50 Questions to Ask Before You Start a Business

by / ⠀Startup Advice / November 8, 2010

If you want to start a business don’t just read this and move on. Make sure you figure out the answer to each questions so that you understand your personal goals but also your business goals. The more you understand the leap you are about to make into starting a business the better chances it will be a successful one.

Step 1: Make a List

1. What do you spend your money on?
2. What do you love to do? Hobbies?
3. What are everyday problems in your life that you can solve?
4. What are your skills/talents? What are you good at?
5. What do you want to do everyday? What makes you get up in the morning?
6. What do you want to be when you grow up?
7. Who do you want to hangout with each day?
8. What do you want your purpose to be?
9.What impact can you make on the world?
10. What do you want your legacy to be?
11. What would you do if money was not an option?
12. What would be your rockstar job title?
13. What are your strengths and weaknesses?
14. What would your dream life look like?

Step 2: Engulf Yourself in Your Industry!

15. What are the leading blogs/magazines/publications?
16. Who are the leaders and influencers in the industry?
17. How are people already making money in the industry?
18. What are the leading companies in the space?
19. Can you get a position or internship to learn about the industry first?
20. What are the common questions the customers and readers of the blogs have?
21. How has the industry changed in the last 5, 10, 20 years? Where is it headed?
22. What companies have failed in the industry? Why did they fail?
23. Who is the average consumer? What are their characteristics?
24. What niches are unserved? Where are the holes in the market?
25. How can you improve, disrupt or turn this industry upside down?

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Step 3: Network Your A** Off!

26. Were does your target market hang out?
27. How are the local leaders in your industry?
28. Which one of your friends would buy a product from you?
29. What can you learn from them?
30. What problems do these people have?
31. What skills do you have and what skills do you need in a business partner?
32. Who are the most talented/passionate people in the industry? What makes them successful?
33. Are their groups/meetups around your passion?
34. What can you learn from your competition?

Step 4: Take the Leap!

35. Is there healthy competition around your industry? Why or why not?
36. Can you stand out from the pack? Is your business idea unique?
37. Is your business scalable?
38. Can you start small without huge capital investment?
39. Can you see yourself doing this 5 years from now?
40. Is the market for your business big enough to support your idea?
41. What is the most effective way to reach your customers?
42. How much money will my idea cost to start?
43. Will my business always rely on me or can I delegate responsibility?
44. Will this idea make me money?
45. What are my goals? Short term? Long term?
46. Who will actually pay for this?
47. Do you really believe in your idea?
48. Does your idea provide value to the customer?
49. Can you explain your idea to your kid sister?
50. How will you exit your business?

About The Author

Matt Wilson

Matt Wilson is Co-Founder of Under30Experiences, a travel company for young people ages 21-35. He is the original Co-founder of Under30CEO (Acquired 2016). Matt is the Host of the Live Different Podcast and has 50+ Five Star iTunes Ratings on Health, Fitness, Business and Travel. He brings a unique, uncensored approach to his interviews and writing. His work is published on Under30CEO.com, Forbes, Inc. Magazine, Huffington Post, Reuters, and many others. Matt hosts yoga and fitness retreats in his free time and buys all his food from an organic farm in the jungle of Costa Rica where he lives. He is a shareholder of the Green Bay Packers.