Start Your Business With 20/20 Vision - 20 Questions To Ask Yourself
Answer the following questions as best you can. You can return to update your answers at any time.
1- COMPANY NAME: What is the name (or current working title) of your business?
Your answer
2- LOCATION: What is the name (or current working title) of your business?
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3- INDUSTRY: What industry or market space is your business in, and what are its current trends?
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4- PROBLEM/SOLUTION: What problems exist and how are you solving them?
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5- PRODUCTS/SERVICES: What products or services you are providing and what are the benefits of each to a buyer or user?
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6- TARGET MARKET: What customers will you be serving? Create a description of their demographics and character.
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7- UNIQUENESS: How is your offering unique? What makes it stand out from your competition?
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8- PASSION: Why are you creating this business? How is it meaningful? Why does it make you want to get out of bed every morning to work on it?
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9-BUSINESS MODEL: How will you make money? Is it by direct sales, franchise, freemium, subscription, or other? Explain in more detail.
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9-BUSINESS MODEL: How will you make money? Is it by direct sales, franchise, freemium, subscription, or other? Explain in more detail.
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10- MARKET OPPORTUNITY: What emerging trends do you foresee for your business? (What problems or needs will encourage people to buy your products or services?
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11- OFFERING MESSAGE: This is your 'value proposition'. What is your main storyline? What do you say that raises people's curiosity? How do you tell them about the value of your offering and company?
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12- COMMUNICATION CHANNELS: Where will you present your story, message, and offerings to your customers? What mediums will you focus on?
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13- COMPETITION AND DIFFERENTIATION: What businesses are similar to yours? Which companies can you align with, and which are your primary competitors?
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14- BARRIERS TO ENTRY: What obstacles will affect the starting up of your business? How will they affect your success or failure?
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15- CORE COMPETENCIES: What are your greatest personal qualities that will help to make your business successful?
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16- ORGANIZATIONAL: What are the necessary business functions that need to be managed? Who will handle each of those roles, and what qualifies them to do so?
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17- ADVISERS: Who will provide you with support and direction for legal, financial, operational, marketing, management, products/services, internet, and other developments? Be sure to include emotional supporters too.
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18- STARTUP COSTS: What are all the expenses to get your business established? Estimate per month for one year. Include location, equipment, supplies, inventory, transportation, professional services, product/service development, licenses & permits, contractors, personnel, etc.
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19- FUNDING STRATEGY: How will you pay for all financial requirements to start up your business before you begin seeing an income stream? How much will it cost to keep your business going each month? Create a simple spreadsheet. Include both the amounts and monetary resources you will access to cover costs.
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20-MILESTONES: What markers or goals will you use to measure your company's accomplishments and growth? Make a list of quantifiable objectives, each having realistic completion dates of what will be delivered.
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(EXTRA QUESTION) 21- EXIT PLAN: How will you sell your company? What will it be worth? How much will you make? What will the company have accomplished by then? Who are potential buyers? What kinds of people could take over for you when you are ready to move on?
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