10 Honest Questions to Ask Before Choosing Your Business

Identifying a new business to start that works for you can be a challenge.  There are lots of things to consider as you make your choice.  Below are some real questions to ask yourself, being super honest about your answers so that you can steer yourself in the right direction.

1.       What “fires you up” and makes you want to make a difference?

·         Since passion is essential when starting a new business, it is imperative that you think of things that generate emotions in you.  If you don’t have a lot a feeling about your project, it is likely that you won’t stick with it when times get tough, boring, or otherwise unproductive.

2.       What needs do you see that people have that is not being properly filled?

·         Think about things that are an irritation to you or the people around you.  How could you improve the situation and make it better?

3.       What do you enjoy doing?

·         If you are going to do a business from your home, you will not have a boss.  That means you need to enjoy what you are doing to generate the motivation to do the job consistently and well.

4.       In what ways are you creative and how does your creativity play out in everyday living?

·         Determining if you are a person who enjoys working with your hands, mind, or people can help you identify some of your natural and hidden talents. Often people think of various art forms or products of the hands when they think of creativity, but art is only the beginning of genuine originality and inventiveness.  Problem solving, getting organized, creating spreadsheets, and technical skills require enormous amounts of creativity.   Being able to deal with people effectively is another wonderful form of creativity. 

5.       What skills, knowledge or experience do you have?

·         Look at your skill sets and see how they can transfer to the answers of 1-3.  You do not have to start a business in the exact same field that, say, you have worked in for 10 years, but you can use the skills you acquired to help you run your business.  Make a list of your skills so you can clearly see what you have to offer to the business.

6.       What aren’t you good at and what do you dislike?

·         Be honest with yourself because if you are not, it only means disaster for your business.  If you are really good at teaching art but terrible at accounting, be realistic so that you can figure out a good way to handle the accounting BEFORE you start your business.

7.       How much money can you invest and live without?

·         Dreaming big is great, but if you don’t have money you will need to either scale down your dream and approach the business slowly, or devise an excellent business plan and strategy that has been reviewed by several seasoned business mentors.  Consider whether you are planning to do your business full time or part-time?   Do you have other sources of income to support you during your start-up phase?

8.       How much time can you invest and still have your sanity?

·         Again, honesty is the best policy when assessing your time availability.  What are your truly willing to sacrifice – family time, leisure activities, home cooked meals, TV, going out with friends, memberships, education or other classes, taking the dog for walks . . . Think about how much time you COULD free up versus how much time you WOULD free up.

9.       How do your current circumstances influence choosing a business – both positively and negatively?

·         Do you already know people who are willing to support your business?  Is your house conducive for setting up your business?  Do you have easy access to the resources that you will need?

10.   Is your idea realistic and doable, especially in light of the questions answered above?

·         If you see so glitches in your business idea based on how you answered the questions, STOP NOW and address the glitches.  It does not mean that you cannot follow through on your idea, but it does mean that you need to make some honest adjustments before you go further.

Many people become successful at home businesses after candidly answering the questions above.  If you are serious about starting a business, have some friends and family members answer the questions about you as well.  You may be quite surprised and helped by the insights that they share with you, even if it is not what you think you want to hear.