73 questions every startup should know the answers to - Phil Drinkwater Coach

73 questions every startup should know the answers to

As an entrepreneur, you may think you're ready to launch your business. But, how many of these questions can you answer confidently?
What we'll cover

A lot of people are looking at entrepreneurship. And the more we know about this career choice, the better armed we will be to decide if it’s right for us. That is why we have written an article with questions every startup should ask itself that will help you make an informed decision about your own business future.

As a business coach, I believe it’s essential that you know your business and product before you begin. It’s not essential to know everything, and your business may change along the way, but without a plan and a good understanding of how you are going to make money in the long-term, you cannot expect success.

Starting a business is a big commitment, especially if you are doing it full-time. And it can be even more challenging for those who plan to work their startup alongside a full-time job or other commitments, as many do. So, if you’d like to be more sure of your plan, look through these questions and see whether you can sensibly answer them.

Core questions

  1. Why am I starting a business? Consider finances, lifestyle, family & friends, and values
  2. How will I recognise that I have been successful?
  3. Presume I have success in 18-24 months time. How will my life have changed? How will that make me feel?
  4. What will I need to focus on more to reach my vision?
  5. What will I need to let go of to reach my vision?

Questions related to your vision of the business / product

  1. What kind of business is right for me?
  2. Which market do I segment from / niche into?
  3. What kind of products or services will be most successful for my business?
  4. What kind of product will sell better than others?
  5. Do I have something that people want, and is it better than other products that already exist on the market?
  6. What is the final goal of my business?
  7. What are the risks of failure in this business, and how much can they affect me?
  8. How can I mitigate or reduce these risks?
  9. Should I work in this business? Or just on the business?
  10. Should I hire employees or start as a sole proprietor?
  11. How do my competitors approach their customers, and how should I take that into consideration when designing my products or services?
  12. How can I prove that this is a viable business idea?

Questions related to business growth

  1. Which external economic factors will affect me most?
  2. What are my strengths and weaknesses as an entrepreneur?
  3. What can I learn about entrepreneurship from others?
  4. How do I get financing?
  5. Do I need a mentor or business coach to support and accelerate my growth?
  6. How long will it take me to get my first product or service out there, and how much money do I need to get it started?
  7. How much will it cost me to start a startup?
  8. What kind of moneymaking sources will I have when starting a business?
  9. Do I have everything I need to succeed in this business?
  10. How can I improve my product or service?
  11. What is the easiest way for me to earn money immediately?
  12. What is the profit potential of my business?
  13. How will I be able to continue growing my business?
  14. Do I want to scale my business rapidly? And if so, how?
  15. Which other businesses are similar to mine in terms of products or services, and how can I use those as examples of growth in this business?
  16. What is the best way for me to build relationships with potential customers for my business?
  17. How should I optimise my business processes to scale them faster?
  18. What are the three things that will help me in this business, and how do these relate to each other?
  19. What do I need to know about how others in this business area operate?
  20. What strategies are common among most successful startups, and how can I use them to grow my own business?
  21. What are some of the common mistakes that new entrepreneurs make, and how can I avoid making those mistakes myself?
  22. Who should be involved in this business, and how should they be involved?

Questions related to sales, marketing and advertising

  1. How do I get new customers, and how do I serve them in the way they want?
  2. How can I get my message to the right people?
  3. How can I develop a marketing campaign to help me sell myself and my product?
  4. What are the marketing channels to use in my business?
  5. How do I define the markets for my products or services?
  6. How do I market my business / promote my business?
  7. Will I use paid advertising, organic marketing, or a combination?
  8. How do I measure the progress of my marketing campaign?
  9. Who are my competitors, and what are their strengths and weaknesses?
  10. Which other businesses are similar to mine in terms of products or services?
  11. What tools are available to help me with my marketing campaigns?
  12. At what stage in the development of my product or service should I start marketing it?
  13. If I develop a marketing campaign for a product or service that is already on the market, how should I do it differently than others have done so far?
  14. How can I sell my product/service to a specific target market?
  15. How can I create a unique value proposition for my product or service, and how do I communicate this value proposition to potential customers?
  16. How can I improve the value of my products or services, and which features or capabilities should I focus on in order to increase customer satisfaction?
  17. How can I improve the value of my products or services, and which features or capabilities should I focus on in order to increase customer satisfaction?
  18. What other assets or resources must be in place before I begin marketing my product or service, and how can those resources be obtained quickly and easily?
  19. How would I like my company values to be perceived?
  20. How do I sell my product?
  21. When should I focus on sales, and when should I focus on development?
  22. At what price point should my product be sold?
  23. How can I create an effective sales process for my business?

Questions related to running the business

  1. How do I manage my time?
  2. How do I motivate my staff, and who am I providing that motivation to?
  3. How do I manage my startup capital while controlling expenses today while hoping for rapid growth tomorrow?
  4. Which city or location is best for me to start this business in?
  5. What kind of office do I need?
  6. How do I choose the people that will work for me?
  7. How much will it cost to hire an accountant and other essential services?
  8. Which business tools will help me run it better?
  9. What skills will I need in order to start and continue this business?
  10. How can I make this business development process clear to those who will implement it?
  11. How should I handle any criticism that comes my way?

Work with me

If you’re unsure of your vision, you can be more certain that your business won’t achieve what you want it to. Reach out to me and we’ll work together to build a more effective view of your path and your plan.

Book your free 1-2-1 Success Strategy call

and spend an hour exploring how I could accelerate your new business.

Available online throughout the UK and internationally

What date & time suit you?

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