10 Questions before starting your Business Plan

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the road map for reaching those goals.

Before starting a business plan, it is a good idea to meditate on your concept and the one critical question “How will I make this successful”. Here is a list of questions that may help you think and plan your business plan better.

1. Do you have passion for your business idea?

The most important aspect to consider before starting the business is defining whether you are passionate or not about the idea of business. If you don’t have enough passion about the business idea, the first thing you have to do is to create it.

2. Think whether you are self-starter?

This the most definite characteristic for most the entrepreneurs. Can you defines yourself as a hard worker and a self-starter before diving into your new small business.

3. Can you become your own boss?

Be sure that you can follow your own deadlines, can finish each project, and that you can work towards your goals effectively. Make sure that you are able to motivate yourself everyday.

4. Do you get support from your friends and family?

It is quite depressing and frustrating to have a passion about a new business and having no support system to help you from your friends and family members. You should be very sure that your support system should back you in the business. The best way to get support is to involve people through advise early on.

5. Can you afford the business?

You must finance the company in a smart way from beginning to end in order for it to be a success. Someone once told me that the success of the business does not at all depend on the business idea but rather on the company’s “cash flow” it is very important to plan the finances well. I have written a couple of posts on this topic as well.

6. Are you prepared to put in the extra hours?

You should make sure that your schedule is clear enough to start up a business before you actually do it. Not to mention the countless number long hour days, and working weekends.

7. Is your idea practical or not?

No business can be  a success until its practical and meets a specific need. Make sure you idea is realistic and that you can logically flow your idea from one stage to the next with having too many “if and buts”.

8. Can you handle the unexpected situation?

This is an important quality in an entrepreneur. You should always expect the unexpected and also be sure that you can handle whatever is thrown your way.

9. Are you flexible?

A business owner must wear multiple hats. Depending upon your business, from cashier to cook, from receptionist to accountant – you will play every role. Be flexible.

10. Are you ready?

Last but not the least – ARE YOU READY? Are you emotionally, financially, and physically ready to take this step. This is a critical question because it causes people to end up in paralysis as well by opening the door you may allow your fears to take over. But the question here is not about fear – it is about being ready to step down the rabbit hole.