Ask Anderson 2.13.20: 10 Questions to Ask Yourself before You Start a Business
With the economic climate the way it is in today’s society, more and more people are
feeling the urge to follow their passion to start a business. But as you take the step to
becoming an entrepreneur there are a few questions that you should consider to make
sure that self employment and business ownership is for you.
1. What kind of business do I want and why do I want to do this business?
2. When in business what types of services or products will I provide and who do I believe is my ideal client? How will I advertise to reach them?
3. Do I have the time and resources needed to get my business started? Is this
something I can do and still keep my current employment or will have to be
completely self employed?
4. Do I need to apply for loans or find investors to start and sustain my business or do I have the money available to stay afloat?
5. Is this business something I can do from home or do I need another location
(office, warehouse) to be effective?
6. Do I have a good understanding of my products and services and what will set me
apart from my competitors? Have I studied the competition to understand what I
should charge my customers to stay competitive and cover my expenses and make
7. Do I know how long or how many customers I will need before my business
should be profitable? Do I have the resources for that amount of time?
8. Is this something that I the ability to do on my own or do I need to hire employees
or an assistant?
9. How will I set up the business and obtain all of the licenses, certificates, and other
legal paperwork necessary to start? Do I need insurance?
10. Finally how will I manage the back end of my business? Can I afford to hire
professional services (lawyer, accountant) or do I have the time and knowledge to
do it myself?
While deciding to start a business is a huge step, you don’t have to take that step alone. With our available business consultation, Anderson Financial has all the tools you need to ensure everything is set up to get started and run perfectly. We are here to make sure you have a complete understanding of your personal and business finances, insurance, and can keep track of them throughout the life of your business. Knowledge is power, and Anderson is here to ensure you have and utilize that knowledge to help you succeed. Call today to set your appointment: 512-626-7545