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 people 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. The 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 the current knowledge, you should be asking yourself the following questions.

  1. Why should I start 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?

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