You want to start a new business. Well, are you ready for something like this? What are your weaknesses or strengths? If we want to start a business, we must first ask ourselves some questions and answer them honestly. In this way, we can examine our feelings, strengths and weaknesses, and understand whether we can stand up to the difficulties of managing a business or not.
All Questions to Consider When Setting Up a Business
It is difficult to start a new business. It should also be robust in information, hardware and financial terms.
Why Do You Want to Start this Business?
What intention did you start when you started to work? To have a job of your own or to make more money? Maybe the reason for this is to evaluate your investments. Regardless of what intent you have started, setting up the business depends a bit on capital and a little on how procedures are followed. These are simple things that can be solved. The important thing is to feel ready to start a business and to be determined to continue the business.
What is Your Purpose Of Starting A Business?
- Prove yourself
- Control your life
- Prove something to others
- Quickly get rich
- Be independent
- Overcome people’s expectations
- Because it’s an easy job
- Because there’s no other job to do
- Because it’s a family tradition
- You earn a lot of money because you overcome it quickly
- To earn by evaluating a known need
- Because it is a habit to use initiative
Are Your Education and Past Experiences Suitable for the Job?
To be successful in a job, you need to have the technical and knowledge equipment related to that job. When you start a business that you are not familiar with, you cannot fight with your competitors, do productive production, determine the qualifications of the business and quickly pull the flag of bankruptcy. To do this, ask yourself the following questions.
- Will you be trained before starting work?
- Do you have formal (formal) education in this field?
- Do you have work experience in this field?
- Have you been successful in such a job before?
- Have you been a unit manager?
- Do you have a list of needs skills?
- Do you have some or all of these abilities?
Do you Have a Legal Problem?
If you have any legal problems when you want to start a business, it may be difficult to set up your business without solving these problems. Every new business organization is bound by a number of formal formalities, and if you do not fully solve these problems, you may experience greater difficulties in the future.
- Are you the sole owner of your business?
- If you are the sole owner of the business, can you sue on your own?
- Is your business name safe? Is it legal?
- Is your company a company?
- Are you a partner?
- Do you know that you can equally sue?
- Do you know the cost of starting a company?
- Can you bear this cost?
- Are you aware of important tasks?
- Do you have a connection with a lawyer?
- Do you know the working system of lawyers?
- Life, fire, health and theft etc. have you taken out the insurance?
- Do you know that your company will protect you personally?
Do You Have a Good Establishment Place?
The choice of the place to set up is as important as the establishment of a business. Winning rate of businesses established in locations with solid locations will be much more profitable than businesses established in an unknown neighborhood. Here are some questions you must need to ask yourself.
- Is your establishment in a good place?
- Do you reach customers easily?
- Do customers reach you easily?
- Is there a need for rearrangement-modification at the workplace?
- Will you rent the business or buy?
- Do you need furniture or other items?
- Is there a parking possibility?
- Do you think about giving up and buying when you need it?
Do You Have Good Suppliers?
Suppliers, the most important factors for a business and always working with the best suppliers will increase your chances of winning.
- Are your suppliers good?
- Do you have product or service types?
- Do you know how much stock you need to keep?
- Do you have suppliers that can meet all your needs?
- Have you determined who your competitors are?
- Have you checked your customers’ ideas?
Do Your Prospective Customers Want Your Goods or Services?
The source of earnings of a business are its customers. You need to know the customer well and know which age group or which breed, which product or service they prefer.
- Do you know who your customers are?
- Do you know where your customers are and their numbers?
- Do you know about the size of your market?
- Have you discussed your product idea with your prospect?
- Did they say they want and need this product?
- Did they ask you to improve or improve the product?
- Is it a good time to enter the market?
- Do you have a marketing plan?
- Is your product better than alternative products?
How Much is Your Personal Income?
You will set up the business. So, are you financially sufficient? If your income is not enough to set up a business, even if you set up the business somehow, you need to have a certain amount of savings in your safe, as you will not be able to earn much in the first few months. Accumulation is essential to meet your bills and other business needs.
- Do you have cash in the bank?
- Do you have any other income?
- Does your spouse have income?
- Do you know your total needs?
- Do you have enough income to meet these needs?
- Do you know when your business will bring profit?
- Will you be able to meet your personal needs until you make a profit?
- Do you have a plan for urgent needs?
- Have you ever bankrupt?
- Do you have the power to remove failure financially?
- Have you talked to any banker about your business?
Have You Prepared Your Appropriate Documents?
Every company must prepare certain documents. These documents are necessary for the course of the business.
- Do you have an accountant?
- Have you calculated your cost and sales?
- Do you know the bills to be paid and your overdue accounts?
- Do you know your monthly profit and loss?
- Will you be able to pay wages and withholding tax to employees?
If you answered all or most of these questions positively, we hope that your chance of success in your business will be very good. However, you have a good chance of failing for some reason beyond your control. Causes such as increases in costs, decreases in demand, emergence of new competitors, health problems and new laws against it may cause failure. You need to take all these risks when setting up a new business.