These questions can be used as a checklist for an existing small business or for one contemplating going into business for the first time. The questions are designed to help you to seriously consider whether your idea represents a real business opportunity and whether you really know what you are getting yourself into.

1. Do you like to make your own decision?
2. Do you enjoy competition?
3. Do you have will power and self-discipline?
4. Do you plan ahead?
5. Do you get things done on time?
6. Can you take advice from others?
7. Are you adaptable to changing conditions?
8. Do you understand that owning your own business may entail working 12 to 16 hours a day, probably six days a week, and maybe on holidays?
9. Do you have the physical stamina to handle a business?
10. Do you have the emotional strength to withstand the strain?
11. Are you prepared to lower your standard of living for several months or years?
12. Are you prepared to lose your savings?
13. Do you know which skills and areas of expertise are critical to the success of your project?
14. Do you have these skills?
15. Does your idea effectively utilize your own skills and abilities?
16. Can you find personnel that have the expertise you lack?
17. Do you know why you are considering this project?
18. Will your project effectively meet your career aspirations?
19. List the products and/or services you want to sell.
20. Describe who will use your products/services.
21. Why would someone buy your product/service?
22. What kind of location do you need in terms of type of neighbourhood, traffic count, nearby firms, etc.
23. List your products/services suppliers.
24. List your major competitors - those who sell or provide similar products/services.
25. List the labour and staff you require to provide your products/services.
26. Does the product/service/business serve a presently unserved need?
27. Does the product/service/business serve an existing market in which demand exceeds supply?
28. Can the product/service/business successfully compete with existing competition because of an "advantageous situation", such as better price, location, etc.?
29. Are there any causes (i.e. restrictions, monopolies, shortages) that make any of the required factors of production unavailable (i.e. unreasonable cost, scarce skills, energy, material, equipment, processes, technology, or personnel)?
30. Are capital requirements for entry or continuing operations excessive?
31. Is adequate financing hard to obtain?
32. Are there potential detrimental environmental effects?
33. Are there factors that prevent effective marketing?
34. How much income do you desire?
35. Are you prepared to earn less income in the first three years?
36. What minimum income do you require?
37. What financial investment will be required for your business?
38. How much could you earn by investing this money?
39. How much could you earn by working for someone else?
40. Can you make a list of every item of inventory and operating supplies needed?
41. Do you know the quantity, quality, technical specifications, and price ranges desired?
42. Do you know the name and location of each potential source of supply?
43. Do you know about the delivery schedules for each supplier?
44. Do you know the price ranges available for each product from each supplier?
45. Do you know the sales terms of each supplier?
46. Do you know the credit terms of each supplier?
47. Do you know the financial condition of each supplier?
48. Is there a risk of shortage for any critical materials or merchandise?
49. Are you aware of which suppliers have an advantage relative to transportation costs?
50. Will the price available allow you to achieve an adequate markup?
51. Do you know what your expenses will be for: rent, wages, insurance, utilities, advertising, interest, etc.?
52. Do you need to know which expenses are direct, indirect, or fixed?
53. Do you know how much your overhead will be?
54. Do you know how much your selling expenses will be?
55. Are you aware of any major risks associated with your product, service and/or business?
56. Can you minimize any of these major risks?
57. Are there major risks beyond your control?
58. Can these risks bankrupt you?

After you have considered these questions, if you are ready to proceed with setting up your business, contact us, we can help.