The biggest problem many new business owners face in being under-capitalized. They think “I’m a good _________ (fill in the blank with whatever you do). I’ll start my own company and make money at it!”

That may be true, but before you make any money, you’re going to invest a lot of money and a lot of time. It might be many month or even years before you make a profit. Be prepared for it!

Many new business owners fund their venture with their credit card, home equity line, or loans from family or friends. Even when you are able to get a business loan, be prepared to sign personally for it. You’ll be accepting personal liability for repayment of the funds.