In our last blog, we touched on some of the important questions to ask yourself before starting a business.
The advantages of owning a business are clear, and now you know some of the complications, as well. Namely, to survive the first few turbulent years, you should have a solid foundation even before you make your first sale.
A good way to go about preparing your business for success is by answering the next set of questions, laid out by our team of Boise business attorneys at the Generations Law Group.
1. Is This The Right Time to Start A Business?
There is time for everything; there’s also a perfect time to establish your business.
If you don’t start a business when you ought to, it may end up starting on the wrong foot. If you are looking to start a new business, consider your financial status, physical status, and relationship with other people. For instance, if a loved one is in a critical health condition, it will be unwise to start a new business.
On the other hand, if things are going well in your life and you’re ready for a change, that could be the perfect time to start a new business as you’ll be able to channel the turn of events in your favor.
2. Do I Have the Funds Needed to Start?
Starting a new business is capital-intensive, so don’t expect to use a few hundred dollars saved up to establish a coffee shop.
People often source funds to set up their business – i.e., a loan or from angel investors. If you don’t have the capital to kickstart your business the way you picture it in your head, you can either start small and grow organically or your source for external funding.
If you’re unsure of your funds, draft out everything you need to buy and list them in order of importance. Then keep reducing until it fits your capital. While making your list, don’t remove anything essential. You can make sure it’s still on the list once you’ve paired down the things that aren’t completely necessary.
3. Who are my Idaho Competitors?
This is another important question you should ask yourself before you start your own business.
Competing with big brands doesn’t mean you don’t stand a chance; it only means you need to review your tactics.
For instance, if you want to sell burgers close to a McDonald’s store, try not to offer exactly what they offer. You can sell homemade burgers. Market your burger with “homemade” as your keyword.
4. Do you Currently Have a Reliable Team, or Can You Form One?
The team you surround yourself with will go a long way in determining the business’s success, so when starting your business, you have to review the people you have around you.
You certainly can’t do everything by yourself; the people around you should be people you can delegate tasks to.
Ask yourself how competent they are. Can they handle the task given to them? if the answer is “No” then you need to change the people you are working with
5. Can I Withstand the Challenges?
You are going to be faced with a lot of challenges as a new business owner. Your ability to overcome these challenges is what will determine the success of your business.
If you’re unsure, or if you really want to solidify your chance of being successful, get in touch with an Idaho business attorney to iron out all the details as soon as possible.
Contact an Idaho Business Attorney at the Generations Law Group
For many people, starting their own business is a dream come true. But every dream takes work. This work can be eased, however, with the help of an experienced Idaho business attorney guiding you through the more complicated aspects of opening your business.
At the Generations Law Group, we help Idaho business owners through everything from business formation to business transactions and business succession plans. Contact us today to schedule a consultation.
