Last time, I shared some reasons the WHY questions are very important for your business to grow and flourish, now I want to talk about the ways HOW.

Can you relate to this feeling? You’re excited and filled with so much enthusiasm at that great idea you have that's going to fetch you tons of $$$…But then the time to hit the ground running comes, reality sets in and your brain goes?&$?^#??!!!…

The right foundation is EVERYTHING. You can't go wrong with that business of yours if you have comprehensive answers to the questions below.

Here's a checklist that every serious business person should have to help get the entrepreneurial train "chu-chuing".

What kind of business do you want to start? Having a skeletal idea of the scope of your business OBVIOUSLY is the first step to take.

What are your business goals? Defining your personal goals and how they would impact your business is a very good place to start setting up your business goals. What problem are you trying to solve? Does your product do that? How do you intend to achieve your business goals?

What is your business model, especially one that is scalable? A business concept details the relevance behind the business you want to start and this helps streamline how, when and why you're starting your business. A scalable business model creates "boundaries" so you're not all over the place, you can grow and so the concept of your business is easy to understand by yourself, employees, stakeholders and even potential customers.

How much market research have you done in your industry and who is your target audience? I have been guilty of not doing this. Knowing your target audience will help you know how to market your business. For example, younger audiences may be attracted to social media channels, such as Snapchat or Instagram, while B2B audiences may respond better to webinars and white papers. Do you want to focus on SEO and content marketing or do you want to spend time gaining reviews and word-of-mouth referrals? Before you start a business, it’s important to understand where and how you are going to market your product or services.

Do you have a business plan? This is the metaphorical steering wheel of the vehicle that is your business. There's an in depth article here.

Who are your competitors and what is your own competitive edge? what makes you stand out? By conducting a competitive analysis with direct and indirect competitors, you can put your franchise in the best position possible to succeed. Doing a competitor analysis can be incredibly helpful for understanding your strengths and weaknesses and help you find your unique edge in your industry. I talk more about this in THIS article.

What are your strategies to remain relevant? Stay vigilant on trends in your industry. This is not so you copy and paste , but for you to be familiar with the demands of potential clients and how to stay relevant in an era of short attention spans.

What are your safety switches/ contingency plan/plan b,c...Let’s be honest, out of 10 great ideas, most of them aren’t going to pan out. So be prepared to pivot.

Have you done a SWOT analysis on yourself and the venture you're about to embark on? This is one of the things that differentiates a serious-minded business owner from the herd.

Do you have the skills required for this business?

Is professional, specialty or technical training required in your line of business?

Will your business be self-funded or investor-funded? Both sides have pros and cons and depend on the overall business model as discussed above.

Have you researched the relevant laws in your location that may affect your business? Do you need a license to operate? How about tax laws?

Will you be hiring in-house staff, contractors or outsourcing labor? No successful business is an island.

Accounts and financial structure. Knowing your profit goals can help you budget effectively and maximize your profit. As you start to think about funding, you should also start thinking about taxes and other financial responsibilities that come with running a business. This is a part of business a lot, if not dread. It's important to have a plan in place for this responsibility.

What business tools can you use to create seamless operating systems?

Where will you work from? is your business going to be location-independent, in an office, a warehouse...?

Have you considered insurance policies to protect your business and assets?

How would you know your business is succeeding? What are the parameters you will use to measure growth? Is it by how many services you provide? how many clients? How many branches? How much is in your bank account? The notoriety of your brand?...and so on

Finally, as important as all these items are, try not to get overwhelmed by trying to juggle most of them at once. Itemizing was intentional so you tick each item on the list and work your way down. Focus on one thing at a time

I hope this was helpful and I look forward to getting feedback from you on how helpful any of these points were. These questions will make your business stand out, enhance your decision making and help you position yourself strategically in your industry.