If you're starting out in business for the first time, or considering expanding your first business, you probably think the sky's the limit. Now, that may be true. But before you borrow the money to reach the sky, realize it's likely to be a very bumpy ride. You will have to balance sales against expenses and make it all work out so the cash comes in before you have to pay it out for leases, loan repayments, inventory and payroll. That won't be an easy trick.

If you apply for a loan or sign a lease, you will probably be required to personally guarantee that loan. Thus, even if you have incorporated your business, if the business goes belly-up, you still have to pay off the loan or lease -- even if it means selling your home and possessions to do so.

And if those facts don't leave you looking for the antacids, here's one more: if you hire employees, you will suddenly become responsible, in part, for not only your own family's well-being, but the well-being of your employees' families. That fact will hit home the first time one of them asks you to verify their earnings so the bank will process their mortgage or loan application.

Don't assume you'll have your family's full support behind you, either. You may not. You will be working long, long hours, sometimes for little pay. Your spouse may not offer any support, may try to undermine you, or may leave. If you work together, you may find that you don't see eye to eye on who controls what.

If you can't make ends meet and buy your family the things everyone else has, you're likely to find you have to constantly deal with comments and put-downs from your spouse, kids, in-laws, parents and friends who think you should give up your business dreams and "get a real job."

Entrepreneurs before you have coped with and survived all of those things, of course. And you may be able to, too. But remember the time to decide how much struggle you want to put up with and how much risk you're comfortable with is before you apply for that loan or take out a lease.

More >> 7 Ways to Start a Business without Going Broke

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