Basic things to ask yourself before stating a business

[unhappy triad]

The basic things to ask youself before starting a business to make it a successful one:
-- Capital - do you have the needed capital to start the business to your own taste and satisfaction.
--- Experience -do you have the knowledge and expertise needed to make the business a succesful one.
--- Innovations - you must always come up with ideas that will make the business to compete with others in the same line of bubusine

Yes you wanna make sure you have the resources first. This includes the capital and the skill required to sustain the business. It's always better one goes into what he has knowledge and advantage over others. Then the commitment too is necessary

 

[Abdul Naveed]

Questions you should ask yourself before starting your own business
Why do I want to start a business?
Can this business idea make me money now and in the future?
Who is my target audience for my business?
Who are my competitors?
What is your USP?
How do I market my business?
How do I price my product?
Do I have the funds to start this business?

 

[Ralphjoe]

When starting up a business, it's imperative that you ask those who already has your kind of business to know somethings about the business before you start it. You can ask them about what's their challenge in the business? How profitable is the business? What are the risk associated with the business? These and many more are questions that you can ask them.

 

[Judee201]

Does anyone actually need or want what you plan to provide?
Two parts to this one: is there really a need for it, and can you actually provide it? Even if you answer yes, can you provide it better than others already doing so?

Can your relationships take it?
Running a business will almost surely take up all your waking hours. You won’t have much time for family, friends, even yourself. Setting limits is important, but it’s unavoidable that your business will eat up your time for anything else.

 

[Abdul Naveed]

Questions you should ask yourself before starting your own business
Why do I want to start a business?
Can this business idea make me money now and in the future?
Who is my target audience for my business?
Who are my competitors?
What is your USP?
How do I market my business?
How do I price my product?
Do I have the funds to start this business?

 

[Adexgrace]

Lots of people focus on starting business, they don't focus more on reasons for starting the business.
If I also want to start a business, I will ask myself, what's the demand of my business in the locality? Are people really in demand of my business? Am I in the right location for such business? And lastly Is the business profitable?

 

[Genius]

Nice and insightful thread! The very first thing one needs to do before venturing into a business is having a veritable business plan. This plan will capture every thing about your business. Also, you need to know your target audience. You cannot provide service for the general public. You should be able to narrow your service down to a specific audience. Then, be present online!

 

[Luckboy]

Does It Work Within the Life I Want to Have?
“Building a business can be a huge time and energy sink and before you enter in, it’s important to be clear about the implications it will have on your life. Are you willing to put in the hours and energy, to suffer the ups and downs, say “no” to other things like time with friends and family or your hobbies? Make sure it’s worth it to you before you dive in.”

 

[Chibson]

There are basic things one need to ask himself before venturing into a business. It is therefore recommended that you plan out your business structure and understand the basics of the kind of business you are going into. The kind of things to ask yourself are "what is my financial capacity?", "How many employees will work for me?", And so many of them.

 

[Folaham]

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!

Thanks for the tips above. If one can answer the "why" to mean solving a known or identified societal needs and not going into business because of profit, then he is setting a good foundation for his/her business.
Your second points about funding the business is very important and without which the business is set up to fail.
Your third point about passion which is what will keep the business going during major business setbacks is very important too. And that also reflects in your last points. If setting up the business is based on passion, he won't regret should it fail as he will have what it takes to analyse the whole thing and start all over again if need be

 

[Eugos_official]

starting a new business can be quite stressful. This is due to the fact that there are lots of things that must be put in place before your business can stand firm.

First u need a very good location; and i mean a place with the right traffic, a place where ur custormers can easily access ur products.

Second, U need adequate capital, pls folks don't economize when setting out ur capital. Build ur business to starndard so as to attract quality customers.

Third, No business can do well without a good awearness system i.e advertisement. You have to do massive advertising especially now u are starting newly.

Again, U need to be very much committed and dedicated to u business. Never take ur business for granted especially a baby(new) business.
Finally, U need to develop professional work ethics and maintain a gud professional relationship with ur custormers including ur family members.
Business should never be treated like a family affair.
Good luck

 

[shakky2]

the questions above are eyes opener to viewing a business from another dimension and all these are true with commencing a business.we have to make sure we are going into the right business and not making decision based on someone else's point of view

 

[Taiwoayan]

another critical question one must ask himself before embarking on a business is have I acquired enough knowledge on this business I'm about to start. The likely challenges I might face and the best possible way to tackle it. Also if its production, where you will sell your product to must be determined before starting

 

[Highflyer]

Before starting a business, you should ask yourself if you're really capable to start and ensure that you have the required capital. You should ask yourself if you're prepared to take risks too.

 

[Eodine]

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!

I like how you have listed your points in a concise manner . It is important to note some basic information about the business you wish to establish some of which you have listed like why, capital, what you are planning to do, how it might turn out others might be checking the product or service you want to render, market research etc

 

[Aniwhyte]

Before starting up a business there are a lot of necessary questions you would need to ask yourself and if you could get an answer to these questions then you're good to go. You need to ask yourself if your capital is enough, do i have good communication skills, do I have experience in this line of business, I'm I going to succeed, the list is just endless but this questions are very important before eventually opening your desired business.

 

[hominchen]

That's jusy it. Passion gives us th courage not to give up on time. When we do what we love, even if we fail, we still thrive to make sure we are persistent in running the business because it is our heart desire. And not done for money alone.

yes just because i have passion and interest doing cryptocurrencies trading ocer 2 years though i will not say i have always success but picture can be totally opposite still i am very much comfortable with cryptocurrencies trading.

 

[Blue house]

If you want to start a business, there are some questions you should ask yourself.
1. What are you trying to gain or achieve .
2. What to produce, for whom to produce, and how to produce.
3. Are you capable of handling the business.

 

[Kane]

Just ask yourself this question: what will I do in case business fails and I lose entire investment? If the answer you get does not trouble, you are good to go with business. You answer should be something like, I will not go bankrupt, I will still be able to clear by dept, I will still have income source to manage life, etc.

 

[Sotherefore]

What I know is that any business anyone want to go into need proper planning and preparation because you cannot just wake up one day and started doing business without having a good understanding and proper preparation about that business