Business Evaluation Questions
Questions to ask before starting a business.
Will you enjoy doing this business?
Will this business help people?
Is it illegal, unethical, or immoral?
Is it something you are embarrassed to tell anyone about?
Will this be the best use of your time and resources?
Are you sure you want to do it?
Risk/Reward
Risk
What is the amount you would have to risk?
What would you lose if everything went wrong?
What is the competition?
What are the chances of lawsuits?
Can it be started part-time while otherwise employed?
Do you have to be a salesperson?
Do you have to make cold calls or sell to friends and relatives?
Is it dependent on the economy?
Is it overly dependent on what others do?
Could it be destroyed by changes in government regulation?
Who, beside you, would this business depend upon for success?
Reward
Could it produce quick income?
Could it possibly make a fortune?
Could it be a source of passive residual income?
Could it easily be replicated by teaching to others?
Does it have potential to become a publicly-traded company?
What is the pessimistic potential for profit?
What is the optimistic potential for profit?
Costs
Time costs
How much time will it require?
What are you doing now that you will have to stop to do this business?
How many employees will be required, and how difficult will they be to get?
How hard will it be to learn?
Could you still travel and be gone as much as you want?
Money costs
What will it cost for start-up expenses?
What will it cost to bring it to the point of profitability?
How much will overhead costs be?
What will be the cost of doing business?
Would it require new clothes?
Will you need to incorporate or obtain licenses?
Difficulty
Could it be done by anyone, regardless of age, sex, or race?
Does it require a college degree, or other specialized training?
Will it generate repeat business?
Could it be started and/or ran out of your home?
Could it be done in any city or country?
How long will it take for it to be solidly established?
What will it take to make it successful that you do not have?
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