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When you decide to start a business, it’s easy to get swept up by dreams of global success. Before running headlong into your business launch, you need to seriously consider the logistics of your endeavor. Asking yourself the real questions is necessary to prepare you for success.

Before launching your business’s first quarter, you want to prepare yourself as much as possible. The following questions will help you to better understand your own motivations, what it takes to run a business, and how your business can be successful.

Starting a Business Takes Time

“Any doubts surrounding a new business can be hard to erase, so you have to keep reinforcing the vision and share successes along the way. And you have to quickly share when things aren’t going well but be able to explain why and what you’re doing about it,” says Patrick Hylton, CEO of NCB Financial Group.

It may take time to get up and running. You’ll face setbacks, and you’ll probably feel like you’re continuously proving yourself to investors and customers. However, businesses take time to start up, so showing up and putting the effort in will do wonders and boost your credibility.

Planning Your Business’s Q1

“The first quarter sets the standard. Whatever information you gather from that first quarter will help you shape how the rest of the year will go. After Q1, you will be able to see where you need to make changes and where you were successful,” says Scott Chaverri, CEO of Mito Red Light who specializes in red light therapy devices.

What Questions Should You Ask Before Launching a New Business?

You need to have a plan, be able to execute it to the best of your ability, learn from your mistakes, and adapt to necessary changes. By asking yourself the following questions, you will start your first quarter with clarity and motivation to get started.

1. Why Do I Want to Start This Business?

“A connection to or passion for the work you’re doing will motivate you through your first quarter. Know why you’re starting this particular business, and use that to inspire your drive to put in the work to make it a success,” advises Greg Hannley, Founder and CEO of Soba Texas.

Your motivations for starting a business will be what keeps you working towards your goals. Identifying why you want to start this business helps to remind yourself of these motivations and pushes you toward success. 

2. Can I Commit to a Business?

“You don’t realize how much goes into a business until you’re ramping up to open your own. The idea of having your own business sounds appealing on paper, but you have to be ready to make it your top priority,” cautions Kelly Owens, Owner and CEO of Marleylilly who makes monogrammed towels.

If the timing isn’t right, you’ll know. It will become clear too much is going on for you to put your all into a new business. 

3. How Will I Manage My Work/Life Balance?

“Authentic leadership requires alignment across all areas of one’s life — personal, family, and profession — and it has never been more critical,” says Russell Reeder, CEO of Infrascale.

Being a strong leader means taking care of yourself and making time for all of your priorities. There can be a lot on your plate as you start your new business, but a skilled CEO will figure out how to manage it all with time. 

4. What Are My Business Goals?

“Everyone is aiming for success, but have you made a roadmap for yourself?” questions Kati Holland, Co-Founder of Courtly. “Tangible action items help point you in the right direction. If you want to hit your goals, you need to have a strong understanding of how to achieve them each quarter.”

5. Do I Have the Right Team?

“When you trust who you’re working with, life gets easier. Being on the same page as everyone and working towards a common goal can change the trajectory of a new business,” explains Jason Swilling, Executive Director of Mt. View Treatment Center.

As a business owner, you should be aware of the goings on in each department, but you can’t delegate every task to yourself. Having people with specific knowledge about these departments helps when you need a second opinion before going through with a decision.

6. Do I Need a Business Degree?

“There are business advisors who can answer logistical and hypothetical questions about what running a business looks like. You shouldn’t rely only on yourself to get started,” shares Justin Rapoport, Co-Founder of TruHeight “If there’s an arena where you’re lacking knowledge or know-how, look toward experts to help guide you through.”

You will learn more about running a business from hands-on experience, but it can’t help to seek out advice from people with business degrees. 

7. How Much Money Should I Save?

“Your business probably won’t see a profit within the first quarter — or even the first year. Whether you take out a business loan, use your personal finances, or have help from multiple investors and partners, come up with a realistic amount you’ll need to be self-sufficient,” says Max Baecker, President of American Hartford Gold, where one can invest in Gold IRAs.

Money is an important factor when starting and running a business. Make sure you consider all of your financial options and have a safety net to fall into.  

8. Would I Benefit From Having a Business Partner?

“When two people come together to create a new business, it’s often because they’ve identified how well they can complement each other. There is a realization if they both put their heads together, success is possible,” shares Brianna Bitton, Co-Founder of O Positiv. 

9. Who Is My Target Audience?

“Some products are made for a certain kind of person, and some are more broad. Before you start your business, you need to know what demographic you’re looking to attract. How you go about promoting your business will be directly impacted by who you’re trying to bring in,” explains Andrew Chen, Chief Product Officer of CommentSold who specializes in Shopify live selling.

10. Am I Prepared for Loss?

“There needs to be a threshold you don’t cross over. If your business is not making X amount of money by X date, it might be time to consider different business ventures or at least a revamp,” advises Asker A Ahmed, Director of iProcess Global Research.

It is good to be optimistic about your new business and to have hope, but reality can be tough. You need to be prepared for the worst-case scenario. Adapting and changing your business is going to be what helps to keep it alive in times of struggle. 

Getting Started in Q1

Quarter 1 is the perfect time to develop a baseline for your business. This quarter will show you your weaknesses and strengths. It will teach you how to adapt and how to grow your business even further. Don’t give up in Q1, and use everything you learn to make your business better in Q2!

Published by: Nelly Chavez