As recommended by the SBA to determine your readiness to start a business. This questionnaire is for your own use in getting assistance with your business start-up. Once these questions are answered, you will have a better understanding of what you need, or the kinds of questions and assistance you will require for a good start.
Print out and complete this form to take with you when you seek advice from your local Small Business Development Center, SCORE office, or other small business start-up resource.
Small Business Readiness Assessment Tool
Answer Yes or No to each of the below question. The more yes's you have the more ready you are.
Do you think you are ready to start a business?
Have you ever worked in a business similar to what you are planning to start?
Would people who know you say that you are well-suited to be self-employed?
Do you have support for your business for your business from family and friends?
Have you ever taken a course or seminar designed to teach you how to start and manage a small business?
Have you discussed your business idea, business plan or proposal with a business coach or counselor such as a faculty
advisor, SCORE counselor, Small Business Development Center counselor or other economic development advisor?
Do you have a family member or relative who owns a business?
Do you consider yourself a leader and self-starter?
Would other people consider you a leader?
Are you willing to invest a significant portion of your savings or net worth to get your business started?
Do you have enough confidence in yourself and your abilities to sustain yourself in business, if or when things get tough?
Do you like to make your own decisions?
Are you prepared, if needed, to temporarily lower your standard of living until your business is firmly established?
Do others turn to you for help in making decisions?
Are you willing to commit long hours to make your business work?
Would others consider you a team player?
SKILLS, EXPERIENCE & TRAINING
Do you have a business plan for the business you are planning to start?
Do you know and understand the components of a business plan?
Do you know what form of legal ownership (sole proprietor, partnership or corporation) is best for your business?
Do you know why some consider business planning to be the most important factor determining business a success?
Do you know if your business will require a special license or permit and how to obtain it?
Do you know where to find demographic data and information about your customers?
Do you know how to compute the financial “break-even point” for your business?
Do you know how to compute the start-up costs for your business?
Do you know about the various loan programs that are available from banks in your area and the SBA?
Do you understand how a business loan can impact your credit?
Do you know how to prepare and/or interpret a balance sheet, income statement and cash flow statement?
Do you know why small business loans are considered more risky than loans made to large businesses?
Are you sure your planned business fills a specific market need?
Do you know your target market?
Do you understand the tax requirements associated with your business?
Do you know how to prepare a marketing strategy for your business?
Do you know how to learn about your business competitors?
Do you understand marketing trends in your business industry?
Do you feel comfortable using a computer or other technology to improve business operations?
Do you have a payroll process planned for your business?
Do you have a customer service strategy in mind or in place?
Do you know how to obtain an EIN (Employer Identification Number) for your business?
Do you know if your business should have some form of intellectual property protection?
Do you know where to obtain information about regulations and compliance requirements that impact your business?
Have you sold anything of value before?