided what things you will sell? | ___ | ___ | Do you know how much or how many of each you will buy to open your store with? What are the deposits required or the minimum orders? | ___ | ___ | Have you found suppliers who will sell you what you need at a competitive price? | ___ | ___ | Have you compared the prices and credit terms of different suppliers? Do you have enough cash to start? Figure out what you think and then double it, so you have a cushion. | ___ | ___ |
Your Records | Yes | No | Have you planned a system of records that will keep track of your income and expenses, what you owe people, and what other people owe you? | ___ | ___ | Have you worked out a way to keep track of your inventory so that you will always have enough on hand for your customers but not more than you can sell? | ___ | ___ | Have you figured out how to keep your payroll records and take care of tax reports and payments? | ___ | ___ | Do you know what financial statements you should prepare? | ___ | ___ | Do you know an accountant or bookkeeper you can meet with to get started? | ___ | ___ |
Your Business and the Law | Yes | No | Do you know what licenses and permits you need? | ___ | ___ | Do you know what business laws you have to obey? | ___ | ___ | Do you know a lawyer you can go to for advice and help with legal papers? | ___ | ___ |
Buying a Business Someone Else Has Started | Yes | No | Have you made a list of the advantages and disadvantages of the business someone else has started? | ___ | ___ | Are you sure you know the real reason why the owner wants to sell this business? | ___ | ___ | Have you compared the cost of buying the business with the cost of starting a new business? | ___ | ___ | Is the equipment/inventory up to date and in good condition? | ___ | ___ | Will the owner of the building transfer the lease to you? | ___ | ___ | Have you talked with other business owners in the area to see what they think of the business for sale? | ___ | ___ | Have you talked with the company's current suppliers? | ___ | ___ | Have you talked with a lawyer about the existing business? | ___ | ___ |
Advertising | Yes | No | Have you decided how you will advertise? (newspapers, posters, handbills, television, radio, Internet, mail?) | ___ | ___ | Do you know where to get help with your ads? | ___ | ___ | Have you compared what other competitors do to get people to buy? | ___ | ___ |
The Prices You Charge | Yes | No | Do you know how to determine what you should charge for each item you sell? What is your standard markup? | ___ | ___ | Do you know what your competitors charge? | ___ | ___ |
Buying | Yes | No | Do you have a plan for finding out what your customers want? | ___ | ___ | Will your plan for keeping track of your inventory tell you when it is time to order more and how much to order? | ___ | ___ | Do you plan to buy most of your stock from a few suppliers or several? | ___ | ___ | So you know the advantages and disadvantages of each supply method? | ___ | ___ |
Selling | Yes | No | Have you decided whether you will have sales associates? | ___ | ___ | Do you know how to encourage customers to buy? | ___ | ___ | Have you thought about why you like to buy from some sales associates while others turn you off? | ___ | ___ |
Your Employees | Yes | No | If you need to hire someone to help you, do you know where to look? | ___ | ___ | Do you know what kind of employees you need? | ___ | ___ | Do you have a plan for training your employees? | ___ | ___ |
Credit for Your Customers | Yes | No | Have you decided whether or not to let your customers buy on credit? | ___ | ___ |
A Few Extra Questions | Yes | No | Have you figured out whether or not you could make more money working for someone else? | ___ | ___ | Does your family go along with your plan to start a business of your own? | ___ | ___ | Do you know where to find out about new ideas and new products? | ___ | ___ | Do you have a business plan for yourself and your employees? | ___ | ___ |
If you have answered all these questions carefully, you've done some hard work and serious thinking. Additionally, you have probably found some things you still need to know more about or do something about. Do all you can for yourself, but don't hesitate to ask for help from organizations like ours and others who can tell you what you need to know. Remember, running a business takes courage! You've got to be able to be honest and realistic about what you need and then go after it. Now that you’ve answered these questions, it’s time to do a business plan!
Home Based Businesses Home-based businesses in rural or small town settings and cities alike, are helping many people achieve economic prosperity and personal success. A home business can be started economically and built steadily. It can provide a stable and wonderful income for a full timer or a parent wanting to generate a part time income while caring for small children. In any case, the basics of business are still the same. A good plan, organization and hard work. We wish you good luck and if we can help please feel free to contact us! For more information, please log in or join now and we will offer more information! |
