GOT A BUSINESS IDEA? DON’T START IT UNTIL YOU’VE ANSWERED THESE 12 CRITICAL QUESTIONS!
Will this business support the lifestyle I desire such as cash flow and does it have a flexible work schedule?
Is the product or service in demand?
Have you researched your product and is it one of a kind in the shopping space?
Do you leverage existing sales channels?
Do you make plans to promote with online marketing and social media?
Will the business have a decent profit? A net profit of 20% or more is ideal since a business has to produce cash flow.
Do you provide a way to sell your business? Do you leave room for yourself to exit when you are ready since not all businesses are easy to sell.
Are you automating the majority operations of the business? Automation can reduce the overhead of operating a business.
Can you easily find someone to run the business or does it require your specific knowledge and talents?
Will the business that I find be fun and interesting to run today?
Is this a business that other people will find fun and interesting?
Are you willing to operate the business five years from now?
If you are still operating this five years from now, will you still find it enjoyable?