By: Tara Grays, Business Banker
There are several things to ask before starting a business; however, I have highlighted five questions that should have been thought through before moving forward.
1) Do I have a solid Business Plan?
First, you want to make sure you not only know the industry you are starting your business in, but how you are going to make a place for you and your business in that market. To do so, you need to specifically lay out what your business is and the need or want your business is satisfying for the consumer (or business if B2B). Then how will you reach your target audience, and who are you differentiating yourself from? Other highlights should include: how your company is organized, market research and analysis, marketing and sales plan, financial projections, and assumptions. Remember, as your company evolves and grows, your business plan should too.