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Questions to ask when starting a business

| Sep 29, 2020 | Business & Commercial Litigation |

Wanting to start your own business is the first step. It gets you thinking and planning. It helps you set goals for yourself. But you don’t just want to launch your company as fast as possible. You need to slow down and ask some questions first. 

The questions you ask yourself can help you come up with a more concrete plan and avoid some potential pitfalls. A few examples include: 

  • What do stand to lose? For instance, do you have to quit your job to start your company? Are you willing to risk that?
  • Is there a direct need for the business you’re creating? The most successful companies are those that identify a need or a problem and then solve it. 
  • Do you want to start the business because you like the idea or because it will make money — or both? If it’s because you like it, that’s fine, but is there a real way to monetize it?
  • Are you actually motivated to work in this space, or is it a hobby? Remember that the work side isn’t always fun and may take away from your enjoyment of the hobby. 
  • What do your friends and family think when you tell them about your idea? 
  • What would a complete stranger thing if you pitched it to them?
  • What are the logistics of starting the company? Do you need to hire employees? Where will it be located? How are you going to get the start-up funds?

After you have answered these questions and the related ones that they help bring up, only then is it time to start considering your legal options and the steps you need to take.