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Good planning does not guarantee but increases success rate.  So before you start your business, you should be able to answer these questions fully and honestly:

  • Why am I starting a business?
  • What kind of business do I want?
  • Am I prepared to spend the time and money needed to get my business started?
  • How much money do I need to get started?
  • Will I need to get a loan?
  • How long do I have until I start making a profit?
  • What products or services will my business provide?
  • What differentiates my business idea/products/services I will provide from others in the market?
  • How soon will it take before my products or services are available?
  • Who is my competition?
  • How will I price my product compared to my competition?
  • Who is my ideal customer?
  • How will I set up the legal structure of my business?
  • Where will my business be located?
  • How many employees will I need?
  • What types of suppliers do I need?
  • What taxes do I need to pay?
  • What kind of insurance do I need?
  • How will I advertise my business?
  • How will I manage my business?

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