So you want to start a business-that’s great. Before you invest in a building, design a logo or print business cards, I want to help you  think through the idea of starting a business.  I suggest that you answer the thought provoking questions in this article to help guide you in the business startup process. 

Do you have the time to commit to running a business? What  resources do you have to invest in the startup of the business?  Do the numbers.  Consider what you can afford.  What other options do you have to obtain funding?   Do you have a business idea that would attract investors? 

What type of business should you open? Is there a need for the business?  Research. Research. Research.  When you research to see who is doing what you want to do, you will gain knowledge and insight on what’s going on in the target market you want to serve.  It will help you will see if there is growth potential.  Are you going to sale a service or products? 

Business Structure

What will be the governing structure of the business? What type of business should you start? Are you starting a business to make lots of money or are you starting a business to make a difference in the community?  The structure of your business  will be either not for profit or for profit with subcategories under the major categories. 

What is the difference between a not for profit (nonprofit) and a for profit?   A nonprofit does not have owners or shareholders.  Even though a nonprofit is a business, no one can own a nonprofit organization.  It is a charity.  As a charity, it can have a profit at the end of the year. However,  the profit is there to operate the organization and sustain the programs and services provided.   On the other hand, a for profit organization is just that.  It is structured to make a profit. 

In the brainstorming session with yourself,  you think of the possibilities of the business endeavor. You can see it happening.  You view the puzzle pieces and  you see how to put the pieces together.  You visualize what success looks like.   Now that you are still sold on starting a business, it is time to take the next step.  Develop a plan of action.