Establish an LLC (limited liability company) or a Corporation

If you start a sole proprietorship or a partnership, you could be held personally liable for almost anything related to the business; that means you will be responsible for paying any business-related debts you incur and you could be sued by your clients, employees, etc.

If you start an LLC, you'll have some degree of liability protection. These business structures allow your business to be treated as if it were an individual of its own. The business itself can take out a loan, incurred debt, and be the target of costly lawsuits - reducing your personal exposure to these financial risks.

• Budgeting and frugality: Be smart with your budgeting and try to remain as frugal as possible.
• An emergency fund: Set aside at least enough money to cover a few months of personal expenses.
• Tax-advantaged investment vehicles:...