You don’t want to be limited by what someone else says you’re worth. Good. That means you want to own your own business. But, it’s much easier said than done. You need to learn the ropes if you want to avoid being one of the 80% that fails within 10 years.

Here’s what you need to know.

Hire A Lawyer

A good lawyer is worth his or her weight in gold. Lawyers can help you protect your business by setting up a corporation for you. They can also help protect you from lawsuits by checking to make sure that you’re not infringing on anyone else’s trademark (while also helping you set up your own trademark).

Get liability insurance. Many businesses never see it coming. A client, or even someone who is just passing by your building slips and falls. Suddenly, you’re in the middle of an expensive personal injury suit. Law Firms, like CKFLaw.com, see it all the time. If you don’t protect your interests, you might be out of business before you ever get started.

Set Limits On Time

Just because you have an office in your home, and your cell number is your business phone, doesn’t mean that you’re available 24/7, 365. Set limits on when you will be available to take calls. You have to set and keep business hours. Anything outside of those hours goes to voicemail and you can handle it the next day.

Consider getting a separate business line so that people are not constantly ringing your cell phone when you are not working. Or, if they do call, you won’t be bugged by them.

Manage Your Money

Easier said than done. When all this money is coming at you, instead of a paycheck you receive from working for someone else, it can be very tempting to just spend it as it comes in. If you’re not putting away enough money to survive, then you’re going to run into a few problems when your business slows down, or when you hit a tough month.

If you’re not accounting for taxes, professional fees, and other expenses, then you’re really setting yourself up for failure.

Know What You Want From Your Business

Hard work and kills are good, but if you don’t know which direction you want your business to go in, then you’ll never be able to realize your ultimate potential. Know your end-game, and where you want to end up. Examine every step you need to take to get there, and make sure it aligns with your end-goal.

If actions you’re taking don’t move you closer to your goals, then you need to reassess what you’re doing in your business.

Never Stop Learning

Some industries almost force the issue by making businesspeople attend continuing education classes. But, for other businesses, it’s all on the business owner to be a self-starter in terms of education. If you’re not constantly learning and improving, then you’re not staying competitive in your industry.

Isabel Barry has worked for herself for several years now, and loves it! She encourages others to leave the cubicle and go it alone!

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