12 Questions To Ask Yourself

Starting your own business is a life-changing event, and isn’t something you should take lightly. At the same time, many people dream about it, but never take action to get started. When is the right time to start a business? Are you ready?

Here are some critical questions that you should ask yourself. Please consider your answers thoughtfully, and in some detail. I suggest you print this list and write down your answers. If you are married, you should discuss them with your spouse, and perhaps do this together.

  1. What’s going on in my life right now that makes me want to be a business owner? Why don’t I just keep doing what I’m doing?
  2. In 15 words or less, what is my “compelling reason” for owning a business now?
  3. What are my goals, both short term and long term, as a business owner? How do I envision my lifestyle as a business owner, and what do I want the business to do for me? Here’s my list of the benefits of business ownership to get you started.
  4. On a scale of 1 to 10 (10 being highest), how serious am I about owning a business now? If not now, what’s holding me back?
  5. On the same scale, how serious is my spouse about us owning a business? If your spouse is not supportive, maybe you should reconsider.
  6. How much time can I invest in the business to get it started? In the long run, how much time do I want to spend on the business?
  7. How much time can I spend right now, hopefully at least a couple hours per week, to do research and explore my options?
  8. How much of my own money am I willing to invest in a business? How much do I need to support my household during the initial growth phase of the business?
  9. How do I plan to finance the business? If you don’t know, contact me to learn about financing options.
  10. What are the characteristics of my ideal business? This can include things like the venue, industry, number and type of employees, and your work hours. Are there any characteristics that I want to avoid? Make a list.
  11. Do I have a specific business idea? Has it been tested in other markets, and do I have experience mentors to help me get started? If not, am I open to exploring franchising, which would provide an established brand, a proven business model, and the training and support I need to be successful?
  12. Am I open-minded to explore other business ideas, to make sure I find the right one where I’ll be most successful? It’s often best to explore 3-5 business models before deciding which one to pursue.

Next Steps

If you’re not ready to start, what’s holding you back? What are some concrete steps that you can take to get ready, and how will you know when you’re ready?

If you’re ready to start and have a business idea, the best place to start is to do research on your idea to make sure it’s viable. Read about other businesses in the industry, learn best practices, develop a business plan, and review that plan with experienced mentors. It may also be worth exploring other ideas, just to compare and make sure you’re focusing on the right thing.

If you’re not sure what business to start, you may want to consider exploring franchises. Here you will get a proven business model, an established brand, and training and support to get started. It’s a lot easier and has a higher success rate than starting a business on your own. I offer free consulting to help you explore your options, so schedule a free 1-1 all to get started.