Starting a new business is usually an exciting time for every entrepreneur.
But just diving into a new venture without planning can be a disaster.
An article from Businesstown.com explains that it’s important to ask yourself these 12 questions:
- How much cash will I have at risk?
- How much time will it consume?
- How much energy will it take?
- Do I currently have other obligations that will prevent me from giving the business 100 percent?
- Would there be a much better time for me to start a business other than now?
- What are my alternatives if I don’t start a business now?
- What are the chances of success?
- Am I looking at starting a business from a position of relative strength – feeling good about myself and feeling I am relatively well off – or am I looking at starting a business from a position of relative weakness – recently laid off from a job and being behind on my bills?
- Can I test-run the business part-time before quitting my job?
- Should I choose between a higher-risk or lower-risk businesses?
- Suppose my business provides less income than I expected. How long should I stick with it?
- If the business doesn’t work out, how easily will I be able to pick myself up and move along to the next endeavor?
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