Questions for the Self-Starter
By: Carole Fleck; Source: AARP Bulletin Date Posted: 2007-02-02 14:17:00-05:00
1. Does your business plan include marketing, forecasts, profit margins, cash flow and competition?
2. Can your product or service succeed in the neighborhood where you're setting up?
3. Do you have the skills and experience in bookkeeping, marketing and sales to run the business?
4. Do you know the legal and tax implications if you set up your business as a sole proprietorship, a partnership, a corporation or a limited liability company?
5. If you're investigating a franchise, did you interview the owners about their experiences?
6. Have you checked the financial records of the business for the past three years?
7. Have you interviewed customers and vendors to make sure the business is sound?
8. If you need a loan, have you checked out funding from banks, savings and loans, private investors and government agencies?
9. How will your plans for retirement be affected? Are you risking too much?
For more tips and advice, go to:
- Federal Trade Commission
- Small Business Administration
- Service Corps of Retired Executives
- National Association for the Self-Employed
- Inc. magazine
- Entrepreneur magazine
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