Sara was a sales trainer who spent her days walking the streets of Clearwater, Florida, selling fax machines door to door. Trudging through the sub-tropical heat was bad enough, and made worse by the pantyhose her employer insisted she wear.

Even after a promotion to a national sales leader role, Sara felt stuck. She woke up before work thinking, “I’m in the wrong movie, call the director! What happened? This is not my life.” She had recently failed the LSAT for the second time and often found herself daydreaming about how she could launch her own business.

The answer came from the pantyhose. Sara liked the shape they gave her body but disliked how the seamed feet looked. So, she began to search for a solution: a new product that would combine the best features of the pantyhose and eliminate the worst. It took a year before she started telling people about her idea to create a female shapewear line, and another two years before her idea started to really take shape.

That is how Spanx was born. From an initial $5,000 investment, Sara Blakely went on to become America’s youngest self-made, female billionaire. Her story is now shared widely — an inspiration to the many young professionals who want to quit their jobs, 70% of whom dream of starting their own businesses.

If you’re among that percentage, I have some good and bad news to share: It is possible to make the leap from employee to employer, but it’s not an easy journey. Despite all the hype about being your own boss, and despite popular success stories like Sara’s, the reality is that more than two-thirds of startups never deliver a positive return to investors. So, before resigning from your job, there are several considerations to bear in mind.

Back in 1999, after graduating from school in the U.S., I returned to my childhood home in Istanbul, Turkey. Uninspired by the available opportunities, I decided to launch a leather bags and accessories company with my family. Though I went on to pursue other things, including roles in academia and fashion — and most recently my own consultancy business — I can speak firsthand to the ups and downs of launching a new product or service.

Here’s what you need to know: With the exception of a few high-entry-barrier industries, it is relatively easy to start a business. It’s much more challenging to scale a business and turn it into an enterprise that can succeed over time.

Having a passion for your product or service will keep you inspired and motivated, even on difficult days when the road ahead looks dark. But passion alone isn’t enough. You need to have an exceptional idea that solves a real need in the market by providing unique, competitive, and irreplaceable value.

When my family and I started our fashion brand in Istanbul, we first tested our idea by selling textile and leather products in the market. This allowed us to gather information about our customer base and iterate our designs based on their preferences, buying patterns, and needs.

Whatever product or service you’re hoping to launch, start by gathering data. While this may sound intimidating at first, it can be a free, simple, and easy process. Begin by talking to people in your network to get their opinions on whether the problem you’re trying to solve is actually in need of solving. The problem doesn’t need to be incredibly widespread — it can even be niche — but it does need to impact a large enough customer-base to turn a profit? Ask your network what they think about your proposed solution and use their feedback to iterate and improve your idea.

Next, expand your research by looking into groups on social media who have a special interest in the industry or field you want to enter. See if they’d be willing to converse with you. Ask them simple questions to gauge their interest in your idea. Below are a few questions that will help you learn what you need:

Use what you learn to iterate and improve your product or service once again.

Remember, there’s no need to dive in head-first. Take the time to test the viability of your business idea, refine it, and ensure that it solves a need before venturing into entrepreneurship.

Before you leave your job (and a steady paycheck or benefits behind), make sure you have a strong network to help you get your idea off the ground. On this journey, your network may be your most valuable asset. It will provide you with potential clients, distributors, thought partners, and maybe even investors. My own research shows that social networks are fundamental to the creation of new ventures and early growth. That’s because, in the likely absence of resources and experience, young organizations are especially dependent on the people they can call on for help.

You can start to strengthen your network now by attending events in the industry you want to dive into, reaching out to potential mentors who specialize in the area of your product or service, and connecting with other entrepreneurs who can help you navigate the road to launching a business.

If that sounds overwhelming, start small, with your dormant ties (the meaningful connections you’ve made in the past but lost touch with). You can also strengthen your network by simply building more connections at your current job. Reach out to a range of people and ask to chat with them casually over coffee.  Make sure you’re connecting with a diverse group, from senior employees and peers to the administrative staff, security guards, and cleaning crew. You never know where your next lead or client may come from, and you should never underestimate the value of getting a variety of perspectives. Remember that everyone you deal with could play some role in your future success.

In both my fashion and consultancy businesses, building a strong network has been critical in establishing and developing strategic partnerships. In fact, it was a former student of mine who introduced me to my first major consultancy client. The point is, don’t just daydream of the future while in your current role. Take advantage of the present. The connections you’re making today may have tremendous value down the line.

Don’t overlook the importance of personal finance management. Starting a business is likely to be a significant investment, and the last thing you want to do is give up your livelihood without any kind of budget or savings plan. Consider how you’ll manage your money during the early stages of your business, when income may be less certain.

Sara Blakely, for example, initially invested her savings ($5,000) into Spanx while keeping her day job as a source of income. She also kept very tight control over her expenditure. She designed her packaging herself, mailed out orders personally, and wrote her own patent from a textbook bought in Barnes and Noble to save $3,000 in legal fees.

Even if your venture doesn’t require the sort of sacrifices that Blakely made, starting a business can be stressful, and being uncertain about your financial viability and the impact that it could have on your living standards (and familial commitments) will add to an already shaky circumstance.

Take some time to create a realistic budget that covers your cost of living and the expenditure needed to get your business started. Record your monthly expenses and divide them into the categories of “necessary, nice to have, and luxuries.” This will make it easier to identify what you can cut down on and save. Remember that it takes years for a business to start generating revenue, so it’s important to be realistic about finances as you plan. If necessary, don’t be afraid to keep your day job and start your business as a side hustle.

While it may seem like raising money is the first step toward building a successful business, it’s a little more nuanced than that. Entrepreneurs typically spend at least half of their time and energy on fundraising, severely limiting the time they have available to focus on other crucial elements of their companies. Don’t overlook the value of resourcefulness and creativity in the early stages. Consider these skills a part of your financial planning.

Again, Spanx is a prime example of this. Sara Blakely did not raise money from outsiders. She used resourcefulness and persistence while refining her idea. My family business also didn’t initially turn to outside funding. We approached Italian leather manufacturers and asked if we could recycle the off-cuts that they weren’t going to use. This allowed us to create a sustainable brand that has now been successful internationally for over 20 years.

You can similarly brainstorm creative ways to get your business off the ground. It will depend on the needs of your unique product or service, but if done right, it could save you a lot of stress and money.

Here are a few ways to start:

These are just some examples of the many ways in which you can use your wit and the resources available to you to build your business without outside investment.

Starting your own business is an emotional rollercoaster, and it’s important to expect some highs and lows. The entrepreneurs I consult all tell a similar story: They’re working much longer hours, in much harder circumstances than they were at their salaried positions — but it’s worth every second. Their jobs are now more fulfilling because they’re following a passion.

The keys here are resilience and self-care. Before jumping into your new pursuit, make sure you have a strong support system to lean on when things are stressful. Go in with the mindset that some days will be hard, and even overwhelming. When that happens, it will help to have a plan around how to center yourself, regain a sense of calm, and work through any difficult emotions you may be feeling.

Think about whatever activities best help you unwind and make sure you schedule time for them every week. Maintaining that investment in your own well-being will be invaluable when you’re struggling with the inevitable stresses of building a business.

Entrepreneurship is a challenging but exciting journey that requires careful planning. You need resilience, a strong work ethic, and a willingness to take risks. You also need to be thoughtful and prepared to make the best decisions for yourself and your business. Although there is no one-size-fits-all formula, taking these considerations into account will set you up for greater success.