Starting A Business

Am I Ready? Tough Questions To Ask Yourself Before Starting a Business

These days, it seems as though everyone is starting a business. Seems easy enough doesn’t it? Come up with a good idea, and the dollars roll right in! …Or do they?

In my business coaching experience, I know that most people understand that running a business requires business know-how, but most successful business owners also possess some additional skills and qualities that help make running a business easier.

Before you decide to start a business, you might want to think about the qualities you possess, what makes you tick and how that might help you be a more successful business owner. But before you make that big decision, ask yourself these questions:

1. Personal questions:

Am I a self starter? When you have your own business, there’s no boss or manager to tell you what to do and when to do it. To get your business off and running you’ll have to motivate yourself to get things started.

Do I enjoy challenges? Businesses provide constant challenges. If you enjoy a good challenge, it will energize you. If you don’t, you may end up feeling as though you’re engaged in a constant uphill battle.

Am I a creative problem solver? Creative problem solving is a key skill for business owners to possess. One way to hone your creative problem solving skills is to challenge yourself to think “out of the box”. Don’t go for the obvious, think in a different direction than you’re used to, and inhibit standard responses.

What are my strengths and weaknesses? The ability to do this is also invaluable for the business owner. Recognizing what you’re good at and what you’re not will help you decide how to use your time, when to delegate, and when to call in experts or outside professionals for help when needed.

What interests, talents, and skills do I have that will assist me in running my new business? Business owners often have to juggle lots of hats. Inventory the abilities you already possess, and think about all the ways you can use them to grow your business will make the juggling easier.

What skills do I need to learn or brush up on to run my business effectively? Recognize which skills you need to develop in order to run your business most effectively. Identify the ones that are worth investing time into learning, and which ones you might be better off finding outside sources to perform.

Will I be doing work that is meaningful and really interests and excites me? Running a business is a lot of work and effort, and it’s often a long term commitment. It will be more fun and rewarding if it speaks to who you are and the things you hold dear. When we’re engaged in doing something rewarding it helps to motivate you to keep going even when things get tough. Start by getting back in touch with your values and see if there is a synergy between them and the things you’ll be doing in your business. If not, see how you can spin things so that there is.

2. Business questions:

Do I really have a money making idea? Not all great ideas make money. A good business idea addresses a problem, need or pain that a particular group of people or companies face, that is significant enough to warrant spending money to solve or alleviate. Large companies spend a lot of time and money evaluating ideas, prices, markets, and packaging etc. before bringing a new product or service to market. So test market your ideas and make sure they will be profitable before you get started.

Who is my competition? Learn everything you can about the others in your field who provide similar products or services to the same ideal customer. This information will be invaluable in learning how to “position” your own business.

What do I offer that the competition doesn’t — what makes my services or product unique? This is the basic premise of any USP (Unique Selling Proposition) and the case you’ll make to your prospective customers to buy your product or service. It’s essential to a compelling marketing plan.

Who are my ideal target customers? Every business needs customers. And the most successful businesses know exactly how to describe who their best customers are, what “pain” they’re feeling and what they need and desire. And don’t forget: one of the most important qualities of an ideal customer is whether they can afford your product or service.

Do I have effective marketing and sales plans? No business can survive without a constant supply of new customers. Marketing coaching will help you develop a compelling USP, values proposition, sound-bite and marketing message; set-up a marketing schedule to get your message out there consistently; and learn how to close deals without using pressure to ensure you’ll have all the customers you need.

Have I established business goals? Setting goals is an important part of any business plan. But setting a goal is only part of the picture. Achieving them is even more important. Learn how to identify which goals are important enough to commit to, and systematically work towards them by breaking them down into steps, establishing time-lines, identifying resources needed, and benchmarks for success.

Will I need capital to start-up my business? If so, how much? Not all businesses require a lot of start-up money, but don’t fool yourself into thinking that you don’t need any. Be realistic about how much money you’ll need, and how much time it will take until you can draw a salary; so that you give your business idea enough time to grow and flourish.

Have I written a business plan? If I need to raise start-up capital, is my plan powerful enough to attract investors? Not all business plans are created equal. Make sure you include all of the sections that investors will look for. Also, make sure that the type of plan you’ve written is appropriate for the amount of money you’re looking for.

What are the things that my business will require that I cannot do myself? Will I have funds to pay for them? Don’t forget to add these important line items to your start-up cost spread sheet.

