13 Nov 20 Questions Before Starting a Business
Apparently lots of people think that starting a business is easy. In the U.S. alone, some 800,000 individuals start a new business each year, and 80-percent fail within a year. The ratio of failures in the screenprinting technologies is even higher, perhaps due to the low start up costs.
I believe that those who fail do so because of a lack of planning. Many start a screenprinting business as an extension of their technical skills learned from working for a screenprinting company. However, while they have the technical skills, they do not know how to properly plan for success as a business owner. And, others believe they are going to make tons of money.
Of course starting a screenprinting business is never easy for those without the proper skills of managing a business. And money, in itself, has never made anyone happy. How can you be successful in a screenprinting business unless you are both happy doing what you love to do and know how to run a business.
My personal business goal is to create a quality of life that I am happy with each day. My most important question that I ask myself is, “Will doing this increase my quality of life and ensure my happiness and my success?”
But, in creating a business plan, there are lots of other questions that we should be asking ourselves. Questions that will help us make the right key business decisions to start a screenprinting business and become successful. If you were starting a screenprinting business today, with all of current knowledge, you should be asking yourself the following questions.
- Why should I start 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?