13 Questions to Ask before Starting your Business

December 4, 2007 | By Kristen | In Work at Home MOM

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Starting a business is not a job it is a lifestyle. In my daily conversations with people the question often arises “what do you do?” once I tell them I am a work at home mom that has been working the past few years to bring my product to market they respond with “OHHH I have this idea” where they continue to tell me about an idea for their own business or product.

While I know this is often just a conversation piece I also get calls from women saying “I really want to do this but don’t know where to start”. So I ask them the below set of questions to start their process of thinking. They are areas that I have learned over the last few years either from research, experience or another kind “mentor” asking them to me. I hope this helps you if your still in that stage.

What are you offering- sounds simple but be concise on what your offering
What are the benefits and features?
Have you done any research yet to see if there is something similiar out there?
How is yours better if there is?
Who is your target market? Be EXACT on who is going to buy or use this service
Have you done any market research to see if they will actually buy it? Asking friends and family while at a party does not count. They will often sugar coat to spare your feelings.
How are you going to reach these customers?
How do you want these customers to perceive your product/service? High end, economy?
How will you produce your product? If it’s a textile can you sew or have a friend that will? If it’s plastic are you going to invest in having a prototype made?
What sales channel are you going to pursue? Direct sales with a website, home parties, wholesale, drop ship?
What do you plan on doing with this? Do you want to grow the business to employ others or do you want to grow and sell? Is it better to license?
How much time, energy and money can you invest?
What resources do you have available?

You don’t need to give long answers to these questions but just a starting point because they will have a huge impact with how you go forward with starting your business.

The next step would be to perform your market research and business plan.

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