Questions to Ask Before Starting a Business

Everyone wants to start a business or have another stream of income especially in this period of uncertainty where so many issues struggle to remain relevant in an otherwise recession prone period. A greater percentage of the populace have discarded the buying of foreign-items and have started patronizing Nigerian brands in a bid to still maintain some semblance of the same standard of living.

I am sure most Nigerian household brands of these items; baby foods, diapers, matches, toothpicks, organic foods and drinks, ankara-branded items, packaged processed foods, cornflakes and pasta would have seen a quantum jump in their sales.

Because of the uncertainties in the country, many individuals have decided to start businesses of their own. However, before you do that, it is important to consider whether you are really suited to run a business or be in a paid employment.

Starting a business is not about you alone but having the necessary skills, knowledge and the resources to wait it out till you start churning out profits. You also need to invest time into proper planning and coming up with a business plan.

Here are some few questions to ask yourself before launching out as a business owner whether on full time or part-time basis:

• What is my passion?
• Can my passion be turned to a business?
• Why am I starting a business?
• What business line do I want to start?
• What skills do I need to start a business?
• What are my business goals and objectives?
• Who is my target customer?
• What products or services will my business cater to?
• Am I prepared to be committed to the business?
• What proportion of my time and money do I want to invest in my business?
• What differentiates my business idea, product or services from others?
• What other possibilities do I see in my business?
• Where will my business be located?
• How much money do I need?
• Will I need to get a loan? Type of loan sources?
• Do I need suppliers and what kind?
• How many employees will I need?
• How soon will it take for my product or service to be available?
• Who are my competitors?
• How will I price my product or service?
• When do I start making profits?
• How much income will my business need to generate to stay afloat?
• How will I set up the legal structure, entity and name?
• Do I have a business Coach or mentor for support?