The most important thing is to do your homework before you start. Ask yourself if the business is viable or if there are too many competitors in the market already. Also, you need to be clear about your financial backing – you need to be realistic and realise that, unless you are really lucky, business will be fairly slow when you start out. And you really do need to be honest about your capabilities – ask yourself, ‘am I good at what I do?’
If you’re starting up a family-based business, try not to mix the business and family – it is really important to separate the business from the personal.