Not everyone is cut out for a 9 to 5 job. Although most people would never think twice about starting their own business because they perceive it as too risky, entrepreneurs tend to see things much differently. However, before you jump in with both feet, you need to follow some basic guidelines to ensure your venture is a success. In this short article, we’ll take a look at some of those steps and how you can get the most out of them.

Step #1 – Conduct detailed market research. Assuming you already have an idea for your business, the first thing you’ll want to do is do some research on the feasibility of it. This is where many budding entrepreneurs stumble. Often a new business owner falls “in love” with their idea and doesn’t realize all the potential pitfalls and setbacks that can be costly and time consuming. Without a doubt, the least expensive but smartest investment you can make is to take an honest look at your idea and see whether or not it has the potential for long-term profitability. If you can’t forecast reasonable levels of growth in 5 to 10 years, you may want to reconsider your idea.

Step #2 – Write a business plan. Now that you’ve assessed the market and determined that you really have earning potential, the next step in the process of starting your own business will be to write a business plan. If you plan to attract investors to your idea, it is absolutely imperative that you develop a well thought out business plan; Otherwise, your idea will not be taken seriously and you will greatly reduce the likelihood that you will receive funding.

Step #3 – Obtain financing for your idea. After preparing a well-reasoned and researched business plan, you are now ready to apply for financing and start running your new venture. Unfortunately, many entrepreneurs will be discouraged at this stage as you will most likely hear a lot of “no’s” to your proposal. The key is not to get discouraged or lose determination. The fact is, as a business owner, you will fail many, many more times than you will succeed. Keep this fact in mind as you present your new venture and you are more likely to be persuasive in your presentation.