Starting a Business Checklist
First Step: Self-Assessment
Regardless of the type of business, the first step in the Starting a Business Checklist is to assess yourself. Knowing your own strengths and weaknesses can help guide your preparation and tailor your expectations. Success in any business will require the following:
A Good Attitude
Skills like: Organization, Planning, Financial Management, Time Management, Leadership, Marketing, Advertising, Writing, Speaking, Listening, and the most important - SELLING)
If you are not strong in some of these skills – that may very well be a reason to get started. Many people don’t identify themselves as salespeople, yet they do understand how the skill of selling can dramatically improve almost every area of their lives. One of the strongest motivators to start your own business could be to develop skills in selling, leadership, speaking, writing, and listening – while making some extra money in the process.
Starting a business can also be the best education you’ve ever received. You get paid for learning, instead of simply paying for your education. Additionally, it’s practical. Generally, people don’t get paid for a theory or a hypothesis in the real world. They get paid for bringing practical and simple solutions to peoples’ needs.
The first part of the Starting a Business Checklist is to identify the reasons you want to start a business. Your objectives and goals are the starting point for your business plan and will also help keep you focused, especially in the beginning.
Do you want to start a business for any of the reasons below?
Freedom from being tied to someone else’s schedule: the 9-5 daily grind.
Be your own boss.
Do what you want when you want to do it.
Are you first willing to do what you need to do when you need to do it.
Improve your standard of living.
Tired of your present job.
Have a unique product or service for which you feel there is a market.
Tired of working with or for incompetent people.
Have more control over your life.
There is no right or wrong reason to starting a business. After you know what your objective is, you can start taking a closer look at yourself.
Running a successful business will require certain personal characteristics. This portion of the Starting a Business Checklist deals with you, the individual. The more honest you are with yourself, the better off you will eventually be. This is helpful so you know where you need to get some extra help. Remember, it is your future that is at stake!
Are you a leader?
Do you like to make your own decisions?
Do others turn to you for help in making decisions?
Do you enjoy competition?
Do you have will power and self discipline?
Are you going to maintain a routine and constant action?
Do you plan ahead?
Do you like people?
Do you get along well with others?
Are you persistent?
Can you deal with a lot of work with little to no gain in the beginning?
So eventually you can have little work with a great gain.
Psychological / Ethical Issues
Do you have the psychological stamina to handle stress and rejection?
Is your family prepared to go along with the strains?
Are you prepared to lose your investment?
Will you maintain ethical standards against the stress of making a profit?
Will you be able to walk away from a sale if your solution does not meet a potential customer’s need?
Personal Skills and Experience
Unfortunately, hard work by itself does not bring business success. A strong work ethic is only one of the prerequisites for success. This part of the Starting a Business Checklist deals with your skills and/or experience. How would you rate yourself in the following essential business skill areas?
- Financial Management
- Time Management
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Starting a Business Checklist
Starting a Business Checklist - First Step:
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