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We can't stress the strategy or its review often enough. Seek professional advice from your bank or local business advisory service and draw up a written document which details your business, its objectives, the strategies it will use to achieve these objectives, the market in which it is operating and the financial forecasts. Your 12 month business plan should include not only initial launch but also a secondary, interdependent product or service, should the first be an instant success. Now is the time to be realistic and objective. Does your business plan:
1: Mean you have to work unreasonable hours, putting stress on your home life and risking relationships?
2: Stand up to some losses, if there are delays in delivery do you have some margin for error?
3: If you're thinking of starting up a business with a partner, does your business plan allow for what might happen if one of you opts out? Could you manage alone?
4: Detail how you will live until your business is able to provide for you?
Even if your business becomes profitable within 6 months, you will still want to reinvest these profits, so make sure you and your family have enough money saved to live on. If you're not sure, structure in time for a part-time job if necessary.