10 powerful business planning questions for new entrepreneurs

If you’ve landed here you’re likely in the early stages of building your business, or perhaps you’re on the verge of making the leap into full-time entrepreneurship.

Regardless of where you’re at in your journey, asking the right questions can make a massive difference in how you approach entrepreneurship and build a new business.

The following 10 questions will help you consider how you want your entrepreneurial journey to go and how you’ll honour your needs and boundaries in the process.

Step 1: Start your business by starting with yourself

In 2019 I was at a high-vibe conference when a woman on stage said something I’ll never forget. To give you a little background, she was a purpose-driven entrepreneur who grew a humble health food startup into a national success, and I was excited to hear her speak after following her journey for years.

During her keynote, she told us how she secured a highly sought-after investor, landed deals with the largest retailers in the country, and opened a new facility to increase her production.

But at the end, she took an honest look at all of us in the crowd and said, “While my business is more successful than it’s ever been, my mental health is the worst it’s ever been.”

My heart sank when I heard this.

Because many of us get hooked into a culture of entrepreneurship that tells us the harder we push, the more successful we’ll be. The faster we go, the sooner we’ll have everything we want. 

But here’s the truth, this kind of thinking brings you the opposite of success. It leads to burnout and makes entrepreneurship simply unsustainable. In order to build lasting, sustainable success, your needs must be a top priority in your business.

As you begin building your business, it’s essential to understand how your business will support you. Because after all, you’re the foundation of your company!

Here are a few questions to ask yourself as you get started:

• What are my needs as an entrepreneur? (e.g., a minimum amount of income per month, enough time off for vacations, clients that align with your values, etc).

• What support can I call in or create for myself? (e.g., are there routines or practices that keep you grounded, do you need a mentor, can you join a business community, etc).

• How do I need my business to support me financially? (think about what your financial needs will be as you start and grow your business).

Step 2: Ensure your career transition is sustainable

The transformation from employee to entrepreneur is a big one. When you start your own business, every aspect of your life shifts and expands and you might not feel fully prepared for the changes.

But as you transition out of employment and into entrepreneurship, it’s important to understand that entrepreneurship is a process. Your career transformation doesn’t have to happen all at once, and it can be something you plan and prepare for.

As a soon-to-be entrepreneur, you have the power to define success on your own terms and ensure you’re well-supported emotionally and financially as you move forward.

When you prepare to become an entrepreneur, it’s essential to define success on your own terms and ensure you are well-supported financially and emotionally.

These questions will help you prepare for your career transition:

• What will success look like beyond clients and cash? (think about what a truly successful and fulfilling life and business will look like for you).

• What additional revenue streams can I explore as I build my business?

• What do I need in order to feel safe and secure in my transition? (i.e., a certain amount of savings in the bank, a business partner, a business mentor, etc)

Step 3: Make your boundaries the backbone of your business

Establishing and upholding clear boundaries is one of the kindest things you can do as an entrepreneur, for both yourself and others. If you lack boundaries in your life and work, you’ll likely feel overloaded, compromised, and exhausted.

However, when you set meaningful boundaries, you’ll feel empowered and confident as you move forward while establishing a strong foundation for your personal well-being and business success.

Boundaries are an opportunity for you to clarify what you’re ok with and what you’re not ok with; what you will do and what you won’t do; and what you want and don’t want.

Boundaries ensure your needs will be taken care of, regardless of the circumstances.

Let the following questions guide you in creating and upholding your boundaries:

• What will I say “yes” to in business? (think about opportunities that would feel right for you, the kind of clients you want to work with, the type of work schedule you need, etc).

• What will I say “no” to in business? (think about clients, opportunities, experiences, and projects that don’t align with you and your values).

• How will setting boundaries help you grow and expand your business (consider how your boundaries will allow you to be more successful).

• How will you communicate your boundaries to others? (think about how you want to approach conversations about your boundaries. What do you want to say? What don’t you want to say)?

If these questions have been resonating with you, Bedside Business Plan is a guided journal with over 100 powerful questions and prompts to help you become an entrepreneur and build your dream business.

May your entrepreneurial journey be deeply fulfilling.