1. Are you really good at your skill?
When you are consulting people expect you to be really good. A little good won’t do. But worry not, as long as you don’t totally screw up people are willing to forgive mistakes.
2. What are will you focus on?
No you cant be good at everything. Its good to be the best at a very focussed niche over being a small fly in a large market. “The law of singularity – Focus on several good marketing avenues. Don’t dabble a little in everything.”
3. How many months cash reserves you have?
After you start you probably are going to be making no money for a while. Shit happens. Clients go out of business and can’t pay. You need a cash cushion to tide you over a bad period.
4. What is the legal entity you will operate as?
Different countries have different legal structures. Find out what is best for you. (For example, from a tax point of view.)
5. How are you going to market yourself?
Marketing is a (the?) important part of your business. You need a robust lead pipeline to keep work coming.
6. Do you love selling and client relationships?
If you are a tech guy, you probably don’t like selling. As a business owner get redding to always be selling.
7. Do you have the technology and the infrastructure in place?
Do you know how to setup a blog, a website, a email system, a project management system and an invoicing system? Have you already set these up?
8. Will you be hiring people? Do you have a list of prospects already in place? Do you have a hiring plan in place?