THINGS TO KNOW
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Business Worksheet
Use this worksheet to collect the information that you will need to evaluate your business idea and help it get off to a good start. Before you go into business, you should attempt to learn as much about the business as possible. By utilizing this worksheet, it will help you collect and evaluate essential information about yourself and the business you are interested in starting. List all of the reasons that you want to go into business for yourself? ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ BUSINESS WORKSHEET
Yourself: Why are you starting a business? _________________________________________________________ Do you have the support of your family and friends? _________ Are you prepared to spend the time, money and resources needed to get your business started? _________ Are you willing to work long hours even if this business doesn't make money immediately? _________ What products or service do you plan on selling? ______________________________________________ Have you ever sold this type of product or service before? _________ Have you ever worked in a similar business? _________ Have you ever worked as a manager? _________ Have you investigated the pros and cons of working on your own (sole proprietor), with a partner, or as a corporation? ________ Market: Who is your typical customer, Consumer or B2B? ____________________________________________ Where are they located? _______________________________________________________________ How often will they use your product or service? ______________________________________________ How do other businesses like the one you are considering get customers? _____________________________ __________________________________________________________________________________ Who are your competitors? ______________________________________________________________ __________________________________________________________________________________ How well are your competitors doing? ______________________________________________________ Is there a need for another business like the one you are planning to start? __________ How big is the market for your product or service? _____________________________________________ How much of the market can you reach? ____________________________________________________ Is the market for the business you want to start growing, static, or declining? __________________________ Are most businesses in your community doing well? __________ Are other businesses like the one you want to start doing well in your area? _________ Are other businesses like the one you want to start doing well in the rest of the country? __________________ How will you distinguish your product or service from your competitors? ____________________________ __________________________________________________________________________________ Sales: If you are selling a product, will you be selling to distributors, wholesalers or consumers? __________________ Do you know how to price the products or services you plan to sell? __________ Do you know what other businesses are charging for products and services like those you plan to sell? _________ What have you done to find out what your potential customers really want to buy? _____________________ __________________________________________________________________________________ Do you have a system for tracking inventory and determining when to reorder? ___________ Where will you get your stock from if you are selling a product? ____________________________________ Who will be doing the actual selling? You, or a salesperson? _______________________________________ How will you get your products or services to them, or how will they (customers) get to you? _______________ __________________________________________________________________________________ How will you advertise your business? _____________________________________________________ Who will create your ads and marketing materials? ____________________________________________ Who will design your web site and email campaigns? ___________________________________________ Money: How much money do you have right now to put into the business? $____________ How much money do you need to start the business? $____________ Where will you get the rest of the money you need to start the business? (list sources and amounts) ______________________________________ $ _____________ ______________________________________ $ _____________ ______________________________________ $ _____________ How much credit will you be able to get from the people you will have to buy goods or services from? $________ Have you discussed business loans with a banker or an accountant? _______ Have you discussed your plans with a lawyer? ________ Will you need a partner to supply money or business know-how? _______ If you will need a partner, do you know someone who would be appropriate and with whom you are sure you could get along with? _______ Where will you find employees if you need them? ______________________________________________ Are other businesses in you area having difficulty finding qualified help? _________ What salary will you have to pay to get reliable help? $__________ How will you train your employees? _______________________________________________________ Do you know how long it normally takes to get paid in your line of business? __________ Will you accept credit cards? _________ Have you investigated the requirements of credit card companies and the benefits and drawbacks of accepting credit cards? _________ How much money do you expect to make per year from this business? (salary and profit) $________ What is the minimum amount of money you need per year to meet your living expenses? $_______ |