Today, if you're a woman or in the group called baby boomer women, you have more opportunities to start up a business than ever. And if this is you, there's never been a better time for women entrepreneurs. Not to mention more lenders and investors waiting in the wings to provide funding to help you get your business off the ground.

But before you quit your job, or invest your savings or pension money, your first priority should be to do the following 5 things.

1) Educate yourself.

Entrepreneurial and small businesses differ from the corporate structured, in many ways. While there are certainly some things to be learned from corporations, what you need to know is what can and will work best for your smaller business.

For example, take classes in accounting, general business, sales and marketing. Or join groups which provide similar info or help. To create a successful and profitable business you must first understand not only the business basics, but how to use them to your best advantage. Educate yourself and you help put yourself and your business on the road to success.

2) Research your niche.

If you've chosen a specific business, do some research to discover whether it's a viable one. Does it have a solid target market who'll buy and buy from you? Is it a market which can be expanded? In short, what's it's potential for success and profitability?

3) Create a Business Plan.

It's essential for every business to have a well-written business plan. Your biz plan will help you develop the strategy which takes your idea and vision and helps turn it into reality.

You'll use your business plan not only as a guide, day to day, but to help you through unique times. It can help you determine whether a product or service will be profitable, or not; expose an unworkable idea, point out a direction you may have overlooked. As well as dozens of other important scenarios.

Plus, if you need funding you'll need a well written business plan lenders and investors love. And because you don't have an actual business, your biz plan will be the basis on which lenders base their decision to lend or grant you the funds needed to start a business.

4) Join groups or network with experts and entrepreneurs.

There's no better help than what you'll gather from those with years of experience and success, who came before you. These are women who'll share not only their secrets to success but give you insight to how they arrived at success, what they did to change things that went wrong, how they handled marketing and advertising, PR, for example.

What's more, they'll encourage and mentor you.

5. Search for funding.

The U.S. SBA says there's more grants and loans available to women than ever before. However, it depends on what type of business you're starting up and how much you'll need whether an SBA backed loan, a grant, angel investors or venture capitalists, are right for you. Or whether you'll obtain funding from family, friends or your local banker.

Bottom line:

When you properly prepare yourself, you're helping to create that solid business foundation your business needs to succeed and profit.

Jean L. Serio. Copyright 2008.

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