Becoming an entrepreneur is one of the best ways to break out of the 9-to-5 lifestyle, diversify your income, and find time independence. However, it’s one thing to dream about starting your own business, and entirely another to actually start. Jon Paramore is a leading entrepreneur who coaches newer people in the field about how to achieve their dreams and make money for themselves. Here are his five tips for starting your new entrepreneurial venture.

Don’t be afraid to fail

Jon Paramore is the author of “Fail Your Ass Off (A Loser’s Guide to Winning)”. So, he has lots of insights about how to turn your failure into success. “If you spend all of your time being scared that your business will fail, you’ll never get your idea off the ground,” says Paramore. “Failing can actually teach you how to move forward and give you new ideas to make your business better.”

Find your vision

If possible, choose a business that you’re passionate about, or at least have interest in. This will make it easier to have fun and come up with new ideas. “What’s your vision for your business? Who is your target audience? What dreams do you have?” You should also use your own personal ideas to figure out what to sell. Curate new ideas and make sure that you’re creating a cohesive brand. That will make your vision come to life.

Set your goals

You need to know if your business is on track, and the best way to do that is by setting goals. Pinpoint how many sales you want, how much money you want to make, and what level of success you want to achieve. “It’s important to actually write down your goals,” says Jon Paramore. “You’re much more likely to achieve them that way. You can even share them with others to make yourself more accountable.”

Invest as much time as you can

When you’re starting your business, you’ll probably be the only one trying to reach your goal. At the beginning, you’ll need to spend lots of time on your own, working out the kinks and getting the word out there. “Time independence is one of the best perks of starting your own business, but you can’t reach that right away. You need to put in the work, whether that be on the weekends, or your nights after work.”

Hire a great team

Once your company has grown, you won’t have time to take on all of the responsibilities by yourself anymore. Hire a team of people who can help you make your business the best it can be. “Look for passionate, hard-working people. Don’t settle for less. You want your company to be like a family, and the smarter and more capable they are at the small stuff, the more time and energy you’ll have to paint the bigger picture.”

Becoming an entrepreneur can be challenging, and it’s not for everyone. But if you’re ready to take the leap, don’t be afraid. Even if you fail, it’s only a steppingstone on your way to success.