How to Start a Business With No Prior Experience

Having your own business has a lot of benefits, but it can sometimes feel overwhelming on where to even start. I just want to share with you some things that have worked for my husband and me and hopefully give you enough advice to where you'll know what you need to do next:

1) Know why you want to have a business.

Having a business is very different from being an employee, and you have to have enough drive to get you through when things get tough. Otherwise, it's very easy to give up when results don't initially appear. Everyone's "why" is different, and sometimes it changes as your life situation changes. The point is everyone needs a reason to motivate them.

2) Educate yourself by reading practical business books.

Sometimes when you're new in business it feels awkward just approaching an owner at random and asking, "How did you do it?" Starting out I didn't know that most business owners usually don't mind telling you their story, as long as you're not going to use the information to become a direct competitor.

So in the beginning I did the next best thing, which was browsing business and financial books at retail bookstores and libraries. There are going to be authors that "click" with your goals and personality, but a few of my favorites include Napoleon Hill, Robert Kiyosaki, Dan Miller, Dave Ramsey, and John Maxwell. I also read autobiographies of business owners, which can be useful in learning how they think.

3) Find a good mentor or mentors.

The best way to become successful in business is to get around other successful business owners. You can do this by working for one (preferably a small business where you get time with them) or by joining a local business group.

4) Don't limit yourself to one business or income source, especially with the Internet.

I personally believe there is more business opportunity out there than there ever has been in history. Right now, I'm only 24-years-old and have at least 7 income sources that I personally work on. That's not including my husband's job and projects he works on. When you "diversify your career" as I call it, not only do your finances become more stable but you make more money. It takes time and you have to be patient, but it works.

5) Realize that developing a solid business or set of businesses is a process.

You need to go through a time where you educate yourself before making the leap into business. Every business owner makes mistakes and has failures, but if you do what I suggested in the previous steps it will help your chances.

6) Enjoy the rewards of your work.

A really great moment is after a lot of work, things begin to pay off more than you ever expected. For us, I'm going to be able to stay home when we have kids. We've also been able to give what used to take us 1/3 of the year to just earn at our jobs. Being a business owner is very fun in a lot of ways, and it's wonderful when things get stable.

Life is short and very precious, and I want to encourage you that if you want to do this, start taking steps in the right direction. You don't have to know everything, and you're always going to be learning something new. Taking action now is a whole lot better than having regret 10, 20, or 30 years down the road. I wish you the very best and hope this has been helpful to you!

More Tips:

• I personally don't suggest to people that they go into debt to start a business. Not only does it hurt your business financially from the very beginning, but it takes away the opportunity to be creative and figure our a way to full it off. In business, your mind is a whole lot more valuable than initial capital!
• Be sure to talk with your tax accountant and make sure you keep good records. Doing this from the very beginning is very helpful, especially if you're coming from a situation where you've always been an employee.
• Don't get frustrated from the initial lack of instant results. I've had situations where the financial payoff from effort into my business didn't show up until weeks or months later.