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

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

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

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?