Ask Yourself These 7 Questions Before Launching a New Business

December 8, 2011  |  

By Rhonda Campbell

 

You’ve considered it for a long time. As you sit at your desk in a busy office, working for a demanding employer, thoughts about launching your own business fill your head. But for you it doesn’t stop there. Akin to America’s first self-made woman millionaire, Madam C. J. Walker, you’re ready to get a start by giving yourself a start.

It’s an exciting concept, but not so fast. Managing a successful business is no cakewalk. Make sure you ask yourself the following questions before you launch a new business, taking on the challenges (and awesome rewards) of being an entrepreneur.

Make Sure You’re Prepared to Launch a New Business

By asking yourself the following seven questions you can find out how ready you are to take on the responsibilities business ownership brings. You can also measure your appetite to stay the course should the terrain get rocky for a few weeks, months or years.

How much do I know about the business I’m opening? (Surprisingly some people open businesses like restaurants without having any prior experience working in the industry.) If your knowledge of the business is minimal, consider taking a few courses at a community college or through a professional association that’s affiliated with the industry you want to open your business in. Also make sure that you research local, state and federal laws and policies applicable to the business.

Is there a demand for the products and services I’m going to sell? If there isn’t a large national or international demand for the products or services your business will offer make sure there’s sufficient local demand for you to realize sustainable profits.

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