With the new year rapidly approaching, I keep hearing more and more designers tell me of their plans to open their own studio in 2007. There is nothing that makes me more excited than seeing someone with the entreprenuerial spirit, who is willing to write their own destiny. On the other hand, I also realize that many of these budding entreprenuers don’t really give themselves the time to make sure that opening their own studio is something that they really want to do.

I give this handout to my Business of Studio students on the first day of the semester. I guess it is my way of attempting to weed out the ones whom aren’t quite ready to embark on this journey. The worksheet is rather generic but it is the average approach that allows each student to really investigate whether they are ready or not to be in the design industry. For instance, after doing the worksheet, one of my students realized that she is most happy and extremely talented at cooking, not doing design. Subsequently she decided to look into how she could make a career out of her true passion.

1. List your reasons for wanting to go into business. Some of the most common
   reasons for starting a business are:
   • Self-management
   • Financial independence
   • Creative freedom
   • Full use of personal skills and knowledge
2. Next determine what business is right for you. Ask yourself these questions:
   • What do I like to do with my time?
   • What technical skills have I learned or developed?
   • What do others say I am good at?
   • Will I have the support of my family?
   • How much time do I have to run a successful business?
   • Do I have any hobbies or interests that are marketable?
3. Identify your business niche. Research and answer these questions:
   • What business am I interested in starting?
   • What services or products will I sell
   • Is my idea practical, and will it fill a need?
   • What is my competition?
   • What is my business’s advantage over existing firms?
   • Can I deliver a better quality service?
   • Can I create a demand for my business?
4. The final step before developing your plan is the pre-business checklist. You
   should answer these questions:
   • What skills and experience do I bring to the business?
   • What legal structure will I use?
   • How will my company’s business records be maintained?
   • What insurance coverage will be needed?
   • What equipment or supplies will I need
   • How will I compensate myself?
   • What are my resources?
   • What financing will I need?
   • Where will my business be located?
   • What will I name my business?

Note: I am pretty sure that I got this whole thing from another source but can’t find documentation on where I found it - if you recognize it and know the source then please let me know so I can provide proper credit.