Essentially, there are two main entrepreneurial pipelines – those who’ve always dreamed of owning their own business and those who eventually consider a career transition. At the same time, there are three ways to launch a business of your own. You can start from scratch (provided your idea is good enough), buy an existing business, or consider franchising your way to an entrepreneurial life. But whether you ultimately decide to “build, buy, or join,” there are several steps you need to take to prepare.

Here is some helpful advice to get you started down the path to an entrepreneurial life…

Assess Your Situation

Entrepreneurship is a big decision and one that shouldn’t be taken lightly. To ensure success, you’ll want the support from friends, family, and mentors. In assessing your situation, you’ll want to determine if the timing is right for you to pursue business ownership. It’s a good idea to write out your goals, commit to a specific timeline, and be prepared to hold yourself accountable.

Get Your Financial Affairs in Order

Unless you already have a substantial nest egg tucked away, it’s likely you’ll need help with financing and funding the purchase of a business to own. Make sure your credit history and score are up to date (and worthy), while taking the time to determine your current net worth. This means listing your assets (income) and subtracting your liabilities (debt). The answer is your “financial tolerance,” which will come in handy as you review business opportunities. Regardless of your means, there are concepts at every single price point on the scale.

Conduct a Little Market Research

Look around your own community and determine what type of business is lacking. If you want to open a coffee shop, but your area already has an abundance of them, it may be time to consider an alternate. By doing some digging and asking around, you may discover your area is lacking a key business, service, or niche opportunity. So long as there’s a demand for your product or service, you’ll be competing on an even playing field.

Get Some Validation

Want to know what business ownership is really like? Then you’ll need to go right to the source. If you don’t have a friend or family member that owns a business, start with one of your favorite establishments and strike up a conversation with the current owner. These sessions – also referred to as validation – can be real eye-opening experiences. Don’t be afraid to ask the tough questions. Because this is the time when you need tough answers.

Stay Mentally Fit

The path to business ownership won’t always be a smooth one. But you can weather any setbacks or bumps in the road if you maintain a positive mental attitude. Expect things to go wrong, as they often do, but have a plan for reacting to hiccups in the process. And always remember – this is supposed to be an exciting time for you. So, act like it!

No two entrepreneurial tales are exactly alike. Each and every person running a business of their own today has a story to tell about getting started. No matter what your experience ultimately is, if you’re successful, you’ll be joining a fairly exclusive club. Best of luck to you!

Blake Martin is the owner of FranNet of The Heartland, an Omaha-based franchise brokerage, sales, and consulting firm that provides no-cost coaching and consultation for entrepreneurs and small business owners. As a Certified Franchise Executive (CFE) and a graduate of the University of Michigan’s Psychology Program, he provides practical advice that helps entrepreneurial clients become small business owners. He can be reached at bmartin@frannet.com.