If you have already stepped into the bookmaking business, you should know that the first twelve months are the most difficult ones. But have in mind that if you persevere and have a little patient, it will be worth it. In fact, the odds are on your side: seven out of 10 bookies make it to the second year of business, and roughly half of them make it to five years or more. Still, it's rough out there, and this is why we have compiled the following list of tips to help you prepare for the entrepreneurial hardball.

Think creatively about financing. At a time when banks are less likely than ever to lend to first-time entrepreneurs, be prepared to find alternative ways to prime the financial pump. Burrow money from friends and family, sell your time to fund your business by taking on outside consulting projects, etc. Take full advantage of available resources. The U.S. Small Business Administration, many state and local governments, and even some public and private universities offer resources for entrepreneurs at no or low cost. Also, negotiate. Many first-time bookies don't realize that many of their expenses are negotiable.

Develop a solid business plan and stick to it. Jot down a few ideas and plans you have for your sports betting business. Aim for your general objective, the key market, and the road you will take to success. When you do your review every month, compare the actual results with your projections and make the necessary adjustments. Just keep the eyes on the road.

Create policies and stick to them. When you develop a consistent system for handling recurring issues, it's easier for you to respond to questions, and harder for clients to argue about the answers. And finally, remember to let your bettors know you exist. Invest in advertisement. It pays off.

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