Basic things to ask yourself before stating a business

[Akinwale701]

A lot of folks around the globe wants to start doing business, both large and small scale but after starting out, it ends up crashing. To avoid same predicaments which failed businesses have gone through,I'm going to share with you few basics of building a solid business.
So, before you consider starting up a business which you plan will turn into a conglomerate someday, main questions you need to ask yourself includes;

1) Why are you planning to start a company? Before you do something else, this is the most important question to answer. ...

2)What capital have you got access to? Where do you plan to get your funds from,is it self funding or an investor, choose that yourself.

3) What is it that you know how to do? Your main area of concentration that will help the business in all entirety.

4) If this business didn't get to workout, will you regret it?
Will I be depressed it turns out sour, why you should ask yourself this question includes that, will you be able to brace up your self from where it ended and start all over or not.

After answering these questions genuinely(right answers),crosscheck over again like a week,then if you are settled with concrete answers. You are good to go!

thank you so much for this eyeopening thread as to the basics c questions to ask oneself before starting a business. Nowadays, people jump into business they know literally nothing about with the hope that all is like bed of roses in the field of business, they ended up regretting such though.

 

[shakky2]

the basic things to ask yourself before venturing into any business can help in building the business forever.question like is this my area of interest and is this the business i will love to do are very essential as most people venture into business not because they have interest in it but because they their friends are also involved and it's booming for them

 

[Turgut]

Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. ...
Write your business plan. ...
Fund your business. ...
Pick your business location. ...
Choose a business structure. ...
Choose your business name. ...
Register your business. ...
Get federal and state tax IDs.

 

[summan]

want to reconsider. You don’t want to pursue a business idea for it to cost you more than what you make. Yes, money isn’t the most important factor, it is the outcome but it is your responsibility to ensure the business has financial viability.
[automerge]1612721485[/automerge]
want to reconsider. You don’t want to pursue a business idea for it to cost you more than what you make. Yes, money isn’t the most important factor, it is the outcome but it is your responsibility to ensure the business has financial viability.

 

[Snazzy001]

ask yourself if you are ready to face competition in business.ask yourself if you also have the capital to start this business .do you also have what it takes to manage men and material in business .because you also have to be patient while doing business with people .

 

[tuna89]

You are very right, in addition to your points, one also has to have a good knowledge of the kind of products to be sold, the location of the business also matters as well as the finance used for the business ,after these, the management of the business is also very important as well as customer service skills ànd the rate of spending, you also have to study your competitors so that you will be in line with the latest sales trends.

 

[jimmann247]

Good one, you have hit all the major point, no one should start or going into busting without having answers to this questions. once you have answer to the first 3 question, then you can go ahead and plan to start, nobody plan to fail.

 

[Segat]

There a lot of things or questions you need to answer before venturing into a particular business. You must ask yourself if you are ready in terms the technical know how of the business, in terms of the finance.
[automerge]1612722557[/automerge]

There a lot of things or questions you need to answer before venturing into a particular business. You must ask yourself if you are ready in terms the technical know how of the business, in terms of the finance.

---

You must also have done the feasibility studies and ask some questions if actually tr service or goods you want to deal with is a need in the proposed area, you must also be able to answer if there will be need to get one or two persons involved or not.

 

[Nurudeen]

The first thing you need to ask yourself while starting a new business is that is the business profitable and does it have a good prospect that appeals to customers to always come for more. If you can answer this question with confidence you are on your way o success with the business

 

[Neeta313]

You should ask yourself if it is something that is achievable and you can remain consistent with. Another thing you want to ask yourself is if you would make profit from that business, if you won't then there is no need to start. Some people have started what they couldn't finish so be sure you can be committed and consistent.

 

[Diamond07]

Once you've had a business idea you want to venture into, you need to make Research and seek more knowledge about the business. Ask yourself why you're going into such business, Does your product or service solves a problem. Those are basic things to take note

 

[Alexandoy]

For me, that questions that one should ask himself with a plan to open a business is if he can withstand the pressure if the business would be struggling. Can he overcome the stress when the funds are already vanishing due to low revenue? It is not really about the skill and knowledge although they are also needed. But you have to be strong and ready with the eventualities so that you can overcome the odds when the business is not doing well.

 

[Duzyatan]

Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. ...
Write your business plan. ...
Fund your business. ...
Pick your business location. ...
Choose a business structure. ...
Choose your business name. ...
Register your business. ...
Get federal and state tax IDs

 

[Shahzad ali]

to start doing business, both large and small scale but after starting out, it ends up crashing. To avoid same predicaments which failed businesses have gone through,I'm going to share with you few basics of building a solid business.

1. Good planning
2. Best use of resources

 

[Kiwi]

You have adequately listed some things that we usually overlook before going into business. Some start a business they don't have passion for. And this makes the business to run down in the first year. What you plan to achieve in the business is very important and how you plan to achieve it too.

 

[Ridorz]

You are right, one must ask him/herself a certain question when tend to start a business. You must ask your self that what kind of product you want to offer people?, Who will be your target audience ( male or female, kids or adult)?, What will be your business objective/goals?, How do you want to start it (small scale or big scale)?, Then your budget of the capital to start the business.

 

[Olaoluwa Abraham Abiodun]

Below are the questions I will ask myself before starting a new business. Is this business sustainable? What is the expected turnover? What is the profit margin? Who are my targeted customers? What is the pay back period of this business?

 

[Usman Sattar]

If you can’t answer that, stop there and go back to the drawing board. It’s important that your product solve some sort of need because that’s what determines the value.

The book Rework likens entrepreneurship to having an itch and then scratching it. The "itch" is your problem; the scratch is your solution. Kids losing their self-esteem after hair loss through chemotherapy was my particular itch. Headbands of Hope, which provides headbands to kids during treatment.

 

[FreshKaz11]

A lot of folks around the globe wants to start doing business, both large and small scale but after starting out, it ends up crashing. To avoid same predicaments which failed businesses have gone through,I'm going to share with you few basics of building a solid business.
So, before you consider starting up a business which you plan will turn into a conglomerate someday, main questions you need to ask yourself includes;

1) Why are you planning to start a company? Before you do something else, this is the most important question to answer. ...

2)What capital have you got access to? Where do you plan to get your funds from,is it self funding or an investor, choose that yourself.

3) What is it that you know how to do? Your main area of concentration that will help the business in all entirety.

4) If this business didn't get to workout, will you regret it?
Will I be depressed it turns out sour, why you should ask yourself this question includes that, will you be able to brace up your self from where it ended and start all over or not.

After answering these questions genuinely(right answers),crosscheck over again like a week,then if you are settled with concrete answers. You are good to go!

• Member

• Businesses

You are right,although everyone going into personal business their main reason for starting a business,but along the line it might not work out as plan...

What I will suggest before you become an entrepreneur is that you should always have some saving or backup incase your business lack and need some money to bring it up back to the normal way it has been before,with your back up I mean money you save before will be the one to use then,to save the life of your business..

So always have a plan b,whenever you are starting a business..

 

[Tinaconcept]

I think the basic and most important question one should ask him or herself is, what type of business will profit him or her, then do I have enough capital to start and run this business, then the location of the business do people who live around this area need this?