6 Questions To Ask yourself Before Starting A Business

Want to start your own business? Well, this article today will help you in easily answering your 6 major WH business questions.
Finance Geek
starting a business

 Having a business mindset? Do you want to start your own business? Well, you are not alone in this fight. Between 2020 and 2021, more than 838,000 new businesses were recorded in the United States. And that just makes you wonder because many people target this field of investment.

And someone with an entrepreneurship mindset will always have a burden in mind. Asking him or herself a series of  questions including;

  • When will he start his business?
  • How will it be?
  • Why should I Open this business?
  • In fact, the Why, where, who, How, when, and the what questions.

And as an entrepreneur as I am, which has passed through these thoughts and have had some answers, have decided to share this great knowledge to you today.

Well, starting a business is an exciting experience everyone wants to have but answering the Six WH questions of  Where, When, Who, How, What and Why will guide you better.

So, this article will guide you on how you can take the next step in your business upbringing by facilitating your quest in the 6 WH business questions.

Table of Contents

Answering the 6 WH questions before starting a business in 2024

Well, there are several questions that people usually ask themselves before starting a business, and it is not only limited to these 6 questions. But we will engage with these 6 questions only, for now.

1. The Why

It is often said  "if you know the WHY you will be the boss but if you know the HOW you will have a job." Knowing why a particular group of people need that particular service you want to offer is already a big step ahead for you future success.

You can only get clients to your satisfaction when you know why they need the service you are offering to them. Clients will look for you because you have what they need. This is identifying a specific problem and bringing a solution to it.

Points to note on Why

  • Why is this product necessary or important to the customer?
  •  Why would customers choose this product over alternatives?
  • Why is now the right time to develop and launch this product?

2. The Where

Carrying out a market research will open your mind to where your services are most valuable and as such, this will help you locate your business based on the needs of  that area.

This could be a physical need (example: motor repairs and maintenance) or visual services (computerized programs).

3. The When

Considering you are investing into a seasonal product, you will need to know about the season that the product is highly consumed.

Example: sales of umbrellas during raining season will produce high profits in the rainy season than in a dry season while sales of ice cream will yield more profits in the dry season than in the rainy season.

Determining the time and  season of the product you are investing into will help in your seasonal budgeting and forecasting.

Points to note on When

  • When is the expected launch date for the product?
  • When should the forecast date  of  completion of the product be ?            
  • When will the testing ending up?
  • When will the product be sent out for testing by the customers?
  • When will product performance review take place before proper launching?
  • When will the product be updated or improved after its initial release?

4. The Who

Determine who is the final consumer of your product. What are their preferences, the age group(children, youths or elderly). Bring variations into your production to meet up with every age group in the society so as to increase your sales.

Points to on Who

  • Who are the target persons for this product,
  • Who is the key persons?
  • Who is the target customer and the users for the product?
  • Who are the stakeholders involved in the development process?
  • Who will be responsible for various aspects of the product’s development and launch?

5. The How

The brand name, the publicity, the quality or quantity, the cost per unit should be determined ahead of time. How you get the material for your production, how you transport it to the  final consumer or middlemen for further retailing; should be determined ahead of time.

How you plan for production, sales and reconciliation between your direct buyers and suppliers, your cost of production and selling price all should be determined ahead of time.

Points to note on How

  • How will the product be tested and validated ? 
  • How will the product be designed and developed?
  • How will marketing and sales strategies be implemented?
  • How will customer feedback be collected and incorporated?
  • Who will there be reconciliation between direct customer prices and suppliers prices?

6. The What

What has to do with what the product or service is all about, benefits and functionalities of the product

Points to note on What

  • What benefits will the product provide the customer.
  • What problem or need is the product or service addressing or solving.
  • What are the characteristic of the product and the functions of the product

What Makes a Successful Business?

Well, not everyone will have the same say on this. You might see something different elsewhere, because not everyone is in search of the same things.

But on a general note, there are some things you must accomplish to make your customers and yourself happy at the end of the day. Some of these are;

Strong Vision and Customer Focus: Successful businesses solve problems for their target market and provide value.

Effective Leadership: Leaders who can inspire, motivate, and make exact decisions and at the right time are essential for a successful business

Adaptability and Innovation: Successful businesses are flexible and willing to adapt to new technologies, market trends, and customer preferences.

Talent and Company Culture: Having the right people on board is vital.

Solid Business Practices: This includes things like organization, financial management, and strategic planning.

Closing Remarks

The thought of starting a business of your own is an amazing step in boosting your financial career. But just the thought is not enough, because there are a series of things that come to play again after that.

And answering these WH business questions of Why, who, when, what, how, and where, will be very key especially in starting your business from scratch.

Well, as we said at the beginning, there are a whole lot of questions that people ask before engaging into this journey. And for that, we are at your disposal; quickly write down your burden or question in the comment section below and we will respond to you as immediately we see it.

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