Six tips for starting a new business

I've been away for a little while, and for a very good reason: We're going to have a baby!

Babies change your life, even before they arrive -- as I've found. That means being flexible and being open to a lot of new ideas.

Preparing for a baby is a bit like preparing for a business -- in overdrive. And preparing for a business, I've done. A baby, well, that's new.

But if you're launching a new business in today's economy -- maybe as a result of the economy -- a few tips that work for getting ready for a baby will also work for getting ready for a business. These tips can help you think ahead, relieve stress and enjoy this new phase in life when you start a new business!

Tips for birthing a business

1. Plan, plan, plan. It can be tempting to wing it, but winging it isn't your friend when it comes to getting ready for your new business. Consider your goals, finances and interests. Take the time to draw up a business plan -- even if it's brief. You can add to it later. Get your concept right -- know what your business is and focus on that.

2. Get your money right. Like preparing for a baby, preparing for a business means thinking about the financial impact of your decision. Whether you'll fund the business on your own or with the help of investors or others, you'll need to look at your money pretty closely. You'll find a host of new expenses come along with your new business. The adage that it takes money to make money really is true. But even if you don't have a lot of money, that's OK -- most folks don't. Manage what you have.

3. Name it right. Take some time to come up with a good name for your business. You wouldn't name your baby just any ol' thing, now would you? So why would you name your business any ol' thing? Choose a name that gives a clue to what the business is and sounds good. Look for a name your business can grow with -- you don't want to have to change it six months from now.

4. Be open to help. When it comes to a new baby, you don't mind taking the help of Grandma, Mama, friends who have had children. So why would your new business be different? Of course, you may not want to take the advice of folks who know nothing about business, but be open to help (advice and suggestions) from those who have experience. Read books, attend events, ask questions. Folks who have been there and done that can save you a lot of headache.

5. It's not about perfection. Just as raising a child isn't about perfection, neither is running a business. Remember the first tip? To plan, plan, plan? Well, not everything will go according to plan. That's OK. Be open to adjust. Be cool when things don't go the way you want. Learn from them and then go on. Don't dwell on mistakes or beat yourself up. Do your best and keep it moving.

6. You'll lose a lot of sleep. One thing new babies and new businesses have in common: those who bring them to life lose sleep. Maybe you'll be running your new business on the side while working a full-time gig elsewhere. Maybe you'll run your business full-time right away. Whatever the case, expect to spend long hours nurturing that business to growth and health.

I'll post helpful Knowledge Wealth Series articles as we get ready for the baby, though my schedule will be a bit unpredictable. I look forward to picking back up with a better schedule after the little one arrives (am I being really hopeful here?). And I hope you enjoy your own journey as you prepare for your new business. Let me know how it goes!