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7 Questions to Answer before Starting a Business

When preparing to form a business, there can be a lot of issues to consider and resolve ahead of time in order to position that business for success in the future.

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If you are getting ready to go into business for yourself, here are some essential questions to ask yourself and honestly answer so that you can start figuring out the next best steps to take to get your enterprise up and running:

  1. What will my business do or provide? – Be specific, providing details about the goods and/or services your business will offer, as well as the pricing for each of these offerings. If the products or services will be limited at first and then will expand with time, be sure to explain this also, providing the projected timeline for any additional offerings.
  2. Who is my target customer? – The answer to this question should reveal exactly who your business’ goods and/or services will be suited for. Think about age, interests, gender and/or other defining factors that describe your target audience. The more details that can be provided here, the better, as this can help inform future marketing efforts.
  3. Do I have the time and other necessary resources to start my business? – Time, money, labor and working space may be just some of the resources needed to get your enterprise off of the ground, and making sure you have what you need upfront can be essential to avoiding costly pitfalls later.
  4. How much financing is needed to get my business started? – And where are you planning on getting this business financing? For many new enterprises, financing comes from a combination of sources, such as from owner’s funds, from investors, from lending institutions, etc. Knowing where you will be pulling financial resources from can help you determine if you have enough financing and whether you may need to make some bigger adjustments to your business plan.
  5. Who is my competition? – Name business names here. Identifying the competition can be crucial to making sure you are providing something unique that will help you stand out in the marketplace.
  6. What unique offerings will my business provide? – Going hand-in-hand with the above, the answer to this question should specifically explain what new or different offerings your business will provide and how these offerings may be lacking in the current marketspace.
  7. What other logistics need to be in place to get the business going? – Other logistics to think about can include (but are by no means limited to) business insurance needs, business tax obligations and business marketing in the future.

With these answers, you can be equipped to start writing a formal business plan or executive business summary and move forward to form your business, obtain financing, etc.

What’s Next? Contact a Denver Business Attorney at Downey & Associates, PC

For experienced help staring a business or resolving any business legal issue, contact Denver Business Attorney Thomas E. Downey by calling us at (303) 813-1111 or by emailing us using the contact form on this page. From our law offices in Centennial, we serve clients throughout Colorado and the U.S.

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