Photo: Claire Mazur and Erica Cerulo and Of a Kind

Rule #1: Work out a solid business plan—but plan for the unexpected, too.
If you’re borrowing from a bank or are dealing with investors, a fully fleshed-out business plan is standard practice. You have to show your backers where their money is going, how it’s going to generate revenue, and when they can expect to put some of that moolah back in their own pockets. Even without outside investors, having the long-term projections mapped out is key — but allow yourself flexibility for trial and error. “In January and February, there were some stressful moments trying to get products lined up because it turns out designers don’t want to produce things over the holidays—who knew?” says Of a Kind co-founder Erica Cerulo. Stuff happens. It’s how you handle it and course-correct that counts.