6 Questions to Ask Before Starting a Business

Everyday someone hangs out their shingle declaring they are in business. It is a noble idea, a little exciting, and some admit they enter with a little too much optimism and not enough planning. Many have been sold on the idea that if they want to be wealthy they have to start their own business or invest in real estate. But, do some enter business without really thinking and planning it out? Yes.
Businesses require planning or a person will jump from idea or strategy to another with little results to show for it in the end. It is one thing to sell stuff on the side on eBay, but the real money makers have a plan to carry out their eBay business.
What are some things that a person starting a business needs to plan?
1. What is the item for sale? Is it a service or product?
2. Who wants that item? Is it for businesses or consumers? In other words, who is the target audience?
3. What is the price point? How much does it cost to buy?
4. How will it get to the buyer? Is it digital, a hard item, or in-person product?
5. How will buyers know the item exists? What kind of marketing and promotion will be done, or is it all word of mouth or referrals?
6. Is the business legal with all proper licensing, taxes, etc., done?
Why are people so confused or turned around when starting a business? One of the problems some businesses owners encounter on social media sites is the temptation to drop their strategies for those of self-appointed gurus; although some admit to feeling overwhelmed with all “choices” they seem to have.
This group tends to ditch easy small ticket items to become “coaches,” or run high ticket programs, but have no real plan in place to deal with slow times or growth. Others fall for the trap of the 4 hour work week illusion. This is the idea that someone can become independently wealthy just working 4 hours per week on their business. The problem is this is pretty much a myth.
Finally, some new business owners listen to people who are wannabes instead of listening to the successful. It stands to reason that if a person wants to know what it is like in Hawaii, they should ask someone who has been there, not the person who just looked at a picture, yet many solo business owners fall for the big talkers instead of the people with proven results.
It may also be an ego thing at work in not listening to those who have done it, but it is at the costs of some solo business owners spending a lot of time chasing rabbits instead of collecting money from paying customers.