Thursday, August 8, 2013

5 Questions to Answer Before You Start A Business!

As I guide others with business ownership, I've noticed a trend. There are five questions every prospect business owner needs to ask him or herself. These questions can help you discover if you truly should move forward with a business idea or investment, or signal if you're about to make a major mistake!

1. Where am I getting my money from?

Money is key. You need money to make money. If you don't have enough money to sustain your business expenses for a year, pay employees, pay yourself, and have money for emergencies - you're not ready and setting yourself up for failure.

2. Where will my business be located? Again, money. Are you leasing business space based on how nice an office is or how useful an office is? There is a difference. Overspending on rental space is a common mistake. We all want a luxury address but you can grow into one- you don't need it right away.

3. Who is my competition. This seems obvious but you need to research local and online competition and then make a plan.

4. Will I need insurance? Yes, different businesses require different types of insurance- sometimes multiple insurances. Finda business mentor (yes, you can hire me) and make sure you are fully insured before you open doors.

5. What happens to me if I don't make it? This isn't thinking negative, this is having a plan in place just in case. You need to ask yourself this question and create a plan in case you have to face this scenario.


1 comment:

  1. Hello, Twyla! I just wanted to stop by to encourage you to keep blogging! I'm about to post my first blog post. Just seeing another black person blogging encouraged me even more. Keep at t.

    If you're on, follow me.

    Be blessed,

    Tony Miller