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TheOptimalBusiness compendium of questions to ask yourself before starting a business

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Below is TheOptimalBusiness compendium, from various sources, of questions to ask yourself before starting a business. 

 

Many of the questions are duplicated, pay attention to those questions as they could point to agreement across different sources to what’s important.

 

We’ve also put an asterisk beside the questions we believe, based on the leading reasons businesses fail in their first two years, are the most critical questions to reflect on and answer when thinking of starting a business.

 

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However, the more of these questions you can put some serious thought into and answer, we believe the better prepared and successful you will be in launching, operating, and growing your business. 

 

https://www.score.org/resource/blog-post/9-questions-smart-entrepreneurs-answer-starting-business

  1. Who are My Primary Competitors in the Industry?
  2. How Is the Market Responding to This Industry?
  3. How Is My Solution Different From My Competitors?
  4. Who Is My Ideal Customer?
  5. How Will I Market My Business?
  6. Will My Business Have a Soft or Hard Launch?
  7. How Will I Fund My Business? *
  8. When and How Do I Turn a Profit? *
  9. How Will I Define Success After the First Year?

https://www.forbes.com/sites/biancamillercole/2020/07/29/17-questions-you-should-ask-yourself-before-starting-a-business/?sh=1cb91db2c7a3

  1. Why do I want to start a business? *
  2. Can this business idea make me money now and in the future? *
  3. Who is my target audience for my business?
  4. Who are my competitors?
  5. What is your USP? (Unique Selling Point, or Proposition) *
  6. How will I market my business?
  7. How will I price my products? *
  8. Do I have the funds to start this business? *
  9. Am I extremely motivated and passionate?
  10. Can I do this alone? *
  11. How many employees will I need?
  12. What resources do I already have? 
  13. Are you ready to invest your time into this business? 
  14. How will I set up the legal structure of my business? *
  15. What kind of taxes do I have to pay? *
  16. What are my goals?
  17. When will I be ready to start?

https://www.inc.com/tommy-mello/if-you-can-answer-these-3-questions-your-business-may-be-a-lot-more-successful-than-you-think.html 

  1. How can we bring to the consumer a unique product/service?
  2. How can we bring this product/service to the consumer more economically?
  3. How can we bring this product/service to the marketplace more conveniently?

https://www.rikvin.com/blog/20-questions-you-should-answer-before-starting-your-business/

  1. Why am I Starting a Business? *
  2. What kind of Business do I Want?
  3. Who is my ideal customer?
  4. What products or services will my business provide?
  5. Am I prepared to spend the time and money needed to get my business started? *
  6. What differentiates my business idea and the products or services I will provide from others in the market? *
  7. Where will my business be located?
  8. How many employees will I need?
  9. What types of suppliers do I need?
  10. How much money do I need to get started? *
  11. Will I need to get a loan? *
  12. How soon will it take before my products or services are available? *
  13. How long do I have until I start making a profit? *
  14. Who is my competition?
  15. How will I price my product compared to my competition? *
  16. How will I set up the legal structure of my business? *
  17. What taxes do I need to pay? *
  18. What kind of Insurance do I need? *
  19. How will I manage my business? *
  20. How will I advertise my business?

https://www.sba.gov/blog/four-questions-every-effective-business-plan-should-answer

  1. What does your business do?
  2. Who is your target customer?
  3. How will you make money? *
  4. What niche are you filling?

https://www.preetamnath.com/blog/questions-to-ask-before-starting-a-business

  1. Is this a real problem that needs solving?
  2. Can I build a business by solving this problem?
  3. Is there a large enough market to help my business reach its revenue goals? *
  4. Who are my competitors? How do I beat them?
  5. Can I differentiate on product, or distribution?
  6. How well do I understand my target customers?
  7. How will I market my solution to my target customers?
  8. Does working on this business idea play to my strengths or weaknesses?
  9. What is success to me? And do I have what is needed to get there? *

https://www.eztexting.com/blog/21-questions-to-ask-yourself-when-starting-a-business

