Wednesday, 18 December 2013

Questions For: Outlining Your Business & Aims

Before you start your BUSINESS: Have answers
1.    What is the mission of your business?
     - Why are you running this business in the first place?
     - What is your individual reasons?
     - What’s your driving motivation?
     - Why are you keen or passionate about it?
     - What do you hope to urge out of this business?
     - What are you willing to sacrifice in order to make this business work?
2.    What kind of business are you starting/running?
3.    Is there a demand for this type of business and why?
     - Locally?
     - Nationally?
     - Internationally?
4.    Will you be gratified running this type of business in the long term (e.g., can you see yourself as    
       a jewelry maker for the next ten years)?
5.    What are your personal and business commercial goals?
6.    What if you don’t reach your financial goals … ever?
7.    If beginning out with a new business, when are you going to do this?
    - Before or after you quit your job?
    - After you get someone to give you an investment?
    - After you find a business partner?
8.    What things need to happen or be completed before you start?

       Your Product or Service:
 1.    What is your product or service?
 2.    Is your product a commodity-type product or a specialty-type product? Eg: Selling a building
        supplies is a goods as all sand & cement are basically the same therefore whoever sells
        the cheapest sand wins. A restaurant is a specialty-type product where customers may be
        willing to pay higher prices and wait in line for better quality.
3.    How are you going to provide the service or produce the product?
4.    What tools or supplies do you need to deliver the product or service?
5.    What utilities do you require (e.g., electric, gas, water)?
6.    When can your product be offered or not offered? Is your product or service is seasonable?
       If so, what are you going to do during the times that your product/service cannot be
7.    How long will it take you to get your product ready for market?
8.    Are there any elements or essential supplies that are not readily available and could delay    
       the delivery your product?
9.    How are you going to price your product/service?

       Perceived Obstacles to Growth:
1.    What has kept you from growing your business so far?
2.    List those that are outside your control
3.    List those that you could address with your existing business team
4.    List those that you could address with external help or could recruit expertise