Passion and purpose go hand in hand. Purpose is what gets you focused. Passion is what fuels you on the hard days. You’re going to need both if you want

to be a successful entrepreneur. As you’re thinking about the kind of business that you want to start, think about what you could see yourself doing, even if you don’t

make a ton of money. Add to that what you could do for hours on end that will put a smile on your face. Whatever that is, there’s your starting

point.

As a woman, you’re already the ultimate multi-tasker. But studies show that we really only do two things well at the same time. If you’re a wife and/or mother, there

are automatically a lot of demands on you. This means you need to choose something that will fit, relatively easily, into your lifestyle. Success is about balance. You don’t want

to risk your family for the sake of your business. That’s something to keep in mind while you’re in the process of making plans.

It can’t be said enough. DO YOUR RESEARCH. Look into what businesses already exist that are similar to yours so that you can carve out a niche. See how much

money you’ll need to avoid debt. Look into hiring a tax attorney or at least a CPA to steer you right on your taxes. Read about business owners’ mistakes and

triumphs. You should be committed to devoting almost as much time into learning about the business world as you are in running the company yourself. For starters, check out

href="https://www.sba.gov/" target="_blank">SBA.gov.

Half of all new businesses shut their doors within five years. One of the reasons? Debt. Where does some of that debt come from? Credit cards. Never forget that there

is nothing free about them. They are loans that come with interest. When they are not paid, they can ruin your credit. You’ll probably have to rely on credit cards

to some extent. But don’t be so dependent that you’ve maxed them out, you have no cash and you can’t take care of your personal expenses. For tips on how

to create a financial plan for a small business, click here.

What is guerilla marketing? Basically, it’s an innovative approach to marketing that doesn’t cost a lot of money. Thanks to social media, you can do a lot of marketing free

of charge. Read up on over 100 approaches you can take to marketing your business without spending a ton of cash here.

All of us have areas of weakness. That’s why some of the most successful companies have a diverse pool of employees. Be honest with yourself about where you are strong

and where you are not. Where your weaknesses lie, hire a part-time person to assist you. If that’s finances, organizing, social media upkeep---whatever it may be. It’s an expense, sure.

However, choose to see it as more like an investment. One that can spare you a lot of business heartache and regret in the long run.

Mentorship is so important to the success of any business. You need someone who has already walked in your shoes to provide you with insight, guidance, warnings, tips and even

a shoulder of support on the really hard days (or weeks). If you don’t know of someone off hand, attend some networking events. You’ll be sure to meet one. Treat

them to lunch or dinner once a month so that you can gain from their wisdom. Having a mentor as you’re starting your business is one of the smartest things

you will ever do. Good luck and keep us posted!