Advice for Starting a Small Business

"The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer."

- Nolan Bushnell, Entrepreneur

Advice for starting a small business: Startup Questions

Regardless of the method or resource you use to gain knowledge and advice for starting a small business, make sure you understand everything you can about the business and industry you are considering.

Below is a comprehensive list of questions that will get you started in assessing a new business. Answers to these important questions will help you decide if the business you are considering is the right one for you.

• What special skills are necessary for this type of business?
  
• What special knowledge is needed?
• What is the most difficult thing about this type of business?
• What are the important skills required for success?
• What does a business owner like most about this type of business?
• What does a business owner like least about this type of business?
• How much should I expect to make my first year?
• How much can I expect to make after five years?
• How much money should I set aside to start this business?
• What is the expected break-even point for this business?
• How seasonal is the business? Do the revenues vary from month-to-month?
• What does the future look like for this type of business?
• Is there any proposed local, state, or federal legislation that may have an impact on the business - positive or negative?
• What available resources are available to assist in my research of this business? E.g. trade journals, industry groups, etc. 
  

After learning about the business, are you excited? Do you want to learn even more? Are you already thinking of ways you can improve upon the products and services already being offered in the business?  If the answer is yes, then this may be a great business for you. Any business that fuels your passion has a higher chance for success so pay attention to your inner voice.

Too often most business ideas simply never get off the ground for lack of initiative, energy and enthusiasm. If you are hesitant to get started, this may be a sign you haven't found the right business idea yet, so keep looking for that one thing that really motivated you to get out of bed every day. 

Don't just talk about your idea. Actively search and the best business idea will come your way. Only when you seek it out, will you find it.

Use our many leadership tools and resources and take steps daily toward realizing your dream and making your vision a profitable reality.

Picture a Day in Your New Business: 21 Questions

The following questions for new business owners provide a simple way to get you thinking about what your day will look like before you make the critical decision on whether or not to begin a new business venture.

As you consider each question, pay attention to how your answer makes you feel. Do you feel tense and agitated as you read and answer each question or are you getting excited and motivated to continue seeing yourself in that circumstance?

Even if you don't know the reason why, listen to your feelings and trust your gut. These questions for new business owners are truly important is you seek to minimize the chance of wrongly choosing a new business. If you move forward in any new business venture without being very clear on how you wish to spend your time and ultimately what you want to achieve in the end, you’ll not only waste a lot of time and potentially a lot of money.

1. It's time to get ready for your business day. What time is it?
2. You get dressed for work. What do you wear?
3. Does someone depend on you before you leave for work. Who is it? What do they need?
4. You open your door to your business. Where is it located? What does it look like? What's the monthly rent?
5. You look around. Who else is there with you? Are they on payroll or independent contractors?
6. Do you produce (or handle) the product of your business? What is it? Where do you source materials?
7. How and where does a customer purchases your products or services. What are your target customer's demographics?
8. You've started building a solid customer based after how long? Why did the customer choose your product/service and how did he know about it?
9. You think about your product or service. What does it cost? Are you price competitive? How did the customer pay for it? Cash? Credit Card? On account?
10. You glance down at your customer list. What and when will they purchase from you the next time? Can you count on recurring revenues?
11. It's lunch time. What are you eating?
12. Where are you eating and which whom?
13. What do you see yourself doing during the second half of your day. Producing something? Selling something? Going somewhere?
14. It's time to close up shop. What time is it?
15. You prepare your bills or count your money. How much did you make today? How much is in actual cash? How much is owed to you?
16. It's time to go home. Are you going straight home or do you have more work to complete to be ready for the next day?
17. You've arrived home. What time is it? Do you have household responsibilities when you get home?
18. Is there other book work/paperwork for your business that needs to be completed. When do you do it?
19. You want to talk about your day with someone. Who do you talk to? What time is it? How often are you eating dinner with the ones you love?
20. You're thinking about what you want to accomplish for your business the next day. What do you do?
21. It's time to sleep. What time is it? Are you sleepy well?

By asking yourself these critical questions for new business owners, you can give yourself a clear-eyed view of what you daily experience will be if you choose to move forward with this new business. If you truly are on the right path, then after reading and completing this list of questions you should feel more at ease with your decision.

If however, after completing this list of questions for new business owners, you feel confused or unsure – then STOP, and re-evaluate whether or not it is wise to move forward.

No matter what choice you make, taking the time to "wear your decision" beforehand is always helpful in the decision making process.

Other Tools & Resources

In addition to the 21 Critical Questions for New Business Owners list, we encourage you to check out these additional tools and advice for starting a small business that can assist you in getting clear about what you want your future to be.

Goal Setting For Success - At the most basic level goal setting provides a means for determining what you want out of life; how you want to spend the next 30 days, 1 year or even an entire lifetime. The Goal Setting For Success guide was created to walk you through the relatively simple steps to setting good, solid, common-sense goals in each of the key categories of your life.

Life Balance Tool - By taking just a few thoughtful moments to rate your level of satisfaction with each life category, you can quickly recognize those particular areas that need some focused attention.

Master Action Plan (M.A.P) Tool - Whenever you are determined to achieve a specific goal, draw up a success blueprint using our free tool. This process will allow you to effectively think through each task and ensure that your time is spent in the most productive manner possible.