Often times aspiring owners also find a somewhat standardized list of the information they need to gather such as market size, income levels, potential competitors and availability of suppliers.
What you won’t find on the lists, though, and you really can’t because each situation is different, are questions about the unusual factors that must also be considered (I suspect that every area has one and probably more unique items).
Currently in my role with the North Dakota Extension Service, I regularly get questions about starting a business in western North Dakota. Now if you have watched or listened to the news during the last couple of years, you probably know we are experiencing an oil boom. Many of the people contacting me are interested in how they can get involved in the boom. They have a business idea and are now trying to make the idea a reality. In general, their questions focus on the standard questions.
When I get the standard list of questions, however, I suspect that the aspiring owner has not taken the time to do a little more research or homework into some of the most important questions – those not asked.
When talking with a potential business owner looking to come into the western ND oil patch, other questions they need to consider include:
– where am I going to live and what will it cost?
– can I find a space to locate my business and what will it cost?
– if I need help, can I find it and what will it cost?
– if I am bringing a family, can we find daycare or what is the school situation like?
Those are questions I add to their list. Yet every area will have a set of unique issues that owners need to be aware of and take into account when planning. Many of these issues can be found with research – the Internet is a great tool for this. It may be development plans or zoning issues that may impact a community or a major employer who is growing or downsizing or new competitors who have announced their intentions. In a rural ag-dependent community, it may be commodity prices or what the weather has been.
The bottom line for the aspiring business owner is to do your research and then dig a little deeper. Consider what questions “you should have asked.” One place to get that information is with talking to other business owners.