  1. Why do I want to start a business? *
  2. What are my goals? *
  3. Am I able to commit to starting a business?
  4. What kind of business should I start?
  5. Is now a good time to start a business?
  6. What should I know before starting a business?
  7. Do I need to do research before starting my business?
  8. Do I have to quit my job to start a business?
  9. Do I have enough experience to start a business?
  10. How much should I have saved before starting a business?
  11. Should I go to school for business before starting my own?
  12. Do I need a business partner?
  13. Can my business make money? *
  14. Who is my target market?
  15. How do I fund my business? *
  16. How do I market my business?
  17. How long will it be until I start seeing profits? *
  18. Will I be able to compete with my competitors? *
  19. How can I differentiate my business from others? *
  20. How will my taxes change? *
  21. Will I be okay if my business fails? *

https://blog.shift4shop.com/questions-before-starting-a-business

  1. Why do I want to start a business? *
  2. Who are my competitors in the industry?
  3. How will I fund my business? *
  4. Who is my target audience?
  5. How will I market my business?
  6. How will I price my products? *
  7. Can I do this alone? *
  8. What is my USP? (Unique Selling Point, or Proposition) *
  9. What type of taxes do I have to pay? *
  10. Am I prepared for possible failure? *

https://www.under30ceo.com/50-questions-to-ask-before-you-start-a-business/

  1. What do you spend your money on?
  2. What do you love to do? Hobbies?
  3. What are everyday problems in your life that you can solve?
  4. What are your skills/talents? What are you good at?
  5. What do you want to do everyday? What makes you get up in the morning?
  6. What do you want to be when you grow up?
  7. Who do you want to hangout with each day?
  8. What do you want your purpose to be?
  9. What impact can you make on the world?
  10. What do you want your legacy to be?
  11. What would you do if money was not an option?
  12. What would be your rockstar job title?
  13. What are your strengths and weaknesses? *
  14. What would your dream life look like?
  15. What are the leading blogs/magazines/publications?
  16. Who are the leaders and influencers in the industry?
  17. How are people already making money in the industry? *
  18. What are the leading companies in the space? *
  19. Can you get a position or internship to learn about the industry first?
  20. What are the common questions the customers and readers of the blogs have?
  21. How has the industry changed in the last 5, 10, 20 years? Where is it headed? *
  22. What companies have failed in the industry? Why did they fail? *
  23. Who is the average consumer? What are their characteristics?
  24. What niches are unserved? Where are the holes in the market?
  25. How can you improve, disrupt or turn this industry upside down?
  26. Were does your target market hang out?
  27. How are the local leaders in your industry?
  28. Which one of your friends would buy a product from you?
  29. What can you learn from them?
  30. What problems do these people have?
  31. What skills do you have and what skills do you need in a business partner?
  32. Who are the most talented/passionate people in the industry? What makes them successful?
  33. Are their groups/meetups around your passion?
  34. What can you learn from your competition?
  35. Is there healthy competition around your industry? Why or why not? *
  36. Can you stand out from the pack? Is your business idea unique? *
  37. Is your business scalable? *
  38. Can you start small without huge capital investment? *
  39. Can you see yourself doing this 5 years from now?
  40. Is the market for your business big enough to support your idea? *
  41. What is the most effective way to reach your customers?
  42. How much money will my idea cost to start? *
  43. Will my business always rely on me or can I delegate responsibility?
  44. Will this idea make me money? *
  45. What are my goals? Short term? Long term?
  46. Who will actually pay for this? *
  47. Do you really believe in your idea?
  48. Does your idea provide value to the customer? *
  49. Can you explain your idea to your kid sister?
  50. How will you exit your business? 

https://www.forbes.com/sites/forbesbusinesscouncil/2020/10/26/15-critical-questions-to-ask-before-starting-a-business-in-uncertain-times/?sh=7f4fe4c4efc6

  1.  What’s My Reason? *
  2. Am I Ready For The Risk? *
  3. Am I Focused On Profit Or People?
  4. What Do People Need Right Now?
  5. What Does Industry Supply And Demand Look Like Right Now?
  6. Will I Be Okay With Any Outcome? *
  7. Can My Business Still Thrive Post-Pandemic?
  8. Do I Have A Niche Offering?
  9. How Will I Put The World Back In Balance?
  10. How Long Can I Afford To Carry The Business? *
  11. Who Am I Serving? *
  12. What Is My Motivation And Why Is That Important For Me? *
  13. What Value Will My Business Bring To Society Right Now?
  14. Can My Business Provide A Needed Escape For People?
  15. Do I Have The Right Team To Solve A Real, Unique Problem? *

A couple of extra questions…

  1. Will I need any licenses, permits or certifications for my business, and how involved are they? * 
  2. What name/logo for my business and is it available in all forms? I.e. domain, trademark, etc.*

Somewhere along the process of starting, operating, growing, or exiting a business you may run into questions and challenges. 

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