Too often, many would-be entrepreneurs spend all of their time planning their corporate structure, getting all of the necessary permits, licenses, bank accounts, and doing all of the other minutiae of business before they actually figure out whether or not they actually have a product or service that someone will pay for.
I advise everyone that asks me, and some that don’t, not to quit their day job until they have actually gone out, talked to potential buyers and had someone they didn’t already know pay for their product or service. Nine times out of ten, what you originally thought was going to be a big hit in the marketplace is a dud, and you have to go back and rework your product. If you spend all of your savings establishing your corporate presence, you won’t have any money left to pay yourself when you have to go back to the drawing board. In addition to not quitting your day job, here’s my list of twenty things not to do before starting a business: