Homework Help..Please??

Question

Hello! I would like some help on my homework.

The question is....

What Do I need to know If I'm going into business for my self.

Give me as many answers you have please.

Please and Thank you

God bless♥

Answer 1

Here are some thoughts:

Most important: do you have the desire/passion for this business?

Do you have knowledge of the industry?

Do you understand the components to running a business?

Do you have the finances to start up your business?

Is your business an LLC, Sole Proprietorship, etc.?

How will you generate business?

Have you registered your business to operate in an official capacity? i.e. tax id number.

What are your hours of operation

Where will your business operate from?

Do you have enough money in the bank to survive the stage that you are "in the red"?

Do you know the federal and local employment laws (if you are hirng staff)

Do you have a partner? If so, what are your roles?

Where will the product come from that you are marketing? Do you have a supplier?

For marketing purposes, who are you targeting?