March 28, 2024

Business Basics

Analyze It

Industry • Market • Financial

| 4/22/2015

You are about to enter the analysis stage of your entrepreneurial venture. And while you may be eager to mull over names for your business or shop for the perfect place to put it, the experts suggest you answer a few more questions designed to make sure you are thinking about the right key business decisions.

Your answers to questions like these will be the basis for the entrepreneurial, industry, market and financial analyses to come in this section and for putting together a formal business plan.

Take as long as you need to consider each question and to make notes; then, when you’re ready, move on to the next step — analyzing your business.

• Who is my ideal customer?

• What products or services will my business provide?

• What differentiates my business idea and the products or services I will provide from others in the market?

• Where will my business be located?

• How many employees will I need?

• What suppliers do I need?

• How much money do I need to get started?

• Will I need to get a loan?

• How soon will it be before my products or services are available?

• Who is my competition?

• How will I price my product compared to my competition?

• How long do I have until I start making a profit?

• How will I set up the legal structure of my business?

• What taxes do I need to pay?

• What kinds of insurance do I need?

• How will I manage my business?

• How will I advertise?

 

Try It

Get worksheets to help with your business analysis and to calculate expenses at. FloridaSmallBusiness.com/TryIt.

Tags: Florida Small Business, Business Basics

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