Four questions to ask yourself before starting a business

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Thinking of going out on your own? Having everything figured out before launching a new venture is great, but not necessary for success. Many business experts agree that to start your business off on the right foot, you must first ask yourself key questions.

“While a small business will evolve over time, a successful small business owner starts off knowing what their mission and goals are and has a plan to achieve them,” explains Jeff Mitelman, CEO of Thinking Capital, an online lender to small business. “We work with thousands of small business owners across Canada and see how asking the right questions can deliver big rewards in the long run.”

If you’re aspiring to start your own business, ask yourself:

What problem will my business solve? If you can’t answer that question right away, go back to the drawing board. If you’re not solving a problem, chances are there is no demand for your business.

What resources do I have to get started? Make a list of all resources available, including your skills, contacts, finances and anything else that might be useful. You could be pleasantly surprised.

How much cash will I need? Focus on the absolute necessities and keep spending limited to priorities such as a website and necessary inventory. As your business grows, so can your budget.

What happens if an emergency comes up? There are some things that you can’t plan for, so know your options for financing. Friends and family might be able to help you out. There are also small business loans from traditional banks and non-traditional lenders such as Thinking Capital that are using technology to change the way small businesses borrow.

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