You never saw yourself as an entrepreneur, but when you realized that you had a service that could fill a gap in your local market, you decided to try to make your idea work. You may have little knowledge on how to set up a business or to help your start-up get off the ground, but that’s okay. You have a chance to seek legal support and to ask questions about different business entities and the process of paying business taxes or taking on employees.
You can also start with some very basic questions about your business to help you make a plan for implementing your ideas. Here are a few questions to help you get started right away.
- Why do you want to run your own business?
You may have an idea that will fill the local market gap, but why do you want to make your own business? Business isn’t for everyone. Sometimes, it makes sense to sell your idea to someone else for a cut of the profits or for a one-time fee. Think about why you want to be in charge of this idea and your basic reasoning for starting your own business.
- How would you explain your business in a single sentence?
Being organized is essential as you start your business, and part of that organization is being able to very simply explain what your business does. “I detail high-end luxury vehicles.” “I mow intricate landscapes.” “I offer overnight daycare services.” These are all simple explanations that help customers know what you’re offering and that focus your business.
- What kind of business entity should you have?
Do you intend to hire people in the future? Do you need to be protected against liability and lawsuits? Think about the kinds of business entities there are and decide if one of them would be a better shield than others.
Everyone has different goals and ideas for their business. These are a few questions to ask yourself as you build your business. Clarifying your business and its structure is a great way to get started.