Before starting your own business, go out and talk with individuals engaged in the same type of business you are considering. You may find local companies a bit hesitant to share this information with you since you may be perceived as a competitive threat. However, if you travel outside your immediate geographic area, people in the same line of business will usually provide you with a wealth of information and insight. The Internet is another great source of information you might want to check into. On-line newsgroups and chat groups dedicated to women owned businesses are becoming more and more popular and can usually supply you with answers to most of your questions.
Regardless of the method you use to contact people, take the time to talk with seven to ten business owners in the type of business you are considering. Below is a comprehensive list of questions that will help you decide if the business you are considering is the right one for you.
- How long have they been in business?
- Why did they start their business?
- Would they start the same kind of business again?
- What would they do differently if they could do it over?
- What special skills are necessary for this type of business?
- What special knowledge is needed?
- What is the most difficult thing about this type of business?
- What do they feel are the important skills required for Success?
- What do they like most about their business?
- What do they like least?
- How much should I expect to make my first year?
- How much can I expect to make after five years?
- How much money should I set aside to start my business?
- How many months passed before your business showed a profit?
- How seasonal is the business? Do the revenues vary from month to month?
- What does the future look like for the business?
- Is there any proposed local, state, or federal legislation that may have an impact on the business – positive or negative?
- What advice can they give you?
- Can they recommend anyone else you should talk to?
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