Are you ready to be an entrepreneur?
Small businesses are a big deal. They drive our economic growth, but being an entrepreneur isn't for everyone. You'll want to make sure you're ready for all the hard work it's going to take to start, launch, and manage a business while understanding the risk. In Minnesota, about 20 percent of new businesses will fail before they are a year old and just over half of new businesses will survive five years or more.
The Small Business Administration recommends familiarizing yourself with these 20 questions as you embark on your journey as an entrepreneur:
- Why am I starting a business?
- What kind of business do I want?
- Who is my ideal customer?
- What products or services will my business provide?
- Am I prepared to spend the time and money needed to get my business started?
- 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 types of suppliers do I need?
- How much money do I need to get started?
- Will I need to get a loan?
- How long will it take before my products or services are available?
- How long do I have until I start making a profit?
- Who is my competition?
- How will I price my product compared to my competition?
- How will I set up the legal structure of my business?
- What taxes do I need to pay?
- What kind of insurance do I need?
- How will I manage my business?
- How will I advertise my business?
There are wide range of online resources for you to explore that will help you answer these questions and make key business decisions as an entrepreneur starting a business in Minneapolis. Here are a few good places to start and bookmark for future reference: