How to start your own design practice?

According to estimates from the Bureau of Labor Statistics, there are 259,500 graphic designers in the U.S. and 24% of them are self-employed. That means that approximately one out of five graphic designers is self-employed. Even thought so many of us eventually end up working for ourselves, graphic design programs in colleges do not focus enough (if any) on the business aspect of running a successful graphic design practice so young designers are going into business unprepared and uneducated about business issues.