Being prepared is a good reason to even consider starting an online business. Being prepared for the unexpected financial crisis of any kind – whether it is the sudden loss of your primary source of income, or an insurance deductible or other disaster, it is always best to have some money saved. While credit of course is ‘nice’ you can get in serious trouble for over-extending yourself and it may take years to climb out; Therefore, cash is best.

Being flexible is about keeping an open mind when you are starting your business, in every regard — from what your business will do, to what resources you will use. This is because much will be done through ‘trial and error’ and even just analysis when something may be either doing better than you expected or not as well. You want to remain flexible so that you have the ability to change more