Key Questions to Ask Yourself

The Self-Assessment Stage

When answering the following questions, be honest and realistic about your commitment to owning a successful business. Remember, always do the research and prepare for the unexpected.

  • Do you have enough money to start your business? If not, how do you plan on financing your business?
  • Will your business be home-based or will you have a store front? Will you rent or purchase property?
  • How many employees will it take to get started and to sustain growth?
  • How much do you know about what it is you’re selling? What are your qualifications? Do you have an education background that provides legitimacy to your business endeavor.
  • Are you willing to sacrifice leisure time to make your project work?
  • What kinds of skills and strengths do you bring to your business? For example, communications, technological know-how, web site design, experience with accounting practices, marketing smarts.
  • What are your personal weaknesses or shortcomings? How will they affect your business practices and policies? We all have them so don’t deny or hide from them?
  • Who will be your customers? Where do they live? What kinds of characteristics do they have?
  • Will your customers be consumers or other businesses?
  • What kind of equipment or materials will you need? How much will they cost?
  • Who are your competitors? What makes you stand out from the rest of the pack?
  • Where will your business be located? Will it exist on the web?
  • How long will it take before your business turns a profit? How will your business survive during tough times?
  • Do you have good credit?
  • Last but not least…why do you want to own and run a small business?