Questions to Ask Yourself before Starting a Business
Who Is My Target Audience
Your target audience depends on your goals. Are you selling a product, sharing ideas, or building a community? Define your niche—age, interests, location—to tailor content effectively. Who’s your focus?
What Are My Startup Costs
Startup costs include business registration, licenses, permits, equipment, office space, inventory, marketing, insurance, website development, salaries, and professional services. Ensure to factor in initial working capital for operations and growth.
What Is My USP
Your Unique Selling Proposition (USP) should highlight what sets your business apart—whether it's exceptional customer service, innovation, quality, pricing, or a unique experience that others don't offer.
How Will Arrange Fund
Consider options like personal savings, family or friends, crowdfunding, bank loans, angel investors, venture capital, or grants. Evaluate the best fit based on your business model, risk, and growth potential.
What Problem Am I Solving
Identify a clear pain point in your target market—whether it's inefficiency, lack of access, poor quality, or unmet needs—and focus on providing an innovative, effective solution.
What Is The Risk Level In It
The risk level can vary based on factors like market competition, financial stability, operational challenges, and industry volatility. Assess risks such as investment, customer demand, legal issues, and scalability.
How Will I Promote My Business
Utilize social media, content marketing, influencer partnerships, networking events, SEO, email campaigns, local advertising, and word-of-mouth referrals to build brand awareness and attract customers.
What Are The Legal Requirements
Legal requirements include selecting a business structure (LLC, corporation), obtaining necessary licenses/permits, registering for taxes (EIN, sales tax), complying with zoning laws, insurance, contracts, and adhering to employment laws.
Who Are My Business Competitors
Your business competitors are companies or individuals offering similar products or services within your market. Identify them by researching your industry, analyzing customer needs, and looking at companies with similar target audiences.
How Will I Make Money From My Business
Make money through product sales, service fees, subscription models, advertising, affiliate marketing, or licensing. Consider multiple revenue streams to diversify income and ensure long-term sustainability and growth for your business.
