10 Questions You Need Answered Before You Start Your Business

1. Have you assessed your skill set, the risk and time commitment necessary to start the business?

Yes    No

2. Have you determined the business form you will use (i.e.- Sole Proprietor, S-Corp, LLC, etc.)?

Yes    No

3. Have you determined the amount of capital you will need and for how long and do you have access to this level of funding?

Yes    No

4. Do you have a measurable set of strategic goals and objectives?

Yes    No

5. Do you have a written business plan?

Yes    No

6. Do you clearly understand the market for your product (who are your customers, where are they, what are they willing to pay for your product or service, how will you reach them, etc.)?

Yes    No

7. Have you determined the need and timing for additional personnel?

Yes    No

8. Have you identified your competition?

Yes    No

9. Do you believe you’ve identified all the barriers that exist for your business to be successful (availability of raw materials or supplies, facilities, capital equipment, patented processes, technology, market timing, regulatory issues, etc.) and have you developed a strategy to meet them?

Yes    No

10. Do you have advisors, mentors or a support structure in place to monitor your progress and offer solutions to correct problems?

Yes    No