What Are The Key Questions You Have When Starting A Business?
What key things do you think a start up needs to learn? I am putting together a workshop specifically for business start ups and was hoping to get a few who have just started or looking at starting share some of their concerns/questions with me.
Kirsty Fox Principal at Spitfire Accounting Solutions
Getting your structure right. It's really important from a tax and asset protection perspective. You also need to know your books - talk to an accountant first.
Jef Lippiatt Owner at Startup Chucktown
As Kristy mentioned business (entity) structure and bookkeeping / accounting are super important, however, I think there are some other key aspects to consider.
- What type of business are you "really" trying to start?
- Meaning, are you trying to just make some money or are you launching in an area of expertise or passion? It will make a difference.
- Have you validated that there is a market for your business product / service?
- Make sure you are launching something that people want before spinning up a business (I've wasted time and money getting a business legal that never panned out). Validate before you become a legal business if possible.
- Are you taking this leap alone or are you building a team?
- This impacts everything from legal structure to necessary office size. You need to plan for resources and benefits accordingly.
- Do you have all the necessary skills to get your business off the ground?
- If not, you need to determine if hiring employees or using external consultants makes the most sense for your needs.
- Do you have a mentor or advisor?
- Get serious about getting your business in gear. An advisor or mentor can give you valuable insight and help keep you on the right course. Leverage their experience and wisdom.