You want to make sure there is a real business opportunity for you, so that requires research. It’s best to have business experience before starting a business. Don’t make the mistake of thinking that buying a franchise will save you. You’ll need to know the industry you want to join. It will also help you determine what skills you need to have to run your business. You might be excited about a new restaurant concept, but have you ever worked in a restaurant? Perhaps you should go work part-time in a business like the one you want to start so that you can learn the real deal about running one. You need to have an emergency saving account for your household, money to live on, and at least the first year of working capital for your business. So before you start your business, calculate your net worth, pay off credit card debt, get your credit score as high as possible, and look at all of your available cash reserves such as savings, your 401K or home equity. The money to start your business is going to come from your personal resources. It will keep you focused on why you are working so hard. Develop a vision board for your new dream life as a business owner. But if you are starting a business because you have a purpose you want to serve, want to leave a legacy, or fill an unmet need in the marketplace, then these are the reasons that will help you survive the hard days in business. And more wannabe tech stars flame out than get a big payday. Why are you starting this business? How do you envision your life now as a business owner? Have you looked into starting a business just because you hate your job or because you want to be the next tech star to cash out for big bucks? You can always get a new job. 12 Things to Do Before Starting a Business 1. I’ve learned lots of expensive lessons over the last 20 years in business, many of which I share in my bestselling book, Become Your Own Boss in 12 Months, 2 nd edition, but here are my top 12 things to do before starting a business. If you’re planning on starting a business, take the time to figure out the business of running a business. Being an entrepreneur is an evolutionary process you must grow yourself to grow your business. It will cost you money, sleep, relationships, and you will be pushed in ways you never thought possible. If you want to be successful it will cost you. Are you finally ready to strike out on your own with your very own small business? Owning a small business is never a get rich quick scheme.
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