Okay, you've decided to start your own business. The first thing you should do is to change your mind and go find a secure job, if there really is any such thing.
Are you ready to drain all of your financial resources, work long hours, handle failure and lots of stress? I don't like to dwell on the negative, but it's real life. I've been there many times.
Oh, but you wrote a business plan with nice financials and all positive projections. Throw it away because most, if not all of that plan will be garbage. It might make for good reading for a banker or your friends and relatives, but that's about it.
Okay, you're going to follow through with the new business. What makes you better than others in your space? Are you smarter, cheaper, better at customer service or is the business a totally new concept?
Whatever it is, don't waste your time on business plans, focus groups or the so called experts in your field. This business is all about you and your abilities to produce and sell your product or service. You need to be convincing, reliable and trustworthy. In other words, you need to talk the talk.
If your ready to focus your attention 24/7/365 then go for it. If you believe in yourself, you will be convincing to prospects that they need to go with you and no one else. Be prepared to have no salary for a year or two. Know that you can create at least enough cash flow to cover your expenses, but no salary.
Yeah, you may need to use credit cards and loans. Make sure that before you start the business you have access to credit card loans, home equity or family money. Once you start the business and have no salary it will be difficult, if not impossible to get credit.
Keep in mind that starting a new business is going to be hard work. But not everything has to be boom and gloom. Yes, owning your own business comes with a lot of nice perks. When you put your heart and soul into the business it will show. And best of all, you can brag that you did it and it is all yours.
Be confident that the future is now being handled by you and not a corporate boss. Enjoy your successes and learn from your failures. Go for it!