Ready to pave your own path? Starting your own business can be very rewarding and very stressful. Every entrepreneur knows what it’s like to thrive and struggle when launching a startup. Have you ever had an experience and wondered what you could have done differently if you had known certain things beforehand? We want you to stay motivated and inspired, so we have come up with advice that you need to know before you start your business.

Launching a Startup: Are You Ready?

1. What’s going on in your life?

What’s going on in your life right now? It is the right time to start your business? Well, there’s really never the right time, but there’s always a better time.

2. Account for personal expenses and the money you need to live.

Startups take money. When starting your own business, it usually requires you to spend some of your own money. However, you need to be aware that this is also the same money you need to live, so carefully plan where your money is going to go.

3. Do something that you like.

Entrepreneurs are passionate because they love what they do. If you don’t like what you are doing, your business will be affected. Start a business that you still want to be doing five or ten years from now.

4. Take ownership of your name.

When naming your business, you want to ensure that it is trademarked and an internet domain is available. You can conduct your own research by going to the United States Patent and Trademark Office to see if your name if already trademarked.

5. Know the law.

You need to have an understanding of what is required by law when owning a business. We advise consulting an accountant and lawyer. They will be able to help you with licenses, insurance, regulations and taxes–all things you need.

6. Don’t over or under spend.

Being able to create a stable budget is key to operating a startup. Overspending can be bad because you can deplete your cash faster than you can make money. On the other hand, under spending can hurt you because you could be using that money on valuable resources like new employees or technology.

7. Don’t listen to statistics.

Numbers can get in your head and could affect your decision making. Don’t let business failure rate statistics stop you from starting your dream.

8. You aren’t going to know everything.

You aren’t a genius (or are you), so don’t think you have to know everything. You will learn as you go and gain experience on the job.

Being an entrepreneur means you must have the ability to adapt to changes and handle pressure in times that might be uncertain. As we said, you aren’t going to know everything going into your new business but at least you will know about these eight pieces of advice. We hope they help!