Questions to Answer When You Want To Start a Business
These are issues that should be addressed in your business plan.
What are my skills?
What are my skills? What do I do well? Not so well?
What are my Products or Services?
What type of business do I want to start?
Do I know what products and services I want to offer? How many?
What are my costs for producing my products or services?
What do I need to make my product or service? How and where do I purchase these?
Who else offers this product or service? Can I compete?
Who is Going to Buy my Products or Services?
Who are the most logical customers for my products and services?
How will I let them know about my business?
Is there a demand for my business?
What Do I Need to Start My Business?
1. Location & Infrastructure:
Where is the best location for my business?
Who can help me find a site and understand the leases?
How much can I pay for rent?
If I want to start at home, do I have a dedicated area for a Home Office?
How many phone lines will I need? How many computers? What type of software will I need for the computer?
2. Structure:
What type of legal structure will suit my business best?
What are the tax considerations for each structure?
The Secretary of State or NYC Small Business Center www.nyc.gov/sbs offers detailed information for free on the various types of businesses and the laws governing them.
What business licenses do I need?
Sales Tax number
Federal Tax ID number if I have employees.
The IRS offers a free Small Business Tax kit at 1-800-829-3676
3. Name:
Do I need a name that will define my products and services?
How do I register the name of the business with my state?
What information should be on my stationery and business cards?
Can I make them on the computer?
How will I package my products? Shopping bags? Shipping containers?
4. Employees:
Do I need help? What kind of help? What will they do? How much can I pay them? What benefits will I need to offer?
I should create a job description describing the duties and benefits.
How do I find employees? Newspaper ads. Employment agencies. Post on website.
I should interview people before I start to hire so I know what questions to ask
and what skills to request.
5. Where Do I Get Money?
How much money do I need for the above?
Do I have enough money of my own to put into the business, or do I have to borrow?
Am I credit worthy enough to borrow money? From a bank? From credit cards?
What does credit worthy mean? What do I need to borrow from a bank?
What documents do they need to see?
I will need to open a separate banking account for my business transactions for salaries, rent, and revenues.
Can I borrow from family and friends?
6. What Do I Do Next?
I need to write a business plan, which explains my business and its operations.