Check Your Business Readiness
Before You Start, See How Prepared You Are!
Business ownership requires research and careful planning to avoid pitfalls, reach your business goals and build a profitable, successful business. Below you will find 20 key questions designed to help you understand and identify entrepreneurial traits, business success factors and the importance of start-up capital in building a new venture.
About You |
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| 1. Do you know why you want to start your own business? | ||
| 2. Have you identified your strengths and weaknesses? | ||
| 3. Do you have knowledge and experience in your industry? | ||
| 4. Do you have the necessary business skills to run a business? | ||
| 5. Can you meet your living expense without taking money from the business? | ||
About Your Business |
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| 1. Do you have a profitable product or service you can sell? | ||
| 2. Can you sell enough products to enough customers to make a living at it? | ||
| 3. Have you determined a good location for your business? | ||
| 4. Do you know how many customers are in your target market? | ||
| 5. Do you know how many competitors you have? | ||
| 6. Can you estimate your sales for your first year in business? | ||
| 7. Can you estimate your business expenses for your first year in business? | ||
| 8. Do you know how many employees you will need? | ||
| 9. Have you considered how you will promote your business? | ||
| 10. Do you have a business plan? | ||
About Financing Your Business |
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| 1. Do you know how much money you will need to start your business? | ||
| 2. Can you provide at least 20-30% of that amount (equity injection)? | ||
| 3. Do you know what you will purchase? (Inventory, equipment, etc.) | ||
| 4. Do you know how much money you will need to stay in business? | ||
| 5. Do you have a recent (within the past 90 days) copy of your credit report and FICO scores from each of the three credit bureaus? | ||
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