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Ready to Startup? 11 Questions to Ask Yourself

With entrepreneurship comes extensive planning, creativity and the willingness to rollup your sleeves and work hard. Starting your business can be one of the most rewarding, yet challenging of undertakings.

Business planning is not required only when you are seeking investment.  A business plan is crucial for identifying any potential pitfalls and it forces you to evaluate your idea from many perspectives. Writing a business plan is the perfect chance to thoroughly consider the best and worst case scenarios, and perhaps to think of ways to avoid these, before you invest more money and time into your startup.

You, or your team, should ask, and answer, these eleven questions as part of readying your startup!

  1. Do have a viable business idea to bring to market?
  2. Do you know who your ideal customer is?
  3. Do you have a detailed business plan?
  4. How do your products or services differentiate from those in the marketplace?
  5. Is there enough demand for your products or services in the marketplace?
  6. Do you know your competitors?
  7. Do you know how you will advertise your business?
  8. Do you have the skills or background to run your business?
  9. Do you have enough capital to start your business?
  10. Will you need a loan?
  11. Have you mapped out the distribution logistics for your products or services?

Remember: Writing a business plan is the perfect chance to thoroughly consider the best and worst case scenarios, and perhaps to think of ways to avoid these, before you invest more money and time into your startup.

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