You're getting a lot of business and legal advice here, and most of it should be considered very carefully before diving into something. I especially like Bob Spangler's advice. And, wvshooter makes a great point about being your own boss. I can't work anyother way. Some of this advice is of course the inevitable doom and gloom which can be daunting, but remember others have done it so you can to if you really want it. As my uncle used to say, "If it was easy anyone could do it. It's the hard things we do in life that make you different." So, if you're different go for it.
How do you have to be different? Glad you asked. There are several things you'll need to be successful that most don't have:
1 - Passion - Both for whatever business you're in, and to be your own boss. Without those passions you would be doomed to fail as the new owner of Walmart. Sorry, but it's true. You have to be able love your job to do the things required to make it successful no matter what.
2 - Discipline - Like it or not you have to be disciplined especially in the beginning to make any venture work. There WILL be times you want to blow it off to go fishing or whatever, and when those times happen you have to work even though you can't be fired. Don't get me wrong build a profitable business system, and you can fish 8 days a week, but in the beginning you have to pay it forward BIG TIME.
3 - Flexibility - what little success I've had is from being able to change the way I do business at the drop of a hat. As soon as I figure out something isn't working I change to another method that hopefully does. If not I change again. I'm no millionaire yet, but what little success I've had is directly linked to my ability to do this. You can't get married to any particular method even one that works because markets change, and you have to adapt - often instantly. Or at least so fast those from the outside think it's instant and instinctual which it will become in time.
4 - Stubbornness - Seems opposite of Flexibility, but you have to be stubborn enough to ignore the naysayers, and focus on your goals.
5 - Goals - Your goals are of course the most import part. You will HAVE TO HAVE clear goals in your head. I realized several years ago that my goal wasn't to own a gun store, or rental property, or an appliance repair business, or a dance studio my goal was to be my own boss and have the freedom that I desired. From that I settled on starting in the appliance business, and have expanded to owning rental property. But, if I'd listened to many of the naysayers I'd still be running service calls for a local company and having them set my schedule. Instead I went out on my own, and never looked back. I simply decided that I wasn't going to fail, and started. I then utilized my flexibility, and have carved a niche out for myself. The result is that I just took 5 days to go to a dance contest and loved every minute of it. My only work was to call my plumber on a water heater. It looks like I'm going to be teaching dance at a local studio soon, but it won't be for money it'll be for fun, and I couldn't take the time to do it if it wasn't for the freedom beginning to reach my goals has afforded me.
If you don't have these tools in your box then don't bother. If you have these things then you can't fail because you won't allow it. Now once you reach success as you define it you may look back and realize that you're in a business place you never imagined, but you'll be happy and satisfied in ways that the worker bees of the world can never imagine.
Good luck.
Dan
