7 FIRST QUESTIONS FOR START-UPS The thought of starting your own business is intriguing. It's easy to visualize a perfect world where YOU are your own boss, make your own hours and reap huge profits. Unfortunately, more often than not, reality does NOT match up with the vision. Answer the questions below to see if you are you ready to take the leap? 1. Reason Why do you want to start a business? The main reason should be that you have a passion for the business you are starting. Yes, you will need to eventually make a profit, but understand that making a profit can take time. Having a solid plan and sound reasons for starting a business will help get you through the long hours, financially lean months and the stress. 2. The Difference What is different about my business and sets it apart from the competition? If you cannot answer this question, you need to rethink your idea. If nothing is different or better than the business down the road, you're just creating competition. 3. Revenue What amount of revenue is needed to start and to sustain the business? Do you have a revenue cushion besides budgets costs? Calculating all costs including an allowance for "unexpected" expenses is vital. A Business Plan is necessary and should account for the first five years. (Keep in mind a business plan is a fluid document that must be changed and updated periodically) 4. Investment Funds Do you have the investment funds necessary to launch a business? Angel and Venture Capital Investors are extremely limited and business loans through a bank or the Small Business Administration are not always easy to secure either. The application process will most likely require your personal credit history, assets and available funds for consideration and security. Do not be misled, there are NO GRANTS for individual small businesses. 5. Location Where will the business be located? In-Home, Online or Brick & Mortar building? Location, Location, Location, the success or failure of your business may very well depend on it! 6. Regulations Educate yourself about City, State and Federal laws, tax laws and employment laws. These vary from state to state. Be aware of required licenses, permits and so-forth. 7. Client Base Do you have a solid marketing strategy in place? Build and they will come is not a marketing strategy, it's wishful thinking! Next Steps: Develop a Business Plan Build a Business Team Write a Press Release Business Networking Social Media and Business No time like the present to begin! GO WRITE WIN
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