10 most critical questions before starting your business

10 most critical questions to starting your business

When clients come to us to help them start their business, the first question I ask them is this: What is your Brand? It’s interesting that most want-to-be entrepreneurs cannot answer that critically decisive question: most just never thought about their “Brand”. I believe that it’s one of the reasons, 8 out of 10 businesses fail in the first year…they never figured out their brand before the money ran out.

I then explain that their Brand is a direct reflection of them, so before they start a business they really need to figure out what THEY want in life… and from that their business will be created. While this sounds deep for most, it’s not that hard to do with a third-party guiding you in asking the right questions and probing deeper your answers. The funny thing about us humans is generally our first two or three answers are not the real answers. It takes a few tries to get to the deeper roots of our psyche.

So we then start the process by simply discussing the questions, digging deep, and then writing down the answers to these 10 strategic questions.

  1. Why do you want to start your own business?

  2. Why did you choose this business particular type of business your thinking of starting?

  3. If you had $5 million in cash, is this the business you would still start?

  4. What do you want your life to be like daily, monthly, yearly and 5 years from now?

  5. Do you want this business solely for the money? Or because you love doing this, and want to do it daily?

  6. If you did not have to earn a living, what would you do and enjoy daily?

  7. What are your 5 best skill?

  8. What are your 5 worst skills?

  9. List 5 values that drive your life.

  10. List your 5 most important beliefs.

These answers then help them… perhaps for the first time, think about what they really want to do with their life. When they understand that their business is not separate from their life, but a very real part of their life, they get how important choosing the right business is so important.

Now, when we confirm after this 10 step process, that this is indeed the business they want to launch, we come to the fun part; creating their unique Brand.

To learn the 10 steps to creating a unique, world-class brand, just  give us a call.

Before we end, Let’s be clear on this thing we call a “Brand”. You cannot fake a brand. The lifestyle you want decides your business and who you are drives your brand.

Don’t start a business, until you determine the lifestyle you want to live… and the business and the Brand you will build to live it.