10 Questions Before You Write that Business Plan

Letterpress card. “Million Dollar Idea”

You’ve got an idea….but what’s next?

“Ideas are easy. It’s a bigger challenge to start-up and keep going.”

Believe it or not, most entrepreneurs come up with far more ideas for side hustles than they’ll ever get around to doing. So many entrepreneurs are creative problem solvers who like to get stuff done. Not all entrepreneurs set out to own a business, have years of training, or a masters degree in business. Some highly successful entrepreneurs found their business when they developed a solution to an every day problem. (Think Sara Blakely with Spanx, or Bette Nesmith Graham with her invention of “White Out” correcting fluid.)

If you’ve got the entrepreneurial itch, it’s tempting to roll up your sleeves and just dig in. (Ha! We’ve been there, too!) Some ideas are good, and develop into great success. Other ideas are better left for your daydreams at the stoplight. How do you know which ideas are worth pursuing? Many times, it comes down to the details (and the entrepreneur behind them). Having passion is a great trait for entrepreneurs! But to improve the odds of success, consider the answers to some important questions.

Before you write that business plan, take a look at your starting point.

Here are 10 questions to ask yourself:

1. Do you have the skills to turn your idea into a business?
2. Do you have the time?
3. Do you have the funds, or can you get them?
4. Will you do this yourself or do you have a partner(s)?
5. Will you need to hire help?
6. Do you have a business network to tap?
7. If you build it, will the customers come?
8. How will you make money?
9. What are the biggest obstacles to your success?
10. Has your idea been done before?
11. BONUS. And SO important: Will this be fun for you?

Don’t Expect Overnight Success

Entrepreneurs are typically optimistic, “the-glass-is-nearly-full” personalities. That doesn’t mean you won’t have some setbacks and moments of being unconfident or discouraged as you build your business.

There will undoubtedly also be times of exhaustion and discouraging moments. Remember…while fear is contagious, so is hope.

Go, Girl, Go!