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Best Questions to Ask Yourself Before Starting a New Business

Before you even decide to definitely start a business, you should ask yourself some very basic questions. These should come before you make a final decision regarding the best business structure for your enterprise -- or try to obtain financing.        

            Since 1953, the government’s Small Business Administration (SBA) has been helping people turn their entrepreneurial dreams into successful realities. On the current SBA website, you’ll find a great list of questions that can be useful to those hoping to start companies of any size – from a solo-proprietorship to a relatively small company that may one day dwarf some of the world’s major corporations.                                                                                    

You may want to start out by just reviewing 10 of the 20 questions referenced by the SBA (as set forth below), before moving on to the remaining ones.

Ten of the Top 20 Questions Suggested by the SBA for All Prospective Business Owners

  1. Why do you even want to start your own business? Are you simply frustrated in your current job and perhaps just need to keep working for others? Do you believe you have the type of stamina and creativity often required to get a new business off the ground?

  2. Exactly what kind of business do you want to start? If you’ve invented a new product and you’re pursuing a patent, this should be easy enough to answer. However, if you’re hoping to just start your own business as an accountant, do you really think you can outperform the competition in your area?

  3. Who do you hope to win over as your first and most promising customers? You have to be realistic about where you live and the chances for success. Are you offering a service that no one else is providing -- or do you believe you can deliver the service at a cost far below the competition? Who will you contact first as prospective clients? How will you come up with these names – and how will you go about contacting everyone?

  4. Which products or services should be offered first? Do you think you can readily come up with the money necessary to build up your inventory of products? If you’ll simply be providing a service, can you afford to take home lower initial profits while helping to fund the business?

  5. Do you have the time available to do what’s necessary to get a business going? Is this something you can do at night or on weekends, while still holding down another position? Will you first hire someone else to handle the basic start-up tasks?

  6. What is most unique about your business? If you’ll be offering a service, are you simply able to offer a wealth of successful experience to your clients, along with equally skilled employees? If you’re selling a product – what can it do that similar ones have never done for customers in the past?

  7. Where will you try to lease office space? Will you be located in a place that will enhance your business? If you cannot afford a prime location, how will you get your product or services to others in a manner that will eliminate logistical problems?

  8. How many other employees will you initially need to hire? Which positions should you fill first? Do you need to go through a “temp” agency for one or more of these jobs or  should you just agree to donate much of your own initial work time to getting the business off the ground, along with your partners (or other business members)?

  9. What types of suppliers will you need? Nearly every person in business needs some type of supplier, unless you’re an independent typist or writer who only occasionally needs to buy office supplies. Do you know how to properly bargain to obtain good discounts?

  10. What kind of start-up money will you need and how do you plan on raising it? If you don’t believe that you can personally obtain a loan from a financial institution, can you (and possibly some of your business partners) find a way to fund the business on your own in some manner?

As each of these questions indicate, you need to have in-depth discussions with others before every seriously starting a business of any size. Once you and any potential partners (or other co-owners) have answered these basic questions, visit the SBA Website to answer the other 10 questions set forth for entrepreneurs just starting out. Keep in mind that you can always seek out counseling sessions with SBA employees, long before you meet with your Peachtree City business attorney, marketing experts and other helpful advisers.

 

To obtain help with handling all of your Georgia business planning needs, please contact the Law Offices of Shane Smith today.  You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.


Shane Smith
Advocate for the Seriously Injured in Georgia