Plan to succeed. It is said that most small businesses close because of cash flow but I believe lack of planning is the real culprit. Before you even start your business do your research. Use Business Plan Pro or a similar program to complete a business plan. Visit a SCORE office or your local community college’s business development office for help with your business plan and to attend workshops and classes to learn everything you can about being a business owner.
Educate yourself about every aspect of your proposed business. Who is your customer, competitor, vendors, trainers, etc? A good business plan will help you realize these and many other aspects of your proposed business. One of the best ways to learn about writing a business plan is to study the plans of established businesses in your industry.
Make sure that your numbers really add up and make sense. If you’re not a numbers person this is an excellent time to invest in the services of someone who is – a CPA is an excellent choice. Think through and document every process in your business. This step will help to ensure that you’re not missing any expenses.
Find a business mentor. Preferably someone in the same business that can help guide you along the way. If you’re thinking; why would someone want to help me? My only answer is that people love to help others and share what they know.
And most importantly do something you are passionate about. Good Luck!