1. Start your business based on something you are already knowledgeable or 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 on a part time basis while you are still employed. Depending on your business it might be several months before you are seeing enough profit to live off of comfortably. Not only day to day expenses must be covered, make sure you have a reserve too in case of an interruption due to illness or other problem.
3. Avoid dependency on any one anything. Do not allow your fledgling business to be dependent on any one client, or supplier, or form of advertising, or even bank - get the picture? 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. Share your problems with others. Having a mentor, or even just a friend with business smarts, to discuss problems with is invaluable. Kicking those problems around often leads to fresh ideas you might not have otherwise thought of.
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 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 particularly seem to have so many successful females and there are a great many work at home moms now hugely successful.
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