Set up your business. Make sure you seek out appropriate advice on how to start up and operate your business.   An attorney can help you with the selection of the right legal entity for your business.  An accountant can provide tax advise and help you maximize tax strategies for your business.  A banker can help you with opening up your small business account and provide you with information on financial products geared towards small businesses.  Many banks may be wiling to waive the monthly fees, in order to earn your business.

Know your initial investment upfront. Know going into business may involve a sizeable investment upfront.   Depending on the type of business, you may need plenty of startup capital.  During this economic recession, larger more established businesses with plenty of capital may have very competitive pricing in place, in order to hang on to current customers and ward off would be competition from start-up companies. Making sure you have sufficient capital will be essential to staying afloat for the first year.

Market yourself. When you are in business for yourself you are the public relations department.   Get the word out about business.  Tell your friends and family members and have them spread the word.  Also, look into establishing your own website.  For a few hundred dollars, you can get a pretty decent website from some of the web site providers out there.  Another low cost way to advertise is to print up business cards and distribute them accordingly (i.e. at your barber/beauty shop, church, various trade shows and association meetings).

Keep in mind the few tips mentioned above are only the beginning of what you need to do to start planning for your business.   Sit down and make a comprehensive list of to do items for planning your business keeping the above 3 essential items in mind.