Essential Questions to Consider Before Starting a Company or Nonprofit

Starting a company or nonprofit is a significant endeavor. One in four (25%) of U.S. small businesses fail within their first year of operation. I started my company Bernhardt Consulting Co. more than a decade ago. I mostly work with nonprofit charities and nonprofit member associations. To succeed as a start-up company or a start-up nonprofit organization, I believe asking the right questions can help you clarify your vision, understand your goals, and assess the feasibility of your idea. Here are some questions to consider:

1. What problem or need does your organization aim to address?

2. Is there a demand for your product, service, or cause?

3. Who is your target audience or beneficiary?

4. Is another organization already addressing the problem or need?

5. What makes your solution unique or different from existing options?

6. What are your short-term and long-term goals for the organization?

7. What resources do you need to start and sustain your organization?

8. How will you fund your organization's operations and growth?

9. What legal structure (e.g., sole proprietor, LLC, corporation, nonprofit) is most suitable for your organization?

10. What are the potential risks and challenges associated with your venture?

11. Do you have a solid business plan or strategic plan in place?

12. What skills and expertise do you bring to the table, and what additional support might you need?

13. How will you measure the success and impact of your organization?

14. Are there any regulatory or compliance issues you need to address?

15. If needed, how will you recruit and retain talented team members or volunteers?

16. What are your values, and how will they guide decision-making within the organization?

These questions are a starting point for deeper exploration and planning as you embark on you journey of starting a company or nonprofit. It's essential to thoroughly assess your idea and its potential before moving forward to increase your chances of success.