Start Your Own Business

Start Your Own Business
Having decided to become a business owner, you now need to determine what business you will
start. To help you in your decision making, ask yourself these questions. What kind of things do I
like to do? Can my hobby or interests be turned into a commercially viable venture? Is there a
need in the marketplace that I can fill? The last question will also help you determine if there is a
niche in the marketplace that your new business will fit into.
Before embarking on your venture, do some research to determine who your competitors will be.
Look at their strengths and weaknesses. Then think about how your business will be different and
whether or not you can reasonably expect to gain that all important competitive edge in your
industry and specifically within your target market.
If you are thinking of starting a business, there are several questions that you should ask yourself.
The table below will guide you through some of those things.
Things to Consider as you Start Your Business
Issue Questions to Ask
About Me What are my strengths?
What skills do I have?
What are my hobbies
Can any of these attributes be turned into a business venture?
Type of Business What is the best legal structure for my business?
Do I need a business partner?
What skills and strengths does the potential business partner have?
Will the partner have investment capital?
Location Where will my business be located?
Can I operate my business from home?
Will I buy or lease a facility?
How much space will I need to operate my business?
Money How much money do I have to put into the business?
Where will the rest of the money I need come from?
Is my credit in good standing in case I need a bank loan?
Are there specific financial programs that will help me start my
business?
Customers Who are my customers?
How will I find my customers?
Advertising How will I let people know my business exists?
Where will I advertise my business?
How much will it cost for advertising?
Can I afford to hire an advertising professional or agency?