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Questions About Starting A Business

1. What is an entrepreneur and do you have the entrepreneurial spirit?

2. What type of business do you want to open?

3. Are you starting your business from scratch or are you buying an existing business?

4. Are you buying a franchise and are you aware that there are literally hundreds of franchises available for purchase?

5. Will your business be a sole proprietorship, a general partnership or will your business be a limited partnership?

6. Are you planning to incorporate your business and are you familiar with the laws of incorporation?

7. Do you have a marketing strategy, what type of advertising will you do, and do you have an advertising budget?

8. Do you have short term and long term goals and are your goals realistic?

9. Do you have products and or services that are in demand? Is the market ready for your ideas?

10. Is your business going to be seasonal or year round? Can you handle periods of inactivity or a downturn in your business?

11. Do you have the capitol to finance your inventory and is it enough to keep your business operating until you can turn a profit?

12. Have you looked into the different types of business loans that are available through local banks and other lending institutions?

12. Are you aware of the different licenses and fees that you may have to pay before you get started?

13. Are you familiar with the laws and regulations associated with the type of business you are starting?

14. Are you going to quit your regular job to run your business or are you going to run your business part time?

15. If you are married, are both you and your spouse on the same page when it comes to realistic expectations about the business?

16. Do you and your spouse understand that there may be times when the business may need one, or both, of you there for long hours, weekends, and holidays?

17. Are you aware that the reason that many businesses fail is because of the lack of planning and unrealistic expectations?

18. Have you talked with your insurance company about the different insurances you will need for your business, your employees and yourself?

19. Have you familiarized yourself with the different tax issues that are associated with business and business enterprises?

20. Are you ready for the challenge?

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