Know What You're Getting Into
Keep Your eyes on the prize
Before you get all puffed up about your aim to open a business of your own, remember this: hundreds of people have had that very same dream before you. Some of them have prospered, but many more have failed. If you’ve never owned or operated a business before, now would be a good time to seek help.
Start by taking college-level classes in basic business skills such as budgeting and finance, strategic planning, data analysis and time management. Apply for a job in the kind of company you envision or, better yet, find a mentor — an entrepreneur or instructor you admire — to help you get started on the right track. And never, never be afraid to ask questions, even stupid ones. It’s the best way to learn.
Set Yourself Up for Success
You’ll also need to create structure for your business and one of the best ways to do that is by asking — and answering — six very basic questions:
Assess Your Readiness
Assuming that you have earned the necessary professional credentials and/or licenses for the business you intend to operate — i.e., you are a registered cosmetologist, real estate broker, dietitian, paralegal, CPA, etc. — it is important that you also have an understanding of general business operations.
While no two businesses are exactly alike, they all share some similarities. For example, no matter how prepared you think you are to open and operate a business, there will be challenges.