1. Own your name
Make sure the company name you use has an available trademark and internet domain name. To check if a trademark is available you can do a trademark search online. Never assume that a trademark is available just because you can’t find it online as it may be used by a company that is closed or someone may have trademarked it but never used it.
2. Understand the law
Make sure you understand what regulations, taxes and licenses you will need to follow, pay and obtain for your business. After doing some searching on your own, consult a lawyer and accountant to confirm your understanding and to help structure your business to be in compliance with the law.
3. How much do you need to live?
Make sure you have taken in to account your living costs. Your rent, mortgages and living costs. You should consider perhaps taking a part time job until your business is bringing in enough money for you to live on.
4. Are you prepared to give up your personal life for your business?
When you first start your business it will be all work and no play. You will probably be working about 60-80 hours a week for the first two years. Are you prepared to be stuck inside all day working?
5. Don’t over spend when you are just starting out.
When you are starting your business you may be tempted to spend lots of money on different equipment or making your business more appealing to customers. Don’t do this. Think about spending your money wisely because you still have to be able to live, don’t you?