By Jackie Robertson, content coordinator

Finally deciding to take the plunge and launch your business can be one of the most exciting times in your life. It can also be one of the most nerve-wracking.

After all, even if you have done all of your homework, devised a solid business plan, and have the resources in place to set the groundwork for success, there is still an element of the unknown.

You can take some of the uncertainty out of the equation, though, if you take a few important steps before you hang your shingle. Some of these you might have already done, and if so, you are already in a great position.

If you haven’t done these things, consider putting them on your to-do list and tackling them before you launch your start-up. When you do, you’ll move forward with confidence and a head start on moving ahead of the competition.

1. Earn an MBA

There is a great deal of debate surrounding the need for an advanced business degree for entrepreneurs. While some question the value of earning an MBA, the overwhelming sentiment is that having it is invaluable to entrepreneurs.

From developing the hard skills necessary, to successfully managing a business, to the network that one can build during the program, a master’s program in business can provide your start-up with the boost it needs to get off the ground.

Not to mention, many entrepreneurs actually start their businesses during business school, using the wealth of resources available to them as students (including, in some cases, funds through business incubators or angel investors) to give their company a running start.

2. Outsource what you can

Many entrepreneurs who are starting on a shoestring budget are reluctant to outsource tasks that they feel that they can handle themselves. And while you may have some of the skills to manage certain tasks, like accounting and taxes, you may not have as much knowledge as you need, or the time to handle the tasks properly.

A big part of being successful is acknowledging your limitations and filling in the gaps with people who know how to do things better or more efficiently than you can. Otherwise, you run the risk of tasks being left incomplete, or worse, done incorrectly which costs you more time and money in the long run.

3. Separate business finances from personal

It sounds obvious, but it’s surprising how many business owners start off with one bank account for both personal and business funds. This practice is problematic for several reasons, not the least of which is that is something goes wrong (you’re the victim of identity theft, for instance) both you and your business could be left without access to funds.

More importantly, though, keeping business and personal finances separate is vital for tax purposes. Being able to track where your money comes from and where it goes is important come tax time, and having one account creates tangles that could be costly.

4. Build a strong network

While a strong network is one of the assets of an MBA, you can also build your network by getting involved in industry associations, attending networking events, and joining networking and discussion groups online.

A strong network is important because it can open up new opportunities for expanding your business and partnerships, and help you keep tabs on your industry. Not to mention, when you have a strong network, you can discuss industry issues and get feedback and insight from people you trust.

5. Build a strong team

Finally, your business is only as strong as the weakest link, so devote yourself to putting together a solid team that can work together to help your company meet its goals. Pulling talent from multiple areas gives you a diverse array of expertise and perspectives, which can help take your business beyond where you think it can go.

However, beyond simply hiring for skills, look for personality matches and cohesiveness among the people working with and for you. When everyone shares the same goals and vision, your business will benefit.

… even if you have done all of your homework, devised a solid business plan, and have the resources in place to set the groundwork for success, there is still an element of the unknown

Again, you might have already tackled some of these tasks as you went through the research and discovery phase of starting your business. If you haven’t, start working on them now, and be confident that your start-up will be off on the right track from day one.

Photo: Hamad AL-Mohannna