Question you need to answer before plunging into your own Small Business
Below are few basic question for any entrepreneur to answer and to check whether he can run the business or not So, ask yourself;
what are you good at? What experience have you gained at work, school or through sport? What are your likes and dislikes? What are your personality traits? Do you prefer to work in a team or on your own? What are your natural skills and abilities? Performing a self assessment will not necessarily provide you with the perfect business to start, but it should indicate which businesses will not be ideal for you. Then, work through the following list and apply these questions to some of the business ideas that you may be considering.
Your Market
Who will buy your product or service? How much will they pay for it? What advantage will your product/service offer over the competition - ex why should customers choose you? The industry that the new business is in - is it in a growing industry, or is it on the decline do you have industry contacts? If not, how difficult will it be to enter this industry as an unknown - with competitive industries,s for example fashion, you may find it very difficult to enter a competitive market as an unknown if you don't know the answers to these questions do you know where to find them? You should never launch a product or service without first researching your market.
Products/Service Will you be producing a product or providing a service? Have you thought about distribution methods? Do you know which methods are most cost effective? How will you get your product or service to your customers?
Location Will you operate your business from home or from leased premises? If you plan to lease or rent can you easily accommodate additional staff, stock and customers as your business grows? Do you need parking facilities? Is is available? Can the premises be fitted out to suit, without too much of an investment from you?
Suppliers Who will they be? Is there a minimum purchase amount? What is their lead time? Are they reliable - can they provide a consistent and reliable service? Do their costs enable you to make a profit?
Equipment Will you be using specialised equipment? What are the costs to service or repair this equipment? Are spare parts readily available? If entering a declining industry how available will this equipment, and/or spare parts, be in the future? Are special skills required to operate this equipment? Will you lease or buy your equipment?
Staff
How many staff will you require? Do they need specific skills or training? Do you know the hidden costs of hiring staff?
Finances How much capital will you need to purchase stock and equipment and to see you through the establishment phase of setting up your business as well as the first three months trading? If you need to borrow money do you know where to go and what the lenders will require from you?