Do you want to be your own boss? Almost everyone does - but most will never make the move from being a 'wage slave'. They are afraid of leaving the security of a salary, and for many the most frightening thing is knowing that it will be some time before the business starts making a profit. How will they survive until then?

The answer is preparation. How soon you make a profit is directly related to the preparation you do. When you make money depends on how much you know! The time to learn is now, while you still have your salary to live on.

Here are 10 steps that will ensure your business starts making money immediately:

  1. Get familiar with your computer. It doesn't matter what kind of business you are planning. you will still need a computer and used right it can make you more productive and more profitable. Particularly for the small entrepreneur, the computer can be the equivalent of having a couple employees working for you!

    Learn at least one computer program (or cloud utility) in each of the following areas, and learn as much as you can about the tricks and shortcuts involved. 

    Word processing - for correspondence, invoices, designing flyers, etc
    Database - for keeping all your customer, supplier, and business records. A spreadsheet program can do the same thing.
    Bookkeeping - there are programs like Quickbooks, but you can also use a spreadsheet.

    I recommend you get a separate computer for your business, and my personal recommendation is that you get a version of Linux set up on it. That way you are free of licensing fees and the cost of buying new software. You could also use a cloud suite of utilities like Google Docs.

  2. Start a library. Read anything and everything about business you can find. The wisdom of some of the world's most expensive consultants and experienced entrepreneurs is as close as the nearest bookstore or library. You can find a lot of business books in just about any thrift store. While the library is free, I prefer to own my own library of books I've purchased. That way you are free to make notes in them, highlight them, and they are always on hand whenever I need information or advice.

    Subscribe to every business magazine you can afford to. The cost of most subscriptions is ludicrously low.  Most subscriptions will run you 2 or 3 dollars a month, less than the price of a decent hamburger at a fast food joint. Yet applying just one of the ideas in a business magazine might make or save you thousands of dollars. The small price of knowledge gained by reading is the best investment you can make - far cheaper than knowledge gained by trial and error.

    You also want to subscribe to trade magazines in your field. You won't find these on the bookstore newstand. Go to the library and ask to see the Standard Rate and Data Sheet, or there are many sites online. Just do a search for your industry keywords and 'trade magazine'. Usually trade magazine are free if you are involved in the industry.  

  3. Learn to sell. No matter what business you are going to be in, you'll have to sell. Service or goods, retail or wholesale, negotiation and persuasion are necessary business skills. 

    Rejection is part of sales and business. Far better that you learn how to overcome rejections now than when your income depends on maintaining your motivation. It takes motivation and courage to keep calling, to keep trying when you have had the door slammed in your face twenty times that day already (sometimes literally!) You have to though. The twenty-first door you knock on or call may be the one that gives you the big sale!

    How do you learn how to sell, when your present job has no opportunity for it? Volunteer! Ask to be on your companies charity drive committee, or find a local charity you can support. Charity groups are always looking for volunteers. You will learn fund-raising - which is just another name for selling. There are three added benefits. You will have a chance to increase your contact list - networking, in other words. You will have built goodwill towards yourself that can make selling easier later, and third, you will just feel good about yourself because you helped out.

  4. Make a mailing list. Make a list now of everyone you know, or have known. Literally! Family, friends, acquaintances should form the core of your first marketing effort and list. You will be surprised at the business you can generate just because someone knows you. You want name, mailing address and email address and phone number as the primary fields in your mailing ilst database.

    As you learn more about your market, you will add prospects to your mailing list. Anybody who has an interest in the field your product or service is in should go on your list. Look at getting membership lists of organizations whose members might be interested. Often when you join a group you get a directory.

    The key to a good list is updating it. The more names you have, and the better the data on each, the better you can sell. Harvey McKay, author of "Swim With The Sharks" keeps 66 items on each of his contacts.

  5. Establish an identity. You will need a business name, a logo probably, a domain name and website, business cards, etc.  I recommend you go ahead and get these now - even to the point of actually getting your business license and doing whatever filing is needed to become legal. There are three main reasons why:

    First, there are many opportunities and a lot of information that simply does not go to wage slaves.  Once you have a business identity, you will get brochures from prospective suppliers, make contacts that will mean profits later, and will learn at an increased pace.

    Second, simply being in business is a motivating factor. It moves you beyond the 'someday' dreaming stage. It will keep you going and keep you involved. Your business will become like a child, you will feel guilty if you neglect it.  You have to do something with it, and now you can have the luxury of fine-tuning your business policies, focus, whatever, while are still drawing a salary.

    Third, you are establishing credibility. A company that has been around for a while instantly has more credibility than a brand new venture.

  6. Research suppliers. You are going to sell something to somebody. Who are you going to buy your raw materials or supplies from? Who will give you the best quality and the best price? What gadgets out there can make you more productive? As you subscribe to business magazines and trad magazine you'll run across many suppliers. Contact them and ask for more information for your files.  This way when you do need something, you don't have to start from scratch trying to find where to get it.

  7. Start a notebook and filing system.  Inspiration can happen at any moment, As you read and think about your business, you'll find these flashes of inspiration happening more often. Write them down as they occur. Write down anything that seems useful as you are reading or browsing the Net.  I keep a stack of 3x5 cards handy as my 'notebook'. In your filing system, keep articles you find interesting, all documents, correspondence, etc.  Some people are naturally well organized - some are not. The world seems pretty well divided into two types of people, filers and pilers. If you are the latter, or if you even think you might have ADD or are a creative type,  I recommend the Piler System at http://pilers.com  It is the only system that works for the 'piler' mindset.

  8.  Take every opportunity to learn. Your local community college probably has courses (credit or noncredit) that you can take in your spare time. Local business associations often have workshops or seminars. Computer stores often have classes in how to use software, at nominal rates.  Try to meet local entrepreneurs and find a way to pick their brains. Buy lunch or a couple drinks. Do not be discouraged if you run into a few who sound negative - some businesses fail due to mismanagement by their owners, some of whom you will meet. Lessons learned the hard way by others can be extremely valuable for you.

  9. Research your market. Who exactly are you going to sell to? Is it all women? You had better have a million dollars for advertising to reach that large of a group. Or is it women over 50 in your city that speak Spanish? Much more reachable, much lower cost. This is the age of niche marketing - marketing to a clearly defined group. You can then tailor your marketing to satisfy that specific market's needs instead of taking a shotgun approach. You can always expand into other niches later.

  10.  Develop plans. Now is the time to be thinking, scheming and planning. If you are going to seek outside financing, you'll need to write a business plan. You'll also want to develop a marketing plan, standard procedures of how you will do things, schedules, etc.  

    Why do it? Just the process of writing things out requires you to think through possibilities, come up with new angles, foresee problems and have a plan for dealing with them.  The better you plan, the better you can implement your plan.  When you actively start your business, you can then concentrate on making a profit instead of thinking things out then.

    If you will do the ten steps outlined, you will be ready to make your move to entrepreneurial success. Good luck, and enjoy the ride!