For most people it is a lifelong dream to be boss of their own company. Some just can not stand looking at their boss anymore and yearn for the day when they will get to sit in the ?big chair?. Others are free spirited creative beings, who simply are always looking for a new thing to direct their energy at. Others again are motivated not so much by the prospect of money, as by being able to live comfortably doing something they love and exploring their hobby and passions.



Whatever the motivation for starting your own business, there is always place for some words of caution. Many very skilled and talented people have failed, even if they had the greatest concepts and ideas. Maybe they didn't protect themselves from copycats or they failed to understand the need for a serious cash flow plan many fail simply because the have forgotten fundamental rules of market research or failed to have a marketing strategy.

Do too many of these mistakes and before long, there is no more equity in the house to be borrowed from. But stick with it, make good plans and before you know it, you have made a difference in this world. This is the age of the ?new rich?, where everybody has a chance to make it big regardless of age, sex or country of birth. But to get there, there are certain pitfalls that must be avoided. Below you will find the top 5 dont's of starting your own businesses.

1)Don't leave your existing job until you are ready.

This is a very common mistake once the initial euphoria sets in. Everyone who sees their plan begin to grow into something tangible and physical, will feel the need to quit their day job and immerse themselves in their business, but it is actually better to wait until everything is ready to launch before leaving.

2)In it for the money doing - something you do not enjoy.

There has to be passion for something, everything, to succeed. While some niches may have a lot of potential for high earnings, if you truly despise that work then there is no way, you are ever going to be successful Not to mention you will be miserable doing something you do not enjoy. You must be positive and passionate about your new business venture.

3)Compete under the radar with your employer.

This is just dishonest and bad practice. It is perfectly okay to compete with your former employer out in the open, but doing the same thing will still employed is very bad advice and may constitute fraudulent behaviour which could land you in serious trouble.

4)Competing in a price elastic niche.

If you choose a niche that is largely determined by price, then you are setting yourself up for a world of trouble. There will always be someone who can underbid you and in the end, such a field will get saturated fast once someone finds another method of cutting costs.

5)Don't be complacent.

It is good to be confident and think you can figure it all out on your own, but being able to step back and carefully analyse the situation is valuable skill. Make friends and mentors and don't be afraid to ask for advice. Devise a marketing plan which is cost effective and realistic. Take advantage of business printing services to create effective flyers and leaflets. Go out and inform people of your product or service otherwise how will they know you even exist?