Six Steps to Starting Your Own Business

Write a business plan

Any new business venture has myriad details. Capturing them in a business plan, which Fleckenstein calls a playbook, can help. The process of creating the document requires doing research to determine market factors, costs, operating structure, job responsibilities and other aspects of running a business, he says. Wiggins emphasizes the importance of writing the plan yourself, even if it's only a few pages.

Even experienced business owners can benefit from a business plan. Carson "never dreamed" that it would take two years and $60,000 in product development, marketing and manufacturing costs to start Mixt. "That's where a business plan would have been helpful," she says. "It always takes longer and costs more than you think it will." Bplans.com has free business-plan templates to get you started.

Find good people

When David Steele came up with the concept for Flour + Water, an upscale Italian restaurant in San Francisco, the first thing he did was assemble a team to help him turn it into reality. In addition to hiring a talented young chef, Steele brought in a partner whose first business had failed. While that seems counterintuitive, Steele says the restaurant actually benefited because the partner "had been humbled [by his prior business failure], and he watched money like a hawk."

Finding the right people who are willing to work hard and help you realize your vision is usually best done through networking, says Beach. Beyond your circle of friends, family and business associates, seek out potential partners and employees at professional events and trade shows. "If you have a strong network, you'll be able to find the people you need when you need them," he says.

Mind the money

Don't bother telling Fleckenstein how much money your idea is going to make. He's only interested in how much it's going to cost to get off the ground, how you're going to fund it and how you're going to support yourself until your business makes money. He finds that prospective business owners often underestimate their expenses and overestimate how quickly the cash will start pouring in.

Creating a realistic budget and cash-flow projections can help ensure you're managing your money appropriately. Working with a counselor from SCORE, the nonprofit business-mentoring organization, can help make the process smoother. And BizStats.com is a good resource for free financial benchmark reports for your industry.