What type of business leadership and management skills do I possess? Successful business owners have a knack for managing staff and consultants. They possess a vision for their company’s future. They inspire their employees rather than intimidate them. What’s your management style? How will it help (or hinder) you ability to lead your business to success?

What financial risks are involved? Whether you’re raising capital or running a bare-bones operation from home, there are always financial risks involved in a business. Make sure you analyze the risks you face before jumping in.

Take a long hard look at these questions and the answers you give to them. Then ask yourself, “Am I ready”?

Want to learn more about how Business Sanity can help you reach your business goals? Read about about my business coaching programs

"Susan taught me how to think about my law practice as a business. She helped me to build confidence in my role as a business owner and boss, showed me how to use my financial records as profitability tools and focus my marketing on a select target market so I attract more of my ideal clients and cases. I would highly recommend Susan to anyone who wants to run a profitable, sane and productive business. Thank you Susan!" -Lisa Eisenberg, Immigration Attorney

"I am one of two partners in a small law firm. When I started working with Susan, I was completely wedded to the idea that I was a "practicing attorney" rather than a small business owner, which meant that I often failed do any long range business planning or to maintain solid control of my firm's profitability and finances. Susan cured me of that and has helped me create a business plan for myself and for my small firm, and the results have been dramatic." Erica Bell, Esq., Weiss, Buell & Bell

"Susan has helped me gain confidence in my role as a boss and to understand what I really need from my employees. She walked me through the hiring process and helped me to create a hiring and interviewing strategy. She has also helped me to see situations from the big picture perspective. Because of this, I'm able to be both firm and empathetic when dealing with difficult employee and client situations, which has been very useful." -Chris Page, Century 21 Solutions Property Management

"I had been running my own business for about three years with mixed results. While I had a great client base, I had trouble managing employees and was terrified of growing too much too soon. I was putting in way too many hours with little result. With Susan, I've reduced the amount of time I devote to management issues, so that I'm working less and enjoying it more. Now I can devote more time to providing better service to current clients, and have the confidence to let my business grow again!" Ean Murphy, Moxie Bookkeeping

"When I started to work with Susan I did not have a coherent marketing strategy or proper marketing material. Susan helped me re-conceive how I presented my service to potential clients. And it worked. Within a few months I was getting more business as a direct result of the actions she recommended that I take." -Edward Antoine, Antoine Education

"Before we worked together, my clients would often start to clear clutter but never stay around long enough to set up the systems to stay organized. I needed a way to get them to commit to the whole process for both of our benefits.With Susan on my side, I created packages that were met with immediate and overwhelmingly positive results. In fact, I have gained three new clients in the two weeks since I started offering them! My clients are happy and so am I. Thank you Susan!" -Matt Baier, Matt Baier Organizing

"Before working with Susan, I did all of my business online, never feeling comfortable enough to pick up the phone and speak directly with customers. Her sales coaching helped me helped me get out of my shell, to understand the difference between sales and marketing, and the importance of reaching out and focusing on people. Because of our work, sales are up, I'm more comfortable dealing with clients and new prospects and profits have increased 50%." -Martin Cross, Patent Translations

"Before I hired Susan, my business was suffering because I didn't know what to do next or how to do it. After working with Susan, and through her gentle but firm support and holding me to my goals, I have moved forward by leaps and bounds. My subscriber list has more than doubled ...I've produced a new product, re-designed my web site and have more balance and confidence in the future." Dale Kurow, Career Coach

"It's one thing to have services to offer. It's another to understand how to shape those services into a viable business. And Susan has helped me in every aspect of developing my business - from big picture tasks such as financial planning and maintaining client relationships to dealing with day-to-day challenges. She's perceptive, candid and intuitive, and has provided support that I can count on. I wouldn't hesitate to recommend her to any friends looking for business assistance."-Richard Staub, Richard Staub Marketing Services

"During the course of working with Susan, my approach to business has changed. She helped me to refine my professional and personal goals, and I've been able to deal with problems that had long gotten in my way. In a few months, I've seen my business and my confidence grow significantly. Thank you Susan." -Ruth Seidler

"Business Coach Susan Martin has helped me to manage my time, build structure and become more disciplined. Because of our work I have more business, improved relationships with clients, and learned how to better balance my work and personal life. If you have any doubts about the benefits of working with Susan, please don't hesitate to call me." -Carl Navarro, JCI Graphics

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