7 Simple Questions to Launch Your Small Business

Have you ever found yourself daydreaming about starting your own business? Well, you're not alone. Recently, at a wedding of all places, I overheard some friends excitedly discussing their entrepreneurial aspirations. It got me thinking: what does it really take to get a business off the ground? 🚀

Here's the thing: building a business doesn't have to be as complicated as many make it out to be. You don't need a 50-page business plan or an MBA. In fact, I believe you can distill the essence of a solid business plan into just 7 simple questions.

Yes, you read that right. Just 7 questions. Let's dive in!

The 7 Essential Questions You Must Ask Before Starting A Small Business 🙌

1. How much pre-tax monthly income do you actually need to make? 💰

This question forces you to put a concrete number on your financial requirements so you can set a realistic target that will cover your expenses and desired lifestyle. This number will drive many of your other business decisions, from pricing to sales targets. Understanding your income needs is crucial because it helps you determine the viability of your business idea and keeps you focused on profitability from day one.

2. What are you going to sell? 🔍

This question gets to the heart of your business. Are you offering a product, a service, or perhaps a combination of both? Your answer should be specific and clear – vague ideas don't sell. This is important because it defines your business's core offering and sets the stage for everything else. A well-defined product or service makes it easier to identify your target market, set pricing, and develop your marketing strategy.

3. How much of that thing do you need to sell to hit your income goal? 🎯

This question bridges the gap between your financial goals and your business offering. It requires you to think about pricing, profit margins, and sales volume. Be realistic – if you need to sell an unreasonable amount to meet your goals, you might need to reconsider your pricing or your income expectations or change your offering. This question is critical because it helps you understand the scale at which your business needs to operate to be successful, guiding decisions about everything from production capacity to marketing efforts.

4. Who's going to buy your stuff? 🧐

Here, you're defining your target market. Be as specific as possible – age, location, interests, pain points, and buying habits of your ideal customer. I recently asked an entrepreneur about his ideal client, and he said he was a grocery store owner. I pushed him to be more specific: is this person a man or a woman? Where do they live? What’s their ethnicity? How much money do they make?

Developing this information might require some market research. Knowing your target audience is crucial because it influences every aspect of your business, from product development to marketing strategies. The more precisely you can define and understand your audience, the more effectively you can reach and serve them.

5. Where will you find these potential customers, and how will you sell to them? 🤝

This question is about you’ll reach your target audience. Will you use social media, content marketing, paid advertising, or word-of-mouth? How will you convert interested prospects into paying customers? This is a critical question because even the best product won't sell itself. Your ability to reach and persuade your target audience will make or break your business. A clear strategy here will guide your marketing efforts and help you allocate your resources effectively.

6. How much money (if any) do you need to build and sell that product or service? 💸 

This question addresses your startup costs and ongoing operational expenses. Consider everything from materials and equipment to licenses, insurance, and marketing costs. Remember hidden costs like taxes and fees. This question is crucial because it helps you understand how much capital you need to get started and stay afloat. It also forces you to think about funding sources – will you use savings, seek investors, or take out a loan?

7. How will you support yourself while building the business? ⏰

Building a business takes time, and it may be a while before you can earn a full salary. Do you have savings to live on? Can you start the business as a side hustle while keeping your day job? Perhaps you need to secure some bridge funding. This question is crucial because it helps you plan for the challenging early stages of entrepreneurship. A clear answer here can reduce stress and give you the runway you need to get your business off the ground.

The Next Step: Sales, Sales, Sales 🙌

Once you've got solid answers to these questions, it's time to take action. But here's a crucial piece of advice: focus on making sales first, not "building a business."

Too many first-time entrepreneurs (including me!) get caught up in building a business—creating fancy logos, setting up elaborate systems, or over-planning—before they've made a single sale. That's a recipe for wasting time and money and potentially going out of business.

Your priority should be making sales and then building your business around those sales. It's all about validating your idea in the real world, not buying into your own entrepreneurial hype!

Easier Said Then Done 💡

Does this approach sound simple? It is, in theory. But don't be fooled—putting it into practice is where the real challenge lies. However, these questions provide a solid foundation to start your entrepreneurial journey.

Remember, every successful business starts with an idea and a plan. Your overheard conversation or random thought could be the start of something big.

So, what business ideas are you thinking about? Don't be afraid to dream big and start small. Your entrepreneurial journey could be just 7 questions away! 😉

What business ideas are you thinking about?! 

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