Starting
a Small Business (cont.)
- What
niche or void will my business
fill?
- What
services or products will I sell?
- Is
my idea practical, and will it
fill a need?
- What
is my business's advantage over
existing firms?
- Can
I deliver a better quality
service?
- Can
I create a demand for my
business?
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Once
you've determined that your business idea is
feasible, answer these questions:
- What
skills and experience do I bring
to the business?
- What
will be my legal structure?
- How
will my company's business
records be maintained?
- What
insurance coverage will I need?
- What
equipment or supplies will I
need?
- How
will I compensate myself?
- What
financing will I need?
- Where
will my business be located?
- What
will I name my business?
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If
you are starting a home-based business, you
should answer these additional questions:
- Does
my home have the space
(preferably separate) for a
business?
- Can
I successfully run the business
from my home?
- Can
I deal with the isolation of
working from home?
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Your
answers to these questions will help you create a
focused, well-researched business plan that
should serve as a blueprint. The plan should
detail how the business will be operated, managed
and capitalized.
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