RE: Dynamic Duos - Where two is definitely better than one!

OK, from a business owner who has recently started up on his own, and has made a lot of mistakes along the way. A lot!

Do not rush into a new business - I know you said that you feel like you have some breathing room. However it is tempting to get an idea which you feel is brilliant (and it well may be), and then just rush headlong into it.

Before you do go ahead with it, first of all consider the downside first; I'm an eternal optimist, and I did what most people do, I only considered the upside. BIG MISTAKE.

Stick with what you know - This may not be possible, and you may feel that you're bored of what you know, or even hate it. Or you think that you don't know that much.

However, the most successful new businesses, are started by people who worked in an industry, and then struck out on their own, because they felt the could do it better.

Don't Go Into Business With Anyone Else - I know that you feel like you want to be with someone, partnerships, duos, salt n vinegar and all that jazz. However, it is rare to find someone on the same wavelength as you. Why not use your lovely husband as a sounding board, and confidant.

If you feel you absolutely, positively, feel like you have to go into biz with someone, then set the ground rules straight away!!!

Do not go 50/50 with someone, if you are putting up the initial money and effort, go 60/40 or even 70/30. This is to avoid any impasse later down the line, you can even structure it so that the money split is different, but make sure you retain control.

Try and start a business that has CENTS - No, not dollars and cents, CENTS stands for:

Control - Make sure you are starting a business whereby you have as much control as possible. For instance, if you are going to sell a physical product, do not make Amazon your only sales channel. They swap and change rules as they please, and there aint a damn thing you can do about it.

Entry - Be sure that the barrier to entry is high enough that every man woman and their dog, can't replicate your business tomorrow. Obviously it has to be low enough to let you in, but you get my drift.

Need - This is the most important, and it's a reason why the CENTS method, is often referred to as the NECTS method. Because if there isn't a need for your product and/or service, forget about it, it will fail.

Time - You should try and avoid selling your time directly, because there's only one of you. So for instance, if you make some awesome thing, or deliver some awesome service, that is unique to you. Then you will always be a slave to this business. The ideal business means you put in less time, the more successful it becomes.

That is why subscription based businesses are the bomb, because you work hard to get your subscribers. Then they return money to you, month after month. Leaving you free to hire someone else to get more subscribers, whilst you holiday in the Bahamas.

Scale - Your business should be able to scale, so if you start a restaurant selling, only offal, then you should be able to open another, and another and so on.

Budget for advertising - Google is everything, and prepare to spend money telling people about your business. Your budget should be at least 15% of your gross initial capital.
Make sure you have limited liability - A limited company if you're in the UK, and LLC if in America. Make sure you have a separate bank account, and off you go.

OK, that covers the basics; I'd be happy to answer any specific questions you have. Hope that helps! :-)

Oh, and just do it; it's so much better than working for someone else... :-D

EDIT: BIZARRE - Even though I have numbered my points, they have all come out as 1. Weird.