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The Basic Business Idea Questions

The Basic Business Idea Questions

If you want to start your own business, you should try as much as you can to answer these basic Business idea questions which are five in number.

The first question is: What do I want my business to be like? This is asking you of the vision you have for your business. This is where you tell yourself the type of business you have in mind, whether it will be a small or a large; Online or in store; At home or out of home business.

The second question is: What product or service will the business be offering? Here, you have to determine what your business will be offering to the public. Is the business going to be deal with production, wholesale, retailing or product promotion, and so on. Have in mind that this will be based on the geographical location of the business (Urban or rural area); the target audience to be served (men or women, educated or non educated, adults, teens or children).

The third question is: What type of success do I imagine for this business? This is where you determine the level in your business when you can say I have succeeded.

The fourth question is: What freedom of lifestyle will I achieve? In answering this question you will need to outline the business hour of operation, which will be based on the lifestyle adjustments you want to make.

The final and the fifth question is: What answers do I have for certain business questions like cash accounting? Accrual basis? Profit and loss statement? Projections?… This deals with the financial aspect of the business, how you want to fund it, how you plan to pay your staff, how and when you plan to balance the account and so on. The Accounting aspect of a business is a process or a tool that will help you account for the following: 1. What your business has done. 2. What your business is doing. 3. What your business hope to do in the future. It is a bit like painting a picture and a little like solving a puzzle. It is actually a fun if handled well.

When you are able to answer these questions to your satisfaction you can then go ahead with the business establishment. I hope this article will go a long way in guiding anyone who wants to own his or her own business.

Source by Christie Ajaelu

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