Thinking About Starting a Business?

Start With These Five Questions

You have an idea.

Maybe it has been sitting in your notebook for months.

Maybe friends and family keep telling you:

“You should turn this into a business.”

Before creating the logo and announcing your launch, take some time to build the foundation.

Start with five important questions.

1. What Problem AM I Solving

Successful businesses usually meet a need.

Be clear about why someone would choose your product or service.

2. Who Is My Customer?

“Everyone” is rarely the answer.

Identify who is most likely to need—and pay for—what you offer.

3. What Will It Actually Cost?

Consider expenses such as:

• Registration
• Insurance
• Supplies
• Marketing
• Technology
• Inventory
• Professional services
• Other business expenses

Understanding your costs is an important part of creating a sustainable business.

4. How Will People Find Me?

A great idea still needs visibility.

Think about:

• Social media
• Networking
• Referrals
• Community partnerships
• Other ways to reach potential customers

5. Am I Prepared to Learn as I Go?

Entrepreneurship requires flexibility.

Your first idea may change.

Your pricing may evolve.

Your customers may teach you something unexpected.

Starting a business can be exciting, but excitement should be paired with preparation.

You do not need to know everything before you begin.

You do need to ask questions, seek resources, understand your numbers, and create a plan.