Do you plan on working alone? Will it be a family-owned business? Are you planning on having partners? Do you need to hire employees, and if so, how many and for what types of functions? Do you know people who would like to work with you?
From where will I work?
Maybe you are planning to have a home-based business. If so, do you have enough available space at home? Do you need a shop, storage or warehousing facilities? Do you need an office and a place to meet with customers and clients? Is there outside space available for lease where you want to establish your small business?
What legal structure will I use?
If you are planning to work as an independent contractor or as a sole proprietor you will not need to worry about setting up a new legal entity. But you may be considering a partnership, an S corporation, or a regular corporation. Are you familiar with the requirements and relative advantages and disadvantages of each type of legal structure?
What resources do I have?
How much money do you have available to invest in the business, without sacrificing your own, or your family’s financial situation? Do you have property or assets to invest in the business? Do you have family members who are interested in either lending you money or investing in the business itself? If you are planning on starting a business as a partnership, what resources do your partners have to invest in the business?
What resources will I need?
This will depend on whether your business involves a product, service, or both. Think about the process of developing and getting the products or services ready for market to determine what you will need.
What financing will I need?
This will be the difference between what you need and what you have. Keep in mind not only the initial investment in start-up costs, property and equipment, but also your working capital needs. You will need to keep your business operating until you start generating profits.