21 Critical Questions for New Business Owners

We have compiled 21 questions for new business owners that will assist you in determining what type of new business you want to start. By taking some extra time to carefully consider the questions we are about to pose, you could save countless hours or years of unsatisfying work.

When you are working to choose the best business for yourself, it is easy to get caught up in the belief that what you have been doing up until now, you must continue to do. After all, that is what you know and so it makes sense to stay within your area of comfort, right?  No, not true!

questions for new business owners

Without careful consideration of how you want to spend your time, you may quickly end up trading your small office or cubicle at work for a small room at home that keeps you just as tied down as your old job - possibly even more tied down because you're the boss and are solely responsible for the business.

Or, you may end up having to spend most of your day pounding the pavement on sales calls when what you really want is to remain at home and enjoy a more flexible work schedule, while others do the pavement pounding. 

The key to ensuring you end up in a business you are passionate about is to ask yourself some very important questions as you analyze whether a business is right for you.  Our 21 Critical Questions for New Business Owners will assist you in "visualizing" your way to your new business before you actually start it.

Take the time to fully consider what you want to achieve. Try using visualization to get a clear mental picture of what your day will actually be like during your new venture. By doing this, you can discover what you will be feeling as you go through a typical business day. You can then use this information to help you determine if you are on the right professional track.

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” 

– Albert Schweitzer

It's important to evaluate the lifestyle associated with your new business before actually investing money, time and energy into it.

Going into business for the wrong reasons without adequate research can be a fast ticket to failure - in either your professional or personal life. For example, too many people make a knee-jerk decision to quit an undesirable job before they have a well laid plan for the future. Impulsively starting a new business just because the opportunity is there may not be a good decision, especially if you don't fully understand what your day-to-day experience is going to be. 

21 Critical Questions for New Business Owners

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?

“Business opportunities are like buses, there’s always another one coming.”

- Richard Branson

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.

21 Critical Questions for New Business Owners

  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 that can assist you in getting clear about what you want your future to be. 

Goal Setting For Success Course Ebook - 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.

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