Starting a Business

Which part is harder: starting a business? OR making the business successful? OR keeping the doors open to the business?

I have not been in all three phases so I do not know the answer. That is just a question that I thought up as I started this blog and I just wanted to throw that out there.

Today, I will talk about starting a business. I have tried this several times so I know how difficult this phase really is!

What kind of business do you want to start? Do you want to offer services (landscaping, web design, etc.) or do you want to sell product? What kind of product do you want to sell? Who is your target audience? Who will you be competing with? What is you niche? What sets you apart from your competitors? What is your mission statement for this business? What are your core values? What time of day would you like to work on your business? (If you want to work evenings, then a donut shop is not a good idea. They usually work only during breakfast and lunch hours. Most of them are open from 5am-Noon.)

Do you want to work part-time or full time? Do you want to work from home? How far away are you willing to travel to help promote and run your business?

Should you talk to a CPA (Certified Public Accountant)? Do you need to retain a lawyer? Do you want to start a franchise? Do you want to buy an existing franchise or business? Do you want to own a franchise, LLC (Limited Liability Company)? Do you want to own a S-corp, Sole proprietorship or partnership?

How will you come up with the funds to start this business? How much risk is involved? Do you really have a money making idea? Do you have effective marketing and sales plans? Have you established business goals? Do you have a business plan?

Here are some personal questions you can ask yourself:

Am I a self starter? Do I enjoy challenges? Am I a creative problem solver? What are my strengths and weaknesses? What interests, talents, and skills do I have that will assist me in running my new business? What skills do I need to learn or brush up on to run my business effectively?

Take some time and answer these questions...and I will see you next time..bye for now.