4 Questions to Ask Yourself Before Starting a New Venture

You deserve commendations for your desire to start a new business. Whether you’re launching after a fulfilling career or after graduating from college, you have a chance to create your own destiny. To get off to the right start, learn the answers to ask yourself before starting a new venture.

Starting a New Venture? Ask These Questions first

Before stepping out on your own, spend some time developing your strategy. Your answers to the following questions can help you find direction.

Why Am I Starting a New Venture?

What has prompted your decision to launch a startup? If you want to set your own hours or be your own boss, your new experience may be shortlived. After all, even before you ever earn a profit, business ownership requires a lot of time and effort.

If you think that the idea of working for your self “sounds cool” or gives you a chance to improve your work-life balance, you might have built a shaky foundation for your business. On the other hand, you might have a sincere desire to create exceptional value and share it with the marketplace.

Examine your intentions to see if they can provide you with the impetus and tenacity that business ownership requires. In other words, when you have solid reasons for “flying solo,” they can motivate you to persevere in the face of adversity.

What Skills Do I Have?

After understanding the factors that motivated you to start a business, start thinking about what your business will do. So, think about what skills you have that can create value for your customers. If possible include this question as part of your SWOT analysis.

When you know what you can do and why you want to do it, you can start looking for market niches that you can fill. The answer to this question can also help you identify your deficiencies. Whenever possible, fill in the gaps in your skills by outsourcing. For instance, you may need third-party small business accounting services or a digital marketing agency.

Also, create a hiring plan that will help you strategically add to your team. If you’re unhappy managing your business’ daily operations, you may want to hire a manager. If purchasing gets you down, consider hiring someone to manage your vendors and logistics.

How Do I Actually Start My New Business?

As your business plan congeals, you need to know what to do first. Most likely, you’ll need to start by looking for customers. After all, few businesses naturally attract mobs of paying customers.

Get involved with your community from the get-go. So, join your local Chamber of Commerce and Rotary Club. Likewise, look for networking groups in your area that support businesses and professionals that operate in your industry.

Networking should play an active role in your business. By actively engaging potential customers and your fellow business owners, you can gain access to contacts and other resources that can support your business on an ongoing basis.

What Small Business Resources are Available to Me?

Speaking of resources, you’ll need more than good contacts and public rapport to get your new business off to a fantastic start. Fortunately, you don’t have to do it alone. For instance, you can often find local colleges and universities that have resources that support new ventures.

Government agencies such as the Small Business Administration offer numerous programs that can help you qualify for loans, learn sound business practices, and apply for government contracts. Your local city and county governments may also provide some small business resources.

Just remember, it’s your responsibility to reach out to get the help you need. You don’t have to be the Lone Ranger.

Before Starting a New Business

Now that you have answers to the 4 questions to ask yourself before starting a new venture, taking the next step is up to you.

ABS Accounting provides numerous professional services that can support your new business:

• Accounting.
• Payroll.
• Tax Prep.
• Financial Planning.

Contact us today, if you’re ready. Otherwise, check out a 35-step plan for starting a business at Forbes.com.