What Questions Comes to Mind When Starting a Startup?
| 4 minutes read
Everyone dreams of starting a business, and many young entrepreneurs are stepping into the business world. We are very sure you must have thought about starting your own business once in your life. But after a few questions, you might have dropped the plan, or you might still be thinking, and some questions are continuously hitting in your mind.
Before starting a business, you must answer these questions, which could be very important to clear the sky before starting a business. Therefore, we will list 10 questions every entrepreneur thinks or questions that come to mind when starting a startup.
Let’s go and find out the common questions that come before starting a startup, and we will also try to find the appropriate answer.
1. Why do I want to start a business?
His is the first and most common question for every wannabe or young entrepreneur: why do you want to start a business? Of course, some want to offer extraordinary and improved services that your competitors are currently serving. And some think about money and earning profits.
The primary thing is to begin a business; you should at least have a reason to start a startup. You have to be passionate and confident that what you’re going to do is good for you.
2. Can my business idea potentially make money now and in the future?
If the answer is no, then you may want to reconsider. If you’re planning to start a business and don’t generate profit now and in the future, then it’s better to review and think about what’s going wrong with your idea? With money, only your startup can survive; otherwise, you can’t help your business just by investing money from your pocket.
3. Who is my target audience for business?
When you plan your business idea, you must have set a target audience for whom you will offer your products and services. You need to note down that you can’t target the entire audience at once. You need to get clear about your product and your audience. In addition, you need to remember that your business cannot be for anyone and everyone; find a niche market and focus on them, leading to financial rewards later on.
4. Who are my competitors?
You have to accept that whatever you think about your business, you will get competitors in the market. It’s tough to target the monopoly market; when it comes to business startups, you will get competitors who are masters in this field. So it’s better to research your competitors and see what are they offering? Analyze the product and think about what different and better you can offer and how your product will be better than your competitors.
5. How will I market my business?
You need to market to your niche audience. Implementing the best marketing strategy makes it more likely that your business website and social media will be seen by the target audience, increasing traffic, sales and creating hype on social media.
6. Do I have financial support (friends and family)?
See here; you have to check in the case of an emergency. Do you have a backup? In business, risk comes along with the reward. So you have to be prepared for what is coming and what’s going. In those challenging times, if you get support from your friends and family, this goes easy, and you get an advantage to recover from that phase.
7. Do I need a co-founder(s) for my business?
If yes, what complementary skills would the co-founder(s) need to have for the smooth and successful functioning of the business?
Not everyone is good at everything. For example, you might be an excellent Product and Engineering person, but you might still lack marketing skills or finance knowledge. A startup founding team should have all the necessary skills, and that is why finding the right co-founder is most crucial. The co-founder(s) should complement your skills with his/hers and share your vision with utmost zeal and passion. Selecting the right and appropriate fit co-founders is one of the most complex and crucial steps in starting a company.
8. How many employees will I need in the office?
Before this, you have to reconsider the budget, check how much you can afford. And you can hire employees as per the required position. One great employee could be better than tons of average employees. When recruiting an employee, you should know why you are hiring and how important the position is for your company. The initial team formation is challenging but not impossible.
9. What kind of taxes would I have to pay for the business?
Taxes and liabilities vary a lot depending on the legal structure and investment of the company. For instance, in India, startups are exempted from the capital gains tax, and they also have to pay no income tax on their profits for the first three years. We had covered startups tax in one of our blogs. You can read it here. So generally invest in those businesses where the risk is a low and high chance of profit.
10. When will I be ready to start my business?
After considering the above points, try to tick your task what you set before launching your business. We know you can launch a business on a large scale, but you can start and finalize the date. In other words, be realistic about your launch date and execute your plan accordingly.
As you get started, you need to ask so many questions; we have listed the 10 important and common questions every entrepreneur thinks about before the business launch. It would also be better to hire a mentor or an advocate who can also guide you as per the law.
Remember, starting a business isn’t easy and will require a lot of time, patience, and energy! Fall in love with your business idea you admire and watch it grow, and make sure to plan for the future.
Good luck on your new journey!