Rate your level of agreement with the following statements concerning the sales and marketing issues of your business. Check the appropriate answer.
1. I have prepared a written business plan that deals with all aspects of starting and running my business.
2. I have evidence that my product/service is needed in the proposed market area.
3. The proposed product/service is different from anything already available from competitors.
4. Based on research and conversations, I have identified why customers will buy my product/service.
5. I have developed a pricing strategy that will lead to profitability.
6. I understand growth trends and potential new competitors in my business.
7. I can describe my target market in detail.
8. I have estimated the number of potential customers in the proposed market area.
9. I have identified my major competitors, their strengths and weaknesses.
10. I have researched, priced, and spoken with knowledgeable people concerning the advertising and sales techniques that I will use to reach my customer.
Rate your level of agreement with the following statements concerning the management issues of your business. Check the appropriate answer.
11. I have a strong need to achieve and keep trying until I am successful.
12. I am highly energetic and will bring this energy into my business.
13. I am comfortable taking risks.
14. I have good reading, writing, and arithmetic skills.
15. I know the skills needed to operate this business.
16. I have owned or managed a business before and it was successful.
17. I have considerable work experience in the type of business I want to start.
18. I am comfortable with hiring, firing, training, and managing employees.
19. The business I am starting has a support network built around it, such as a franchise.
20. I have assembled a team of advisors - attorney, accountant, insurance agent, financial professional - and am comfortable seeking advice from them.
21. I have considered the possibility of the business failing and have a contingency plan to manage the consequences.
Rate your level of agreement with the following statements concerning the financial issues of your business. Check the appropriate answer.
22. I have personal assets, such as home equity, land, stocks, etc., that I will use as collateral to get a loan to start this business
23. I have cash savings that I will use to start the business.
24. The business will be able to pay me a salary on which I can live.
25. My personal finances are well managed and I have an excellent credit history.
26. I need to borrow no more than 70% of the money required to start the business.
27. I know what lenders will expect of me if I seek a loan to start the business.
28. I have estimated first-year sales based on research about how much product or service can be sold at the projected selling price.
29. The business will show a profit at the end of the first year. (First-year sales minus all anticipated expenses).
30. Start-up costs and business expense estimates for the first year are based on actual documented dollar cost estimates.
31. I have researched trade associations and/or financial publications and have found useful information about the typical financial performance of businesses similar to mine.
32. The projected sales and expenses of my business are comparable to the industry information I have obtained for similar businesses.