7 Questions To Ask Before You Launch A Business

September 11, 2008

Before you launch a business, aside from doing thorough research, there’s a few questions you need to ask yourself. Don’t skip these questions. I ignored the first one once and actually sank one of my businesses.

Am I Truly Passionate About This Business?
Passion really is far more important than anything. If you’re not passionate about the business you’re about to launch, find something you are passionate about. Otherwise, you’ll wind up wasting a lot of time and money, or stuck in a business
you don’t enjoy.

Do I Know Enough About This Business To Get Started?
If you can’t truthfully answer yes, go out and learn some more about the business first, even if it means delaying your launch.

Am I Self Motivated Enough?
Some people seem to find it easier to motivate themselves than others. Are you the type of person who would be more likely to watch tv than work on their business, if you based your business at home? If you’re not sure, it might be worthwhile starting your business on a part-time basis to begin with.

Do I Have A Decent Amount Of General Business Knowledge? Do you have a basic understanding of how to run a business? Do you know enough about sales, marketing, accounts etc to get started? You can and will learn a lot as you go, but it will be far easier if you improve your knowledge before you launch your business. You can do this through reading books and taking courses.

Is The Business A Good Fit For The Type Of Lifestyle I Want To Lead? Think about this one carefully. Will you be able to carry on doing the things you enjoy doing now, if you start this business? If you’re an outdoor person, you may not enjoy running a business that keeps you indoors all day. And if you’re not a morning person, starting a business that requires you to get up at 4am may not work out.

Do I Know What My Business Is Going To Look Like When It’s Complete? This may not sound relevant – especially if you think you might want to keep your business forever and never sell it. But you really want to know what your business is going to look like when it’s complete, before you even launch it. That way, you can plan to reach that point and you’ll also know what you need to do to get there.

Will I Be Able To Raise The Start Up Capital Needed For My Business Launch?

Even if your start up costs are low, you’ll still need money set aside to live on. And how much you need will depend on many factors. For instance, if you need to employ people from the beginning it may take longer to break even than it would if you are working alone.

If you don’t have at least enough cash, on top of your start up costs, to meet your daily living expenses for one year, you might want to launch your business on a part-time basis to begin with. Unless you can come up with other ways to meet those expenses.

In a future post, I’m going to cover ways you can raise cash to help with the launch of your business. If you’d like to learn about this, click here to subscribe in a reader.

Can you think of other things you might want to consider before you launch a business?

7 Tips For Covering Your Ass In Business
The Power of Blogging For Business Without A Business
Did You Plan Your Business Journey Yet?
Are You Ready To Give Up The Day Job?

Image Credit: Steve Jurvetson

Next Page »

Content Protected Using Blog Protector By: PcDrome.