Build Business Plan

"When you board an airplane, what is the first thing they show you? When you go to a movie, what do they point out before the feature begins to play? Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building.Too many times I have witnessed business leaders that don't have three or four pre-determined exit routes.

"A lot of startups tend to spend money on unnecessary things," said Jean Paldan, founder and CEO of Rare Form New Media.

"We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people.

If you're planning to leave your current job to focus on your business, do you have money put away to support yourself until you start making a profit? Experts generally agree that startup businesses often fail because they run out of money too quickly before turning a profit.

It's never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.

Luxuries can come when you're established." If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure.

If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender.

Learn what current brand leaders are doing and figure out how you can do it better.

Do a quick search for existing companies in your chosen industry.

They also leased a professional high-end printer that was more suited for a team of 100 (it had keycards to track who was printing what and when).

Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success.