Your business dream starts with a great idea. Make sure it solves a problem for your future customers, and that you can articulate what that pain point is.

Create a business plan to show where you’re starting from, where you want to go, and how to get there. Your plan should cover what you will sell and to whom, how you will create what you sell, how you will finance your business, and how you will grow.

This may be the less exciting part of being a business owner, but it’s no less important. Decide on your business structure (sole proprietorship, partnership, LLC, etc.), register your business, obtain the appropriate licenses, secure the right insurance.

Staying on top of your business’s finances is critical to your success. Decide whether you’ll finance your business with a loan, from savings, or by bootstrapping. Don’t forget other funding sources like grants and crowdsourcing. Then, set yourself up for financial success with the right tools to track your income and expenses.

There’s no need to reinvent the wheel. Learn from those who have gone before you. For inspiration, check out the Hiscox Side Hustle to Small Business podcast, where you’ll hear from entrepreneurs who have made their dreams of business ownership come true, even as they maintain some balance in their lives.