15 Questions to Ask Yourself Before Starting Your Own Business

15 Questions to Ask Yourself before Starting a Business

The Junior League of Omaha is proud of its many members who are successful business owners.

15 Questions to Ask Yourself - Starting a Business

These women serve as great role models and networking connections to our community’s future entrepreneurs, and are always willing to support the League. We asked business owners in the League, “What are the most important questions to ask yourself before starting a business?,” and they provided us with great food for thought.

Self Discovery

  1. Do I love what I do?
  2. Is my business idea really just a hobby?
  3. Is there a need for my product or service?
  4. Am I willing to fail to learn?
  5. Can I be patient with growth and success?
  6. Do I believe in my business?

Logistics

  1. Do I have a business plan?
  2. Does the business plan accurately detail how the business will make money?
  3. Do I want a business partner and go solo?
  4. Do I need start-up money? If so, where do I get?

“Do you have plenty of money to start with? You can definitely do it on a budget but you want to make sure not to skip certain steps because you don’t have the start up cash.  Find investors, look in to small business loans, etc.  You never want to start in the red – it will lead to always needing to catch up,” says Chaley Chandler, Junior League of Omaha president-elect and local clothing boutique owner.

  1. What type of legal work, state filings do I need to complete?
  2. Do you have an accountant and an attorney?

“The first year I was in business, I did all my own book keeping.  However, I realized very quickly that that was not what I should spend my time on.  Same with an attorney – it just makes it easier if you already have someone lined up and that you trust,” says Chaley.

Work-Life Integration

  1. Am I ready to dive in with both feet and do WHATEVER needs to be done?

“You need to be prepared to do everything from cleaning the toilets to hiring and firing employees to customer service to cleaning the windows. Just because you want to own a boutique, doesn’t mean that you will only be going on glamorous buying trips – you will be doing literally everything even if you have employees – employees do not own your business and do not notice things that need to be done like you will,” Chaley advises.

Chaley Chandler attends a market event to purchase clothing items for her boutique.
Chaley Chandler attends a market event to purchase clothing items for her boutique.

14. How to manage business and family time?
15. Are you willing to eat, sleep and breathe your business?

“In order for a small business to succeed, you will have to literally live your business – at least for the first few years or usually more.  You need to be prepared for it be all consuming – it will keep you up all night!  There is always, always something to do, something to change and something to think about.  You really have to be all in,” says Chaley.

In addition to Chaley Chandler we would also like to thank Lexie Frahm, Julie Hockney and Melissa Hegarty for their help in compiling this list of questions.

Omaha Gives – A 24 Hour Celebration of Community!

Spring has sprung! As with each passing season we take time to reflect on the past and to put new (or revised) goals towards the future. Whether it is personal, professional, or both, we look to not only better ourselves but our community. With Omaha Gives coming up May 20th, this is no exception. We are excited to participate this year and we’re asking for your help! We have never hesitated to step up and meet our community needs – through our own projects!

Connecting with Community - Omaha Gives

Book of My Own – collect, sort and distribute new and gently used books to at-risk children ages 0-14.

Project Hope Pack – partner with local child advocacy agencies, homeless shelters, community development agencies and churches that play a role in moving children out of crisis situations. Our Packs include items to cover a 3-5 day transition period, easing trauma and providing some comfort for a child as they move to a safe, yet unfamiliar, environment.

Career Development Series – provide several seminars (per year) which are aimed in helping women, community-wide, learn leadership and management skills to reach their goals.

Done-In-A-Day – a series of concentrated projects that offer volunteers for community-based placements on a short term basis.

Because you believe in the Junior League of Omaha, you make this possible. Your gifts allow our projects to succeed and we couldn’t do it without you. Please consider Junior League during this 24 hour fundraising event, schedule your gift today or donate on May 20th!