Answering 20 Questions Before Starting a Business!

1. Why am I starting a business? To share my love for style (which is a tad different from fashion) at a price that is more affordable for young adults in college trying to stay fly.
2. What kind of business do I want? I want a clothing business that is popular on social media for it's prices and uniqueness.
3. Who is my ideal customer? My ideal customers are women who are in college who attend an array of events and have a handful of commitments that they have to look fab for!
4. What products or services will my business provide? My main items will be clothing: dresses, pants, shirts. I would also like to provide jewelry, journals. shoes, mugs, pillows, thank you cards. I mainly want it to focus on clothing but with the other knick knacks college students love.
5. Am I prepared to spend the time and money needed to get my business started? At this point, and from now on, I am not afraid to take risk with my money or time. I have realized that is exactly the mindset I need to succeed.
6. What differentiates my business idea and the products or services I will provide from others in the market? Prices, convenience (I have an event tomorrow I can't order this online!) and I would definitely like to have events at my shop. Networking for college students, crafting parties, etc. It will be a fun environment and not just a shopping spot.
7. Where will my business be located? My heart is set in Huntsville, Alabama. Not too far from Alabama A&M.
8. How many employees will I need? In the beginning including myself I would only like three employees. One being a relative and another being a college student from a local college.
9. What types of suppliers do I need? In the beginning I plan to order from wholesale with the hopes of finding more private vendors.
10. How much money do I need to get started? I need about 10,000 for the start.
11. Will I need to get a loan? A loan is needed but scarifies may be made so it won't happen.
12. How soon will it take before my products or services are available? I do not want to rush the process causing more problems. I sm giving myself about 9-10 months.
13. How long do I have until I start making a profit? Without a loan, profit will be seen immediately. I do plan to buy things needed for the boutique gradually so I won't have to buy everything at once.
14. Who is my competition? Local malls.
15. How will I price my product compared to my competition? Items will never be higher priced. Most items will remain under $25.
16. How will I set up the legal structure of my business? I will have a sole proprietor. I will handle everything myself. For legal assistant my Dad is who I will refer to.
17. What taxes do I need to pay? Employee,
18. What kind of insurance do I need? Different types of insurances list: here.
19. How will I manage my business? Automate my Business so there are guidelines in my place not only for my employees but for myself.
20. How will I advertise my business? Social media: Instagram, Facebook and even snapchat. I would also like to put in school papers and newspapers. Handout flyers and have events!

Helpful links while filling this out: http://www.mynewcompany.com/manage.htm