The Top 7 Questions to Ask When Setting Up a Business

Updated on December 5th 2022

Setting up a new business, although exciting, can also seem very daunting. It’s likely that you will have a lot of questions, particularly how this new venture could impact your finances and family.

These concerns are commonly shared and can make taking the leap and starting a new business too risky for many. In this blog we explore the initial questions all entrepreneurs should ask when starting a business.

Key questions to ask when starting a business

In the UK, around 60% of small businesses fail within their first three years. Therefore, when starting your own business, it’s key to ask yourself some important questions that will help you decide whether it’s the right move for you.

1. What are your passions?

So you are considering setting up your own business? One of the first places to start when thinking of a new business idea is to evaluate your passions. Setting up your own business is an excellent opportunity to build a successful company based on your interests.

2. What are your personal qualities?

Before taking the plunge and going ahead with your new venture, you should take the time to evaluate your personal qualities and consider whether you have what it takes to build the foundations of a successful business. A successful entrepreneur will need to be dedicated, hard-working and resilient to keep the business pushing forward throughout the tough periods.

3. Do you have a viable business plan?

To set yourself up for business success it’s essential to have a well thought out business plan in place. Carrying out research around your target market and potential competitors will help you gather the necessary information. Don’t forget, a business plan is a living document and can evolve with your business as it grows.

Creating a business plan is also a necessity if you plan on acquiring bank lending or investment to bring your business idea to life.

4. Do you have sufficient funding?

In order to grow a successful business, you must have sufficient funding. Having the right financing in place gives your new business a solid financial base, to support short-term needs and long term growth.

You will need to consider your options to finance your business; will you need a bank loan, or do you have your own money to invest?

5. Where will you operate your new business from?

Make sure to consider is where your business will operate your business. Many new small businesses will start their operations from home, or a small serviced office space. However, this will entirely depend on your business requirements. For example, if you are opening an ecommerce store, then you may need to invest in renting a warehouse space to keep your stock.

6. How will you market your new business?

Before you start your new business, it’s important to plan how you are going to market it. Knowing your target audience after extensive market research will help you develop a successful marketing strategy that emphasises your unique selling proposition, however you should consider the costs and time involved to get this right.

7. Could franchising be the right option for you?

If you hanker over being your own boss and owning your own business, but are kept awake by the risks that entails, then franchising may well be the answer.

A franchise gives you the freedom that owning a business can offer, but mitigates the risk by providing support in the areas that most frequently lead to business failure such as commercial awareness, business development and financial management.

A good franchise company will be able to help you answer all of your questions and address your concerns with proven data, but will also put you in touch with other franchisees in their network, so that you can find out more about their experiences and learn from them.

Consider opening a commercial cleaning franchise

You might be surprised as to the range of franchise opportunities that might suit you, and the results may even include one that you hadn’t considered. The cleaning industry is just one example. Commercial cleaning is a recession-proof industry and there will always be a need to clean commercial buildings. It’s a great way to generate regular revenue, as businesses require regular and ongoing cleaning services.

Read more on the advantages of commercial cleaning franchises.

Franchise opportunities at Jani-King

Jani-King offer a cost-effective way to start your business with a low-investment plan, plus initial training. There are a number of reasons why you should consider becoming a Jani-King franchisee, including two USPs that make us stand out from the crowd.

• Firstly, Jani-King offer a guaranteed business promise to provide you with an offer of an agreed amount of monthly turnover so you don’t have to go out and find your own clients – that’s huge!
• Secondly, Jani-King provides ongoing business and personal mentoring as part of your purchase to help you grow as a business owner, whenever you need it. That’s invaluable when starting up and growing a business.

Have a think about what franchising could offer you as a business owner and if you have any questions or want to know more just get in touch, we’re always glad to help.