More than 625,000 startups are established each year according to the latest estimates from the United States Small Business Administration. For the hundreds of thousands of people who open the doors of their new small businesses, the experience is a dream come true. Of course, despite years of planning, many find that they weren’t quite as prepared for entrepreneurship as they initially thought.

Asking the right questions before opening a business can mean the difference between success and failure. Still, understanding which questions are the right ones to ask isn’t quite so simple. If you’re thinking of starting a business, consider some of the most common and crucial questions countless entrepreneurs wish they’d asked before jumping headlong into the situation.

1) Am I Ready to Start a Business?

In all likelihood, you’re ready to answer this question with a resounding yes. That said, it’s important to factor in all the variables before declaring your preparedness. Passion, drive, and a terrific idea for products or services the public wants and needs are all essential aspects, but they’re only part of the bigger picture.

You also need to think about many of the deeper, often-overlooked elements. You’re ready to get out there and succeed, but what happens if the business doesn’t take off right away? Are you mentally, physically, and financially prepared to handle those less-than-stellar first few months and potential problems down the road? Those are only a few of the questions you need to answer before proceeding.

2) Do I Need a Business Plan If I’m Not Applying for a Loan?

All too often, budding entrepreneurs who don’t turn to banks or venture capitalists for funding forgo a business plan. They think that since they don’t have to convince lenders or investors their business is worthy of consideration, a well-thought-out business plan that looks as good on paper as it sounds in theory isn’t necessary.

Few things could be further from the truth. An in-depth business plan will benefit you more than anyone because it gives you a reference for guidance and direction. Though over 625,000 businesses open each year, nearly 600,000 close their doors. In many cases, their downfall is the lack of a solid plan.

3) How Do I Market My Business?

It’s no secret that having a website and an effective online marketing strategy is critical these days. Understanding who your target audience is, which relevant keywords should be included in your SEO and SEM efforts, and how much of your budget to spend on paid ads is also important. At the same time, you can’t overlook the potential of print marketing and direct mail.

All those factors vary by business, so there’s no straightforward solution here. Consider getting a professional marketer onboard to help with this aspect. At the very least, seek counsel from someone who knows their way around the marketing and advertising sector.

4) Should I Quit My Job to Run My Business?

Ideally, you need to be able to devote as much time as possible to a startup. Being an entrepreneur will most likely consume your every waking moment considering how much goes into creating and running a successful business. Still, not everyone has the luxury of leaving behind a nine-to-five job for such a venture.

If you can feasibly afford to quit your job and focus solely on a business, go for it. Otherwise, start your company slowly on a small scale and work your way up to being a full-time entrepreneur. Success may take longer using this method, but it’s a less risky route if you’re not sure your finances can handle the alternative.

5) Is Now the Right Time to Open a Business?

Generally speaking, the answer to this question is no. No matter what may be going on in the world or in your life, there is no conclusive right or ideal time to open a business. There’s always going to be some economic, social, political, or other type of issue that makes starting a business an uncertain venture.

If you wait until the alleged right time, you’ll never achieve your goal of being a successful entrepreneur. Instead, ask if this is the right time for you. If so, go ahead and take that leap.

All Things Considered

These are only a few of the questions entrepreneurs ask or wish they’d thought of before starting a business. Dozens of others come into play as well from queries about product development and choosing a location to ironing out all the legal and accounting details. Be sure you have all the answers you need before diving into the world of business ownership.