For those with an entrepreneurial spirit there is nothing quite like starting your own business. But of course, there are always trials and tribulations along the way. To increase your chances of success, you need to do your homework. Get the best advice you can, talk to other successful small business owners, read good books and spend time researching the business you are planning to set up.
Businesses tend to fail because the owners are overly optimistic when it comes to how much it will cost to set the business up, how long it will take and how much money they will generate. My advice is to see if it still stacks up when you double how much it will cost to start, double how long it will take to open the doors and halve the amount of income you think you will be able to generate. If you can still make a profit after this reality check, you could just be onto a winner.
Last but not least, enjoy the journey. You won’t start that many businesses in your life and I look at the start up phase as a honeymoon. Enjoy every minute and get ready for the hard but rewarding work to start.