If you’re thinking of starting your own business but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’ve had an idea for years or you have only been thinking about it for a couple of months, you need to ensure you’re as prepared as you can possibly be. Luckily, there are lots of questions you can ask yourself to ensure you’re on the right track. From setting yourself goals and targets to hiring your first team members, the more questions you’re asking the better. With that in mind, here are 14 questions to ask yourself before you start your own business:
What Will Your Business Be Doing?
One of the first things you need to consider is what your business is going to be doing, as this will be the foundation of all of your planning and preparation. Whether you’re selling a product or service, having a clear idea of what you want to do will definitely make things easier.
If you have a lot of ideas and you’re struggling to put them together in order to form a plan, you may want to consider slowing down the process until you know exactly what it is you want to do. Brainstorming things will definitely help.
What Will Your Business Name Be?
Once you have started to put together a plan of what your business will be doing, you need to think about your business name. Often, this is one of the hardest things to decide.
Whether you’re choosing something abstract or your centre it around your own name, you need to be sure you’re choosing something that you can use for years to come. Although you can change it in the future, it’s a difficult process if you have established a brand under a specific name. For tips and tricks when it comes to choosing a name for your business, you can visit this site here.
What Are Your Mission And Values?
Another important question to ask your self comes down to your mission and values as a business, as you need to decide what these are going to be.
For most, setting a mission is incredibly simple as it is usually centered around how you want to help your customers. All you need to do is write a short statement detailing what you’re going to be doing as a business, showing how you can help.
Your values may be a little harder. These need to be at the heart of your business, showing everyone what’s important to you and what you care about. If you’re stuck, it might be worth looking at what other businesses have chosen as theirs.
Do You Have Any Targets And Goals?
Once you have written your mission and values down, you need to start thinking about your targets and goals. Whether you’re looking to make a certain amount of profit or you want to hit a certain number of customers by the time you reach six months, you need to ensure your goals are SMART.
For those that don’t know SMART goals are:
Specific – you need to ensure you’re being as clear as you possibly can
Measurable – if you can, add a number in which you can work towards
Achievable – your goal needs to be something you could achieve
Realistic – similarly, it should be realistic within your line of work
Time-based – to help achieve your goal, you should set a completion date
For more information about SMART goals, you can visit this site here.
How Will You Make A Profit?
One of the most important questions you can ask yourself when it comes to starting your own business is how you’re going to make a profit. Whether you make a profit from advertisements on your website or your profit comes from product sales, this is something you need to work out from the beginning. If you’re selling products, you need to work out your profit margins based on the materials you’re going to be using.
Have You Put Together A Business Plan?
When thinking about all of the above questions, it’s important you’re detailing all of your answers in a business plan. Whilst it may seem complicated, you’re already half-way there once you’ve answered the questions above.
Other things you may want to include the logistics of your business and whether or not you need to hire any team members. For a guide to writing a business plan, you can visit this site here.
Who Are Your Target Audience?
Another important thing to consider when it comes to starting your own business is who your target audience is. Although you may find it easier to categorise them by demographics, you need to go into as much detail as you possibly can. This means creating an avatar that has a personality with likes and dislikes. To create this avatar, you may want to ask yourself the following questions:
- How old are they?
- Where do they live?
- What is their gender?
- Where do they like to shop?
- What TV programmes do they like to watch?
- What is their favourite food?
- Do they shop online or in-store?
- What is their personality like?
- Are they chaotic or neat?
The more you know about your target audience, the better.
How Will You Be Manufacturing Your Products?
Another important thing to consider when it comes to small business management is how you’re going to be manufacturing your products. Whether you’re making them from your own home or you need to source them from an external manufacturer, having a clear idea of your process before you get started will help when it comes to identifying your costs and the lead time for each product.
Do You Need A Physical Location?
Although this may not apply to everyone, you need to think about whether or not your business needs a physical location. If yes, it might be worth looking at potential options.
Will You Be Selling Online?
If you don’t need to use a physical location, you need to think about whether or not you’re going to be selling your products online. If yes, you need to think about setting up a website and how you’re going to manage product updates and changes.
Alternatively, you can do both.
How Will You Be Promoting Your Products?
Once you know where you’re going to be selling your products, you need to think about where you’re going to be promoting them. From local magazines to social media, there are lots of effective options to choose from.
What Social Media Platforms Will You Be Using?
Speaking of social media, the sooner you think about the platforms you’re going to be using, the better. Whether you’re going to be using TikTok to grow your following or your think Instagram is the most used platform within your target audience, a social media strategy is essential to growth.
Will You Be Outsourcing Any Roles Within Your Business?
Although it may be hard to let go of parts of your business, outsourcing is a great way to free up your time to focus on the more important aspects of business growth. If this is something you’re going to be doing within your business, the sooner you start thinking about it the better.
Do You Have A Contingency Plan In Place?
Finally, you need to ensure you have a contingency plan in place. After all, you never know what could happen.
With lots of important questions to ask yourself, you can ensure you’re as prepared as you can possibly be when it comes to your launch. What else do you need to consider? Did we miss anything off of the list? Let us know your thoughts and ideas in the comments section below. We’re always happy to hear from our readers.