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10 Questions You Need To Answer Before A Business Venture

Starting and managing a successful small business venture takes time, energy, money, and a HUGE commitment. But the payoff can also be HUGE, in terms of personal accomplishment, satisfaction, happiness, and M0NEY! So just how committed are you?

Here are 10 questions to help you find out:

10 Questions You Need To Answer Before A Business Venture

(1) Have you taken the time to create a business plan?

A business plan ensures you have a well-thought-out plan for your business. It doesn’t have to be a big, formal document. But it should outline your budget, your goals, and how you plan to achieve those goals. This way you have focus.

(2) Have you taken the time to create a marketing plan?

If you don’t have a marketing plan chances are you’ll spend more money trying to get clients AND you’ll achieve fewer results. Taking the time to create a marketing plan, even if it’s only a one-page document, will enable you to be laser-focused so you’ll get better results.

(3) Have you committed enough financial resources to operate and market your business for at least one year?

You have to invest in your business if you want it to succeed. It doesn’t have to be a big sum of money, but it’s got to be enough to accomplish the goals you’ve set in your business and marketing plans. There are always some expenses required when starting a new business.

(4) Are you willing to invest in yourself?

To grow yourself and your business you must always be learning. Either through seminars and conferences, buying books and CDs/DVD’s, etc. As one of my well known marketing teachers Brian Tracy says, “turn your car into a University on Wheels.”

Remember that education to help you grow your business is a business expense and is tax-deductible. Let Uncle Sam finance your growth!

(5) Are you willing to spend time to learn how to better operate and market your business?

If you don’t know everything you need to know to successfully operate and market your business (and who does?!?) commit the TIME to learn.

Not only should you be willing to invest money in courses, books, CDs, coaches, or whatever it takes, you have to be willing to spend the TIME.

When I first started my online business, I was short on money so I spent most of my time learning from all kinds of resources. It does take time (or money)

(6) Do you seek advice from those who are already successfully doing what you’re trying to do?

Have you identified other businesses or individuals who have already accomplished what you’re trying to accomplish? If not, find them. Learn as much as you can about their businesses. Model them. Get advice from them.

In the past, I have paid a big chunk-of-change for a one-hour consultation with someone who has successfully done what I wanted to do. Was it worth the money to get his advice and recommendations? You bet! It’s definitely faster and easier than trying to figure it out on my own.

(7) Do you have a team?

If you’re still trying to do everything on your own, you should ask yourself how serious you are about building a business. For years, I worked alone. But I now realize I was making a living  much like a job, not building a business.

If you’re serious about building a business, get the proper team in place to ensure your success. You should be spending your time doing what you do best, and find others to help you with everything else. 

This can happen in a variety of ways, but most start with baby steps like hiring a VA (Virtual Assistant), researchers, etc. 

(8) Have you created systems in your business?

All successful businesses have systems in place that allow routine activities to be repeated over and over again, to ensure the same results. This also ensures your business does not rely solely on you for its success.

With good working systems, what you do to achieve success is duplicated and can be passed on to others to grow.

(9) Do you track everything you do?

The only way to truly know if what you’re doing is working is to track. While it takes a bit more time and planning up front, it can definitely save you time and money in the long run.

Every time you make a change in how you run your business, track it so you know if that change is making your business more successful, or not. Track every marketing activity so you know what’s bringing you business and what’s not.

(10) Are you willing to take a good, hard look at what you’re doing, and make changes if it’s not working?

Sometimes we have so much time, money, or energy invested in doing something a certain way we have a hard time changing our approach if it isn’t producing success. That would be admitting failure, right? WRONG!

It would be a failure to NOT make a change! Being in business is a learning experience and one that requires constant fine-tuning.

Try this formula: Plan, take action, evaluate, fine-tune. And repeat as often as necessary until you find what works for you.

10 Questions You Need To Answer Before A Business Venture

So, how’d you do? Don’t worry if you didn’t pass my commitment quiz. Your business is a work-in-progress. Your goal should be to work toward having all 10 of these pieces in place.

If you do, your business will have a much greater chance of success AND you’ll be a whole lot happier!

10 Questions You Need To Answer Before A Business Venture

Any questions or comments regarding this article, you can Contact me or submit a comment below.

Regina L Floyd

After developing a wheat and dairy allergy over the last few years, I decided to find better ways to eat to feel better. Although I DO eat meat, I often seek out GF Vegan diet to avoid dairy and eggs (my new allergy lately). I hope you enjoy the variety of articles shared here.

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