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Well I am now taking the big step and I have decided to go into business for myself making money online. No more college, no more working (though I will work a few casual shifts at the chemist to keep cashflow up).

But I am finally taking the step I have dreamed about for a good two years. I am deciding to start my own business. This has been a big step for me and seeing as I have only 6 months until my wedding I need to have some success within a month or two or I will be forced into slavery working 9-5 each day.

Maybe you are thinking about starting a business of your own, or maybe starting it with someone else. Here are my lists of tips on how to start a business well and not become like one of the millions who started a business and then it failed.

1. Do something you are passionate about
Being passionate about your business is not only the first step to success but it is actually the number one step to your success. Without a passion for what you do you will more that likely fail, but more importantantly without a passion for what you do you will hate your business, and hate your life. The purpose of a business is not just to get more money, but it is to love your life more and more.

2. Do it on the side first
I have been blogging on the side for about 2 years now and I have learnt so much in those two years. I am way more equipped now going into business than I ever could have been two years ago. This means that the mistakes that I made back then were not as financially impacting on me as it was not my major source of income. Now, as a full time entrepreneur I will have less failures and more successes because I have learnt more. Doing it on the side also allows you to build up your income stream so when you go full time there is less financial strain. I wrote a great post on how to gradually become a full time entrepreneur here 

3. Be realistic
Being realistic with your goals and how much you want to earn is important. At the start of this year I said that I wanted to earn $1,000,000 this year. This was completely unrealistic. Instead I should have said I want to earn $10,000 this year (which is more realistic). Being realistic allows you to predict the future better to see if you really can step into business and it also means you won’t get discouraged as easily.

4. Try not to start with too much debt
Starting with a lot of debt is one of the most stressful things you can do. For me I started with no debt (just using a couple of hundred of my own money). Soon I will be $2,000 in debt (for my new computer to run my business on). Try and start with your own money. This means if you go bust you wont be paying for it still in 20 years

5. Learn as much as you can before starting
In those two years before I stepped into business full time I dedicated myself to learning all I could about making money online, both through action and through study. I have learnt so much.
It is helpful when going into a business that you know as much about it as possible before you start. This will Increase your chance of success.

6. Give it everything you’ve got
Go for it! Don’t hold back, give your business everything you’ve got. You don’t want to look back in regret thinking “If I just did this”. Give it your best, that way if you succeed you will succeed well and be thankful for it and if you fail at least you knew you gave it your all.

Hope this helps you think about taking the next step forward into full time self employment.