Are you considering the idea of going into business for yourself for the first time? If so; first of all; congratulations on your decision to tackle such a difficult- but rewarding! – lifestyle change. If you’ve been doing your research, you probably already know that the key element of succeeding at going into business as an entrepreneur is your business plan. Before you start a business, you’ll need to figure some things out.
Many people are unsure of what to expect when going to a business plan writer/developer. You may be unsure of which questions you should be working out with a planner, and which questions you should work out on your own ahead of time.
The 7 Most Important Questions to Answer Before You Start a Business
To help clear up some of the confusion, you can use the handy list below to help guide you.
Why are you going into business for yourself?
People go into business for themselves every day, for all sorts of reasons. There really is no wrong answer here, however, it is important to pin down the main reason you’re interested in pursuing your business. Maybe you want to make a change in the world, maybe you want to make a lot of money, or perhaps you want to both.
Do you know anyone in the industry or niche that you plan to enter?
The old saying that ‘money makes money’ is absolutely true, when finances are handled appropriately. It can really help to know someone who is already well-established in the industry or niche you are entering. They’ll be able to help you network; as well as teach you money-making techniques.
Do you really want a business; or do you want a hobby that makes side income?
This one is self-explanatory. A planner can help you figure out how to do either, once you’ve chosen.
What is your (realistic!) sustainability plan?
You need to have a concrete plan for sustaining your business. Otherwise, you’ll quickly use up all of your funds and then go bankrupt.
How will you fund your initial start-up?
Funding can be hard to find when you’re first starting out. It’s difficult to prove that you can be trusted with substantial loans for a high-risk business venture.
What are your intentions and/or goals for your business?
We’re not talking about your goals in the sense of what you want to produce and/or provide as a service. You need to decide what impact you intend to have upon the world around you.
For instance, if you do purposefully intend to make a positive impact on the world around you, you could classify as a socially responsible investment; which is drawing a lot of investors in today’s market.