By Troy Biggs and Troy MarquisThe Most Important Things to Consider When Going Into Business for Yourself

“The way to get started is to quit talking and begin doing.” – Walt Disney

Starting your own business is an exciting leap. It’s the freedom to follow your passion, set your own schedule, and—if all goes well—achieve financial independence. But with that freedom comes responsibility, and more than a few pitfalls that can catch even experienced entrepreneurs off guard. In commercial real estate and finance, we’ve seen the same themes play out time and again, whether in Wichita or other markets. Here are the most important things we tell people to keep in mind when they’re starting out.

1. Understand the Full Cost of Space
Leasing commercial space isn’t just about the rent number on the page. Too often, tenants overlook costs like common area maintenance (CAM) charges, property taxes, insurance, and utilities. These can shift year-to-year and quickly add up. Before signing, take a holistic look at the total occupancy cost—not just month one, but projected over the term. This will keep you from being blindsided by increases down the road.

2. Build a Financial Cushion
One of the most common mistakes we see is underestimating how much capital you’ll need to operate in those early months (or years). Whether you’re opening a storefront, moving into an office, or launching a new service line, build a budget that assumes delays—because there will be delays. Equipment breaks, projects take longer than planned, and customers don’t always pay on time. A healthy cash reserve can be the difference between weathering a slow season or shutting your doors.

3. Watch for Market Shifts—Not Just in Your Industry
In our experience across multiple markets and sectors, one overlooked risk is how broader economic or demographic trends can ripple through local business performance. A new biomedical campus, for instance, can boost demand in one area while pulling activity from another. Multifamily housing growth can change traffic patterns and foot traffic in ways that directly affect retail and service businesses. Keep an eye on these trends, even if they seem unrelated to your core business, because they often shape your customer base more than you think.

4. Get the Legal and Lease Details Right
It’s not glamorous but understanding your lease terms and legal obligations up front will save you from costly headaches later. This includes knowing your renewal options, maintenance responsibilities, and how improvements are handled. We always recommend having a qualified attorney review your lease before you sign. The few hundred dollars you spend today can save you thousands in disputes later.

Final Thought
Entrepreneurship is one of the most rewarding adventures you can take—but it’s not for the faint of heart. With careful planning, a clear-eyed understanding of your costs, and the flexibility to adapt to changing market conditions, you can position yourself for long-term success. As we often tell clients: the right preparation today will give you more freedom to focus on your passion tomorrow.