1. Make a business based around a subject you are already passionate about. It is so much easier to put in the long hours when it is a subject you are very keen on. There is also much less of a learning curve.
2. Start out small while you are still in a regular job. Depending on your business it could be some time before you are making enough money 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 allow your fledgling business to be dependent on any one customer, or supplier, or form of advertising, or even bank – This is very important You do not want to find yourself in dire straits 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. You will need help.
5. A problem shared is a problem solved!. Having a mentor, or even just a friend with business smarts, to bounce problems off is invaluable. Bouncing those problems around often reveals opportunities and possibilities you would not have thought of yourself.
6. Don’t forget to love 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 make sure they know they are still the most important aspect of your life and their support will continue.
7. Be a female! I’m a male myself but nearly every time I have read of a great success story in the small business magazines recently it was a female entrepreneur in the spotlight! eBay businesses particularly seem to have so many successful females and there are a great many work at home moms doing great.
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