1. Start your business based on something you are already passionate about. It is far easier and much more pleasant to put in the long hours when it is a subject you are very keen on. There is also an easier learning curve.
2. Start on a part time basis while you are still employed. Depending on your business it could be some time before you are seeing enough profit to live off of comfortably. Remember you will need a reserve for emergencies as well as enough profit to cover the daily expenses.
3. Avoid over dependency. Do not become overly dependent on any one client, or supplier, or advertising channel, or even bank - get the picture? You do not want to find your business in financial trouble because of a change in any one factor.
4. Have a business plan. Know what your goals are and the steps needed to reach them. Know what you need in terms of supplies, time and help. At some point you will need help!.
5. A problem shared is a problem solved!. Having a mentor, or even just a friend with business smarts, to discuss problems with is invaluable. Bouncing those problems around often reveals opportunities and possibilities you would not have thought of yourself.
6. Remember your family. They are putting up with your being wrapped up in your new small business and maybe even suffering financially for it too. Spend enough time with them to let them know they are still the most important thing to you and their support will continue.
7. Be a female! I’m a male myself but lately it seems I am constantly seeing lady entrepreneurs featured in the success stories! eBay businesses especially seem to have a large number of female success stories and there are countless work at home moms showing huge success.
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