20 Questions Before Starting business

Discussion in 'Articles & Tutorials' started by vinhquang, Apr 24, 2013.

  1. vinhquang

    vinhquang
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    For all you, my friends

    So you’ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions:

    Why am I starting a business?
    What kind of business do I want?
    Who is my ideal customer?
    What products or services will my business provide?
    Am I prepared to spend the time and money needed to get my business started?
    What differentiates my business idea and the products or services I will provide from others in the market?
    Where will my business be located?
    How many employees will I need?
    What types of suppliers do I need?
    How much money do I need to get started?
    Will I need to get a loan?
    How soon will it take before my products or services are available?
    How long do I have until I start making a profit?
    Who is my competition?
    How will I price my product compared to my competition?
    How will I set up the legal structure of my business?
    What taxes do I need to pay?
    What kind of insurance do I need?
    How will I manage my business?
    How will I advertise my business?
     
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  2. vinhquang

    vinhquang
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    10 Steps to Starting a Business
    Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more.

    Step 1: Write a Business Plan

    Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

    Step 2: Get Business Assistance and Training

    Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

    Step 3: Choose a Business Location

    Get advice on how to select a customer-friendly location and comply with zoning laws.

    Step 4: Finance Your Business

    Find government backed loans, venture capital and research grants to help you get started.

    Step 5: Determine the Legal Structure of Your Business

    Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

    Step 6: Register a Business Name ("Doing Business As")

    Register your business name with your state government.

    Step 7: Get a Tax Identification Number

    Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

    Step 8: Register for State and Local Taxes

    Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

    Step 9: Obtain Business Licenses and Permits

    Get a list of federal, state and local licenses and permits required for your business.

    Step 10: Understand Employer Responsibilities

    Learn the legal steps you need to take to hire employees.

    - - - - Posts Merged - - - -

    Understand Your Market
    To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:

    Reduce business risks
    Spot current and upcoming problems in your industry
    Identify sales opportunities
    How to Conduct Market Research

    Before you start your business, understand the basics of market research by following these steps:

    Identify Official Government Sources of Market and Industry Data
    The government offers a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. These sources provide valuable information about your customers and competitors:
    Economic Indicators
    Employment Statistics
    Income and Earnings
    Identify Additional Sources of Analysis
    Trade groups, business magazines, academic institutions and other third parties gather and analyze research data about business trends. Use Internet and database searches to find information related to your location and industry.
    Understand the International Marketplace
    Today’s economy is a globalized marketplace, so it’s important to understand the international factors that influence your business.
     
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  3. Rocky

    Rocky
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    Quite useful tips over here. I suggest you separate both these posts into two threads that way it would be more helpful and accessible to other members.
    And you can add two more questions to those 20.
    How much profit will i make?
    And how much time it will take to Break Even?
     
  4. adsystem

    adsystem
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    Yes all 20 points are good and helps in starting new business.I also say that target your audience,and apply the above mentioned points.From my point of view advertisement is also a major part of starting a new business.There are three type of advertising

    Direct Mail
    Discount Pricing
    Different Loyalty Programs

    And I also say that Digital Billboards and electronic displays are also play a major role in promoting the business.Advertisement through banners on buses,cars etc. ,LED displays screens in malls or at the corners of the roads or digital billboards.Indoor and outdoor electronic displays ate the best medium for promoting the business.
     
  5. brendontayllor

    brendontayllor
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    Great Tips for a new businessman who is just new to online marketing !!
     
  6. zunick

    zunick
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    Nice research on question , great work ,it helps peoples of early stage as well experience holders too.
     
  7. bmwillsmith

    bmwillsmith
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    Your mentioned twenty important questions are really made me start thinking in the business perspective and strategic planning before establish a firm or ee call it as successful firm.

    yes we have plan correct tax issues and man power.
     
  8. janecristy

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    I go through all important questions and their answers which we have to keep in our mind before starting a business. Business set up requires investment of a lot of finance and effort too. A good management can make it fruitful.
     
  9. sanjuk61

    sanjuk61
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    Good works and research on these questions.
     
  10. infinityweb

    infinityweb
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    Nice! This research question is an eye opener, and it also give the future businessman an idea on how to start a business that will be in future success.
    while the tips are really helpful. Thanks to both of you. =)
     
  11. Anahit

    Anahit
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    Great and useful information. You should not miss also your marketing and positioning strategies. That is another important question to ask yourself before launching your business.
     
  12. infinityweb

    infinityweb
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    This is quite an insightful and directional post which I find quite interesting and a "must-share". =) Thanks for posting. =)
     
  13. tedytimora

    tedytimora
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    The good Post. Very good. Thanks for posting
     
  14. Terry Hopper

    Terry Hopper
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    Yes this is right. It is really helpful, One things when you start a business, then you must be follow those question and answer this for yourself. I think it is must be important.:dunno:
     
  15. FaaastCash

    FaaastCash
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    Self questioning is important before starting up of any form of business, as self realization of the needs & requirement makes it important to set a target to be achieved for better progress.
     
  16. Sameer shokat

    Sameer shokat
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    All these good and very value able posts for starting a new business i really like that very exceptional idea,s ...And i want to b thanks to all guy,s shearing with me that Fabulous posts ,,,,
    regard:
    Sameer Shoakat
     
  17. Anoopg

    Anoopg
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    Quite useful tips over here.
     
  18. alastairbrian

    alastairbrian
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    Yes it will be helpful for me. Thanks for sharing.
     
  19. mantha67

    mantha67
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    thanks for your guidelines..
     
  20. rkraj

    rkraj
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    Great points and worth considering too. Thank you for sharing. We should create an authentic strategy before going ahead.


     

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