If You Plan to Go into Business, Ask Yourself These Questions

Published Date

January 1, 1946

Resource Type

GI Roundtable Series, Primary Source

This is a Primary Source

From GI Roundtable 39: Shall I Go into Business for Myself? (1946)

Have you had previous experience in this line of business?
Have you ever supervised the work of others? Been Boss? Met a payroll?
Can you boss yourself? Drive yourself to do what is necessary? Are you a self-starter?
Are you willing to take lower earnings or risk uncertain or irregular income while getting started? For how long?
Have you made a forecast of the business outlook in your line and locality for the next year?
Is your personal situation right for starting now? Your age? Your future prospects? Your family responsibility?
Is the population of the community growing, standing still, declining?
Have you canvassed the community to determine the number of stores now operating in your line and whether any of this type have closed recently?
Will competition be strong and active or weak and sluggish?
What do the wholesalers, manufacturers· representatives, and local businessmen in noncompeting lines think of the prospects for a store in this community?
Have you talked to a banker? Does he think enough of the venture to loan you money?
If you are going to buy a going business, have you checked the owner·s claims about the business with his copies of his income-tax returns?
Have you consulted a lawyer to be sure that the title is good and that there is no lien on record against the assets you are buying?
Have you chosen a good site for the type of business you want to run?
Will any major remodeling or alterations be necessary?
Does the lease have cancellation provisions?
Is the amount of rent in proper proportion to estimated sales?
Have you determined your equipment needs? Your fixtures?
Are you going to pay for the equipment or fixtures on the installment plan? Have you decided the maximum monthly payment you can safely contract to make?
Has your stock selection been guided by an analysis of consumer preference in your community?
Have you worked out any stock control plans to avoid over-stocks, under-stocks, out-of-stocks?
Are there any lines of goods which you can get the privilege of handling exclusively? What are the franchise arrangements?
Are satisfactory employees available locally?
Have you planned a bookkeeping system? Are you going to keep the records yourself? Hire a bookkeeper? Have an outsider come in periodically?
Have you estimated the capital you need?