GREAT WESTERN BANK: 4 Questions to Ask Yourself When Starting a Business
Great Western Bank issued the following announcement on April 24.
So, you’re thinking about taking the plunge and making the change from being an employee to a business owner. This can be both exciting and nerve wracking at the same time.
Here are four questions to ask yourself when starting a business:
1. Am I ready to do this?
Many people often get to a point where they don’t want to work for anyone else but themselves and dream of owning their own business.
The dream usually consists of a perfectly run profitable business where there are no problems and you can finally take on the title of CEO. The truth is that there are many complicated things that need to happen before you can get to that destination.
It’s important to dig deep and take a real assessment to see if you are ready to put in the time and energy to make your dream happen. If the answer is yes, read on!
2. Do I have a solid business plan?
As a business banker I have seen first-hand the difference between having a business plan and not having one. The business who puts together a plan is more likely to be successful and profitable vs. those who don’t. Truthfully, a business plan can be the most important exercise in the infancy of your business.
There are several great FREE resources to help put together successful plans such as score.org and SBA.gov.
3. Do I need professional services?
You are an expert in your industry but not necessarily in other areas critical to your success. It’s important to connect with the right people to help you including an accountant, attorney, banker and insurance agent.
4. How much is this going to cost?
In every startup business there are startup costs such as renting a space, equipment, and inventory. When creating your business, it is also essential to create a projection of income and costs as detailed as possible.
At the end of the day the goal is to make money.
A good place to start is a local Small Business Development Center which can provide help and guidance when putting this together.
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Original source: https://www.greatwesternbank.com/blog/2019/04/4-questions-to-ask-yourself-when-starting-a-business/