Gloria Steinem once said, “Without leaps of imagination, or dreaming, we lose the excitement of possibilities. Dreaming, after all, is a form of planning.” If you have been dreaming of starting your own business, it is time to act on those thoughts. Join Brit + Co for a LIVE webinar today: 5 Easy Steps to Launch Your Side Hustle. This webinar will provide the inspiration and motivation needed to take that passion project or side hustle and turn it into a successful business venture.
The first step? Writing a business plan—and don’t worry if the idea intimidates you. Sometimes, it’s just starting that is the most difficult part. To help you get going, we’ve created the 10-Question Business Plan Starter Guide. Click here to get your copy now.
[Related: I Didn’t Have a Side Hustle, so I Came Up With My Own Version]
If you’re looking for some guidance as you start to plan your next big project, take note of these six questions that two successful entrepreneurs say they ask themselves before beginning.
Nicole Cardoza, founder and executive director of Yoga Foster, explains:
1. What goal do I want to achieve?
Your business goals and methods will probably change a lot, so it’s crucial that you have a clear understanding of your company’s purpose or “why.” This will keep your business grounded.
2. Who do I have on my side?
Reflect on the individuals you want in your life to help support you emotionally and mentally. How do you envision their role? Who is already a part of your support system?
3. What gives this business legitimacy?
Have you received any feedback on your business idea? Did you create a prototype or host a focus group? If not, what’s holding you back?
[Related: Tips for Time Management from Smart Businesswomen]
Elle Kaplan, CEO and Founder of LexION Capital Management explains:
1. How quickly am I spending my money?
How much money am I going to spend in a month? How long can I sustain this level of spending?
2. How long do I have before I need to take action?
When will you recalculate your business goals if you aren’t achieving the desired results?
3. When will growth be possible? If not, why not?
What are some sustainable methods for growing your business?
Final words of wisdom from Cardoza: “Just do it. Don’t let the fear of never having written a business plan keep you from writing it.”
Photo: Alys Tomlinson / Getty Images