Whether you have been in the workforce for years as an employee or whether you are freshly out of school, the allure of starting your own business can be overwhelming.  The flexibility, freedom and possibility for a windfall are tough to ignore.  I know because it happened to me when I decided to start a wholesale food business with my spouse.

But before you plunge head first into that retail store, franchise, trade or service business consider these nine points to make sure that this is the right choice for you.

Point 1.  Your Business Idea Should Be Something that You Love.  There will be a lot of ups and downs while you manage your business through the good times and the bad times.  If you’re doing this because of money or necessity, you might not stick it out when those inevitable lulls set in.

Point 2.  Capital Will Get you a Lot Farther than you think.  Its cliché to think that money solves all of a start-up’s ills.  It’s also cliché to think that it doesn’t.  Face it.  A lot of your start-up problems are more easily solved by having adequate capital.  In that food business I worked on, we needed extensive capital to begin the first run and even more capital to complete the second run while still waiting to get paid on the first run.

Point 3.  Don’t Quit Your Day Job.  I always ask my clients, “Would you rather own all of you new business, or no?”  Well you need capital.  What better way to avoid the “angels” and the “banks” than by funding your new business yourself.  A more practical message for the older entrepreneur is that the day job keeps the mortgage paid and the lights on at the house.

Point 4.  Create a Three Prong Team, Or Learn the Three Prongs Yourself.  Every successful venture masters the Three Prongs – Operations, Sales and Marketing, and Financials.  If you start a business with two partners, make sure that each one of you fulfills one of the prongs.  And if it’s just you?  Learn the Three Prongs yourself.  My Father was an entrepreneur before it became fashionable.  He knew the industry and operations.  His partner was the creative type who did not fulfill either of the other two prongs.  So my Father learned the financial side and became a whiz at sales and marketing.  His go-to book was Dale Carnegie’s How to Win Friends and Influence People.  My Father eventually got rid of his partner, by the way.

Point 5.  Build Up, then Leverage, Your Network.  No matter which of the Three Prongs you’re responsible for, it’s easier than you think to build your network – in any industry.  There are entrepreneurs just like you willing to meet and share ideas.  There are numerous industry veterans – whether it’s through ego-stoking or business opportunities – who will sit down with you.  Industry groups abound.  Don’t be afraid to get out there.

Point 6.  Work Life Balance Means a Lot of Different Things.  A successful company depends on your 24 hours a day attention.  It’s unrealistic to expect that 8 hours of attention to your fledgling business will make you successful.  But you can balance your home life to spend time with your family.  Take the kids on sales and collections calls.  Take them to the Bank.  Take them to meet your network.  When you’re done, take them out for pizza or ice cream.  As long as you communicate with them, your kids will love spending time with you while you’re doing your job.  One thing I do – I have a picture of my family in between my phone and my computer.  Every time you have to make a difficult phone or write a difficult email, you’ll remember who you’re doing it for.

Point 7.  Focus on Your Goals.  I’m not a big believer in starting a business with a splashy web presence, a dynamic social media profile and a graphic design team.  I advise my clients to focus on making money anyway they can – with one exception.  The business plan is a key document in your start up.  SWOT analysis, analyzing what your risks are, discovering what your market looks like and putting some financial information together; these are all a part of the discovery phase.  You will retain more information if you take that competitive analysis, those financial goals and strengths and weaknesses and write them down in your plan.  Besides, it will make great reading 5 years later.

Point 8.  Legal and Tax Considerations Do Matter.  A client sent me an email recently pronouncing that she wants to start a business with “xyz” brand.  Would I get a trademark for her?  So after conducting my search, I informed her that she will not get any protection on the mark because there was another similar mark in that International Class.  “But I already got the domain name!” she countered.  This is just one example of how the legalities of your business are important.  Just as important are the licenses and permits you have to get, and the taxes you have to pay and the state and federal agencies you have to interact with.  Every new business needs to conduct at least some due diligence.

Point 9.  Surround Yourself with Good Representatives.  Make sure that you engage attorneys, accountants, insurance agents and other representatives whom you trust.  A good advisor who you can trust is worth his or her weight in gold.  Good advisors whom you have trust in will repay that trust with a lot of free advice, because these advisors want to see you succeed if you trust them.

A lot of things to think about, to be sure.  But making smart choices and believing in yourself and your business idea will flourish.