You finally made the decision, and there’s no turning back now—you’re finally going to start your own business. You’ll
be successful, make a lot of money, and travel all over the world. Why did you wait so long? This is going to be great! Your family and friends will love it, your employees will respect you, and your banker will have coffee waiting every time you come into the bank. Customers will be loyal and will stand in line waiting for you to open your doors every day. Could life be any better?
When you’re finished dreaming, let’s get back to reality and find out how you’re really going to accomplish this. It’s going to take a lot of hard work, long hours, aggravation, indecision, stress, and probably more money than you thought it would. But don’t let me discourage you. When it works—and it will, if you do it right—it’s the best feeling of accomplishment you’ll ever have. And if you’re not street smart before you start, you will be in a year or two.
So let’s get started. If you want your best chance to succeed, you must make the total mental commitment to accomplish what you set out to do. If your attitude is “I’ll try opening my own business,” forget it. You have a better chance of success by putting all your money on one hand of blackjack in Las Vegas. Trying won’t make it; street-smart dedication will. But when you see the dream in your mind and are willing to do what’s necessary to achieve it, then
you will accomplish it. So what do you do first to get you closer to your dream?
The first decision you need to make is whether to start as a homebased business or to rent office/retail space. Renting takes a real commitment because you’ll sign a multiyear lease, and you may be asked to personally guarantee it. Even if you sell your business before the lease term is over, you’ll still be the guarantor on the balance of the term. Many service-type business owners start from home until their business grows large enough to support paying rent or buying a building, so let’s start with a home-based business. You must approach whichever plan you choose for your business’s infancy in a very professional manner.