Category Archives: Financial

Opportunity of the Week: Let’s Play 20 Questions

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Do you remember the game 20 Questions?

If you are as old as me (83 in January), you may remember the TV show.

httpv://youtu.be/gvGfOTOqRG4

When I was a kid we played 20 Questions. One kid would think up a person place or thing and we had to guess what it was by asking questions. The first question might be, “Is it animal?” That would eliminate vegetable and mineral.

The next question might be, “Is it smaller than a bread box?” That would help nail down the size. Pretty soon, 9 times out of 10, you would have the Answer. For example, if the answer was King Tut, he would be animal, larger than a breadbox, and dead (not living), A real person (not Micky Mouse). Not now living.

The SBA gives these 20 questions to ask yourself before you start a business:

So you’ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions:

  1. Why am I starting a business?
  2. What kind of business do I want?
  3. Who is my ideal customer?
  4. What products or services will my business provide?
  5. Am I prepared to spend the time and money needed to get my business started?
  6. What differentiates my business idea and the products or services I will provide from others in the market?
  7. Where will my business be located?
  8. How many employees will I need?
  9. What types of suppliers do I need?
  10. How much money do I need to get started?
  11. Will I need to get a loan?
  12. How soon will it take before my products or services are available?
  13. How long do I have until I start making a profit?
  14. Who is my competition?
  15. How will I price my product compared to my competition?
  16. How will I set up the legal structure of my business?
  17. What taxes do I need to pay?
  18. What kind of insurance do I need?
  19. How will I manage my business?
  20. How will I advertise my business?

Of course, these questions need to be answered in your Business Plan. Go to SBA and make your business plan now. Now is the time to start, right?

John

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