20 Questions Before Starting a Business

Many people dream of having their own business. To see if starting a business is right for you, ask yourself these important 20 questions. Your answers will help you determine if you are ready to become a small business owner or where you need to spend more time in planning.

1. Am I prepared to spend the time, money and resources needed to get my business started?
   
2. What kind of business do I want?
   
3. What products/services will my business provide?
   
4. Why am I starting a business?
   
5. What is my target market?
   
6. Who is my competition?
   
7. What is unique about my business idea and the products/services I will provide?
   
8. How soon will it take before my products/services are available?
   
9. How much money do I need to get my business set up?
   
10. How long can I have to finance the company until I start making a profit?
    
11. Will I need to get a loan?
    
12. How will I price my product compared to my competition?
    
13. How will I market my business?
    
14. How will I set up the legal structure of my business?
    
15. How will I manage my business?
    
16. Where will I house my business?
    
17. How many employees will I need to start up?
    
18. What types of suppliers do I need to contact?
    
19. What kind of insurance do I need to invest in?
    
20. What do I need to do to ensure I am paying my taxes correctly?
    

Follow These Steps to Starting a Business

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more.

Step 1: Templates for Writing a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name ("Doing Business As")

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

Source :  U.S Small Business Administration