This stage can be somewhat confusing for entrepreneurs, who usually immediately go to the start-up phase. The urge to jump in full force has them bypassing the business plan and projections. They want to start selling right now, and I can't blame them, I have been following that path most of my life.

I can tell you however, that taking the time to prepare projections and build a business plan is a way to help you to avoid costly mistakes. There are no guarantees, but it sure does help.

If you can, create test transactions and work to build models that show profitable transactions. You don't want to be doing transactions that aren't profitable.

This is also the time where you want to establish relationships with mentors. Go ahead and ask successful business people in your area to mentor you. Remember, the mentors are taking time to coach you and the last thing you want to do is dismiss what they have to say, even if you believe that you should be doing something other than what they are saying.

This is the time you decide how much start-up capital you will need, how you're going to get the start-up capital and what type of corporate entity you should be.

Take time to identify the right business attorney and CPA. Both attorney's and CPA's specialize in the type of work that they do. The last thing you want to happen is find yourself with an attorney that handles accident claims working with your corporate structure and subscription agreements.

Get a great business attorney and CPA who are experience working with small business issues to help you identify what type of structure you should have for your business.