10 Important Questions to Ask Before Starting a Business (And Set Yourself Up for Success)

1. Are You Mentally and Emotionally Ready to Be an Entrepreneur?

Entrepreneurship isn’t just about having a great idea—it’s about having the mental resilience and emotional strength to handle the ups and downs of running a business. It’s about showing up everyday, despite the results you’re getting. It’s about having a vision bigger than you and being willing to show up everyday in pursuit of it.

Questions to Ask Yourself:

• Am I prepared to face setbacks and keep going?
• Do I have the discipline and self-motivation to work without a boss?
• Am I willing to invest time, energy, and effort into making my business succeed?

If you’re feeling unsure, working with a business coach can help you build the mindset and confidence needed to succeed.

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2. Do You Have a Financial Plan?

One of the biggest reasons businesses fail is financial mismanagement. Before you start, you need a clear plan for funding your business and supporting yourself while it grows.

Questions to Ask Yourself:

• How much money do I need to start my business?
• Do I have enough savings to cover expenses while my business gains traction?
• Should I seek a business loan, investors, or other funding sources?

Never assume your business will make instant profits—plan for at least six months of expenses without relying on revenue.

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3. What Makes Your Business Unique?

With millions of businesses in the market, why should customers choose yours? Your unique value proposition (UVP) is what sets you apart.

Questions to Ask Yourself:

• What problem does my business solve?
• How is my product or service different or better than competitors?
• What specific audience am I serving?

A strong brand story and unique positioning can help you stand out in a crowded market. 

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4. Who Is Your Ideal Customer?

If you try to market to everyone, you’ll reach no one. Identifying your ideal client helps you create targeted marketing strategies that attract the right people.

Questions to Ask Yourself:

• Who benefits most from my product or service? Why?
• What are their pain points, desires, and buying behaviors?
• Where do they spend time online and offline and how do they make purchasing decisions?

You can gain significant insights on these questions by using market research, surveys, and customer interviews to refine your ideal client profile.

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5. What Business Model Will You Use?

Your business model determines how you generate revenue and deliver value to customers. Choosing the right one is crucial for long-term profitability.

Questions to Ask Yourself:

• Will my business be service-based, product-based, or digital?
• What pricing model will I use (one-time purchase, subscription, high-ticket, etc.)?
• How will I scale my business over time?

Research successful businesses in your industry to see what business models work best. Also evaluate your values to understand which business model will fit your needs the best.

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6. What Legal and Administrative Steps Do You Need to Take?

Skipping legal and administrative steps can lead to costly mistakes. Ensure your business is set up properly from the start.

Questions to Ask Yourself:

• What business structure (LLC, S-Corp, sole proprietorship) is best for me?
• Do I need business licenses, trademarks, or legal agreements?
• How will I handle taxes, contracts, and liability protection?

Consult with a legal expert or accountant to ensure your business is compliant with regulations.

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7. Do You Have a Marketing and Sales Strategy?

A great business won’t succeed if no one knows about it. Marketing and sales are the lifeblood of your business, and you need a clear plan to attract customers. Having a business isn’t just putting up a website and praying for sales. You have to have a proactive approach to bringing customers to your business and supporting them to purchase.

Questions to Ask Yourself:

• How will I reach and engage my target audience?
• What marketing channels will I use (social media, SEO, email, paid ads, etc.)?
• How will I convert leads into paying customers?

Start marketing before you launch—building an audience of raving fans in advance can lead to immediate sales when you open. Not just from the raving fans, but also from their network as they spread the word throughout their communities.

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8. Do You Have the Right Team and Support System?

Many entrepreneurs try to do everything alone, but having the right people in your corner makes a huge difference.

Questions to Ask Yourself:

• Do I need to hire employees, contractors, or virtual assistants? Having a team can look a myriad of ways, so be sure to pick the structure that fits you the best.
• Who can mentor or guide me through challenges?
• Do I have a supportive network of fellow entrepreneurs? Consider joining my free online community here: https://briseeley.com/community

Surround yourself with like-minded entrepreneurs and mentors who can offer guidance, accountability, and encouragement.

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9. Are You Prepared for Setbacks and Challenges?

Running a business is not a straight path—you will face unexpected obstacles. The key is knowing how to adapt and push forward.

Questions to Ask Yourself:

• How will I handle slow sales months or unexpected challenges?
• What is my backup plan if something doesn’t go as expected?
• Do I have the mental resilience to keep going despite setbacks?

Entrepreneurs who succeed aren’t the ones who never fail—they’re the ones who keep going despite failure.

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10. Do You Have a Clear Vision for Success?

Success looks different for everyone. Having a clear vision of what success means to you will help keep you motivated and focused.

Questions to Ask Yourself:

• What does success look like for me in 1 year, 5 years, and beyond?
• How will I know I’ve achieved my goals?
• What personal and professional milestones do I want to hit?

Write down your vision for success and revisit it often to stay aligned with your goals.

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Final Thoughts: Asking the Right Questions Sets You Up for Success

Starting a business is one of the most exciting and rewarding things you can do—but it also requires thoughtful preparation. By answering these important questions to ask before starting a business, you’ll gain clarity, confidence, and a strategic plan for success.

My program ‘Profitable By Design’ has helped hundreds of individuals start profitable businesses since 2017. Not only does it help you answer every question listed above, you’ll launch your business and start making sales within 90-days. This program was designed for Wantrepreneurs like you to get clear on their business idea, identify their target market, structure their revenue streams for success, develop a marketing strategy, launch their business and draft both a business plan, as well as a personal success plan.

Set yourself up for success from day